Photo of Wayne Guay

Wayne Guay

Yageo Professor

Professor of Accounting

Research Interests: executive compensation and incentives, executive stock holdings and trading behavior, corporate governance, financial reporting quality, the role of financial transparency in governance and contracting

Links: CV


  • Wayne Guay, Daniel Taylor, Liang (Jason) Xiao (Working), Adapt or Perish: Evidence of CEO Adaptability to Industry Shocks.
  • Wayne Guay, Robert E. Verrecchia (Working), Conservative Disclosure.
  • Christopher Armstrong, John Core, Wayne Guay (Working), Do Independent Directors Cause Improvements in Firm Transparency?.
  • Karthik Balakrishnan, Jennifer Blouin, Wayne Guay (Under Review), Does Tax Aggressiveness Reduce Financial Reporting Transparency?.
  • John Core, Wayne Guay (Working), The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation: A Revised Comment.
  • John Core, Wayne Guay (Working), When are Executive Compensation and Incentives Appropriately Measured by Their Market Values?.
  • Wayne Guay, S.P. Kothari, Susan Shu (2011), Properties of Implied Cost of Capital Using Analysts' Forecasts, Australian Journal of Management, 36, 125 - 149.  Abstract
  • Martin Conyon, John Core, Wayne Guay (2011), Are US CEOs Paid More Than UK CEOs? Inferences From Risk-Adjusted Pay?, Review of Financial Studies, 24, 402 - 438.  Abstract
  • Christopher Armstrong, Wayne Guay, Joseph Weber (2010), The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting, Journal of Accounting & Economics, 50, 179 - 234.  Abstract
  • Wayne Guay, ""Is There a Case for Regulating Executive Pay in the Financial Services Industry?"". In After the Crash: The Future of Finance, edited by John Core, (2010).
  • Jennifer Blouin, John Core, Wayne Guay (2010), Have the tax benefits of debt been overestimated?, Journal of Financial Economics, (November): 195-213.  Abstract
  • John Core, Wayne Guay (2010), Is CEO Pay Too High and Are Incentives Too Low: A Wealth-Based Contracting Framework, Academy of Management Perspectives, 24, 5 - 19.  Abstract
  • Brian Bushee, John Core, Wayne Guay, Sophia J.W. Hamm (2010), The Role of the Business Press as an Information Intermediary, Journal of Accounting Research, 48, 1 - 19.  Abstract
  • John Core, Wayne Guay, Rodrigo Verdi (2008), Is Accruals Quality a Priced Risk Factor?, Journal of Accounting and Economics, 46, 2 - 22.  Abstract
  • John Core, Wayne Guay, David Larcker (2008), The Power of the Pen and Executive Compensation, Journal of Financial Economics, 88, 1 - 25.
  • Wayne Guay (2008), Conservative Financial Reporting, Debt Covenants, and the Agency Costs of Debt, Journal of Accounting & Economics, 45, 175 - 180.  Abstract
  • Wayne Guay (2008), Discussion of Accounting Discretion, Corporate Governance, and Firm Performance, Contemporary Accounting Research, 25, 407 - 413.  Abstract
  • John Core, Wayne Guay, Rodrigo Verdi (2006), Agency Problems of Excess Endowment Holdings in Not-for-Profit Firms, Journal of Accounting and Economics, 41, 307 - 333.  Abstract
  • John Core, Wayne Guay, Scott Richardson, Rodrigo Verdi (2006), Stock Market Anomalies: What Can We Learn from Repurchases and Insider Trading?, Review of Accounting Studies, 11, 49 - 70.  Abstract
  • John Core, Wayne Guay, Tjomme Rusticus (2006), Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors’ Expectations, Journal of Finance, 56, 655 - 687.  Abstract
  • Wayne Guay, Robert E. Verrecchia (2006), Discussion of an Economic Framework for Conservative Accounting and Bushman and Piotroski, Journal of Accounting & Economics, 42, 149 - 165.  Abstract
  • Wayne Guay (2006), Discussion of Ball and Shivakumar: The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition, Journal of Accounting Research, 44, 243 - 255.  Abstract
  • John Core, Wayne Guay, Randall Thomas (2005), Is U.S. CEO Compensation Broken, Journal of Applied Corporate Finance, 17 (4), 97 - 104.  Abstract
  • John Core, Wayne Guay, Randall Thomas (2005), Is U.S. CEO Compensation Inefficient Pay without Performance?, Michigan Law Review, 103 (6), 1142 - 1185.  Abstract
  • Wayne Guay, ""Equity Incentives"". In Top Pay and Performance: International and Strategic Approach, edited by John Core, David F. Larcker, (2005).  
  • John Core, Wayne Guay, Robert E. Verrecchia (2003), Price versus Non-Price Performance Measures in Optimal CEO Compensation Contracts, The Accounting Review, 78, 957 - 981.  Abstract
  • John Core, Wayne Guay, Andrew Van Buskirk (2003), Market Valuations in the New Economy: An Investigation of what has Changed, Journal of Accounting & Economics, 34, 43 - 67.  Abstract
  • Wayne Guay, S.P. Kothari (2003), How Much Do Firms Hedge with Derivatives?, Journal of Financial Economics, 70, 423 - 461.  Abstract
  • Wayne Guay, S.P. Kothari, Richard Sloan (2003), Accounting for Employee Stock Options, American Economic Review, 93 (2), 405 - 409.  Abstract
  • John Core, Wayne Guay, David Larcker (2003), Executive Equity Compensation and Incentives: A Survey, Economic Policy Review, 9, 27 - 50.  Abstract
  • John Core, Wayne Guay, S.P. Kothari (2002), The Economic Dilution of Employee Stock Options: Diluted EPS for Valuation and Financial Reporting, The Accounting Review, 77, 627 - 652.  Abstract
  • John Core, Wayne Guay (2002), Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility, Journal of Accounting Research, 40, 613 - 630.  Abstract
  • Wayne Guay (2002), Discussion of: Real Investment Implications of Employee Stock Option Exercises, Journal of Accounting Research, 40, 395 - 406.  Abstract
  • John Core, Wayne Guay (2001), Stock option plans for non-executive employees, Journal of Financial Economics, 61, 253 - 287.
  • Wayne Guay, Baljit K. Sidhu (2001), The Usefulness of Long-Term Accruals, Abacus, 37, 110 - 131.  Abstract
  • Wayne Guay, Jarrad Harford (2000), The Cash-Flow Permanence and Information Content of Dividend Increases vs. Repurchases, Journal of Financial Economics, 57, 385 - 415.  Abstract
  • Wayne Guay (2000), Discussion of Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers, Journal of Accounting Research, 38, 43 - 51.  Abstract
  • John Core, Wayne Guay (1999), The Use of Equity Grants to Manage Optimal Equity Incentive Levels, Journal of Accounting and Economics, 28, 151 - 184.  Abstract
  • Wayne Guay (1999), The Sensitivity of CEO Wealth to Equity Risk: An Analysis of the Magnitude and Determinants, Journal of Financial Economics, 53, 43 - 78.  Abstract
  • Wayne Guay (1999), The Impact of Derivatives on Firm Risk: An Empirical Examination of New Derivatives Users, Journal of Accounting & Economics, 26, 319 - 351.  Abstract
  • Wayne Guay, S.P. Kothari, Ross L. Watts (1996), A Market-Based Evaluation of Discretionary-Accruals Models, Journal of Accounting Research, 34, 83 - 105.  Abstract