Photo of Paul Fischer

Paul Fischer

Samuel R. Harrell Professor

Research Interests: capital markets, disclosure, governance and control, heuristic behavior

Links: CV

Contact Information

Address: 1321 Steinberg Hall-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104-6365
Email: pef@wharton.upenn.edu
Office: (215) 573-7533
Office Fax: (215) 573-2054

Overview

Professor Paul Fischer's research spans two areas of interest: the acquisition and dissemination of information in capital markets, and the design of incentive systems within and between firms. His capital market research has considered the impact of accounting disclosures on security prices, manager disclosure behavior, investor information gathering strategies, and the economic determinants and consequences of heuristic behaviors. His research on the design of incentive systems has examined the roles played by insider trading restrictions, risk management activities, peer evaluation systems, monitoring systems, and social norms. His research has appeared in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Review of Accounting Studies, Contemporary Accounting Research, Management Science, Journal of Finance, and The American Economic Review.

Professor Fischer has served as a special editor for The Accounting Review and is serving as an associate editor for Management Science and Review of Accounting Studies. He also serves or has served on the editorial boards of The Accounting Review and the Review of Accounting Studies.

Professor Fischer teaches Financial Accounting and Financial Analysis. He received his PhD from the University of Rochester and his BS degree from Duke University. In addition to serving on the Wharton faculty, Professor Fischer has been a Professor and Department Chair at Penn State University, an Assistant Professor at the University of British Columbia, and a Visiting Professor at Stanford University.

Research


  • Paul Fischer, Mirko S. Heinle, Robert E. Verrecchia (Under Revision), Projected Earnings Fixation.
  • Paul Fischer (Under Revision), Shareholder Voting, Share Prices, and Investor Disagreement.
  • Samuel B. Bonsall IV, Zahn Bozanic, Paul Fischer (Under Revision), When Does Soft Talk Matter?: Evidence from Earnings Press Releases.
  • Samuel B. Bonsall IV, Zahn Bozanic, Paul Fischer (2013), What Do Management Earnings Forecasts Convey About the Macroeconomy?, Journal of Accounting Research, 51 (2), 225 - 266.  Abstract
  • Robert Bloomfield, Paul Fischer (2011), Disagreement and the Cost of Capital, Journal of Accounting Research, 49 (1), 41 - 68.  Abstract
  • Paul Fischer, Phillip Stocken (2010), Analyst Information Acquisition and Communication, The Accounting Review, 85 (6), 1985 - 2009.  Abstract
  • Paul Fischer, Jeffrey D. Gramlich, Brian Miller, Hal D. White (2009), Investor Perceptions of Board Performance: Evidence from Uncontested Director Elections, Journal of Accounting and Economics, 48 (2-3), 172 - 189.  Abstract
  • Paul Fischer, Steven Huddart (2008), Optimal Contracting with Endogenous Social Norms, American Economic Review, 98 (4), 1459 - 1475.  Abstract
  • Paul Fischer, Henock Louis (2008), Financial Reporting and Conflicting Managerial Incentives: The Case of Management Buyouts, Management Science, 54 (10), 1700 - 1714.  Abstract
  • Stanley Baiman, Paul Fischer, Madhav Rajan, Richard Saouma (2007), Resource Allocation Auctions Within Firms, Journal of Accounting Research, 45, 915 - 946.  Abstract
  • Paul Fischer, Robert E. Verrecchia (2004), Disclosure bias, Journal of Accounting and Economics, 38, 223 - 250.  Abstract
  • Paul Fischer, Phillip Stocken (2004), Effect of Investor Speculation on Earnings Management, Journal of Accounting Research, 843-870.  Abstract
  • Stanley Baiman, Paul Fischer, Madhav Rajan (2001), Performance Measurement and Design in Supply Chains, Management Science, 47 (1), 173 - 188.  Abstract
  • Paul Fischer, Phillip Stocken (2001), Imperfect Information and Credible Communication, Journal of Accounting Research, 119-134.  Abstract
  • Stanley Baiman, Paul Fischer, Madhav Rajan (2000), Information, Contracting, and Quality Costs, Management Science, 46 (6), 776 - 789.  Abstract
  • Paul Fischer, Robert E. Verrecchia (2000), Reporting Bias, The Accounting Review, 229-245.  Abstract
  • Paul Fischer, Robert E. Verrecchia (1999), Public Information and Heuristic Trade, Journal of Accounting and Economics, 27, 89 - 124.  Abstract
  • Paul Fischer (1999), Managing Employee Compensation Risk, Review of Accounting Studies, 45-60.  Abstract
  • Joy Begley, Paul Fischer (1998), Is There Information in an Earnings Announcement Delay?, Review of Accounting Studies, 347-363.  Abstract
  • Paul Fischer, Robert E. Verrecchia (1998), Correlated Forecast Errors, Journal of Accounting Research, 91-110.  Abstract
  • Paul Fischer, Robert E. Verrecchia (1997), The Effect of Limited Liability on the Market Response to Disclosure, Contemporary Accounting Research, 515-541.  Abstract  Related Materials
  • Paul Fischer, John S. Hughes (1997), Mutual Monitoring and Best Agency Contracts, Journal of Institutional and Theoretical Economics, 334-355.  Abstract
  • Paul Fischer (1992), Optimal Contracting and Insider Trading Restrictions, Journal of Finance, 673-694.  Abstract

Awards And Honors

  • Lester Shonto Award for Excellence in Accounting Education, Smeal College of Business, Pennsylvania State University, 2007
  • M.B.A. Association Outstanding Core Professor, Smeal College of Business, Pennsylvania State University, 2007
  • 6th McLaughlin award for Research in Accounting Ethics, University of Oklahoma, Spring, Optimal Contracting with Endogenous Reporting Norms, with Steven Huddart., 2005
  • M.B.A. Association Outstanding Core Professor, Smeal College of Business, Pennsylvania State University, 2002
  • M.B.A. Association Outstanding Core Professor, Smeal College of Business, Pennsylvania State University, 2000
  • Anvil Award Finalist, The Wharton School, University of Pennsylvania, Spring, 1996
  • Commerce Graduate Society, M.B.A. I Teaching Award, University of British Columbia, for Financial Accounting, 1993
  • Commerce Graduate Society, M.B.A. I Teaching Award, University of British Columbia, for Managerial Accounting, 1992

Courses

Previous

  • ACCT742 - Problems in Financial Reporting

    This intensive one-semester course focuses on how to extract and interpret information in financial statements. The course adopts a user perspective of accounting by illustrating several specific accounting issues in a decision context.

  • ACCT899 - Independent Study

  • ACCT910 - Accounting Theory Research I

    910/911 Accounting Theory sequence. The course includes an introduction to various analytical models and modeling/mathematical techniques that are commonly used in accounting research as well as related empirical applications.

  • ACCT911 - Accounting Theory II

    Accounting 910/911 sequence. Course includes an introduction to various analytical models and modeling/mathematical techniques that are commonly used in accounting research as well as related empirical applications.