Wayne Guay

Wayne Guay
  • Yageo Professor
  • Professor of Accounting

Contact Information

  • office Address:

    1329 Steinberg Hall-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104-6365

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

Overview

Professor Guay’s research focuses on the design of executive compensation contracts, stock-based incentives, corporate governance, financial reporting quality, the corporate information environment, firm valuation. His articles have appeared in Journal of Accounting & Economics, Journal of Accounting Research, Accounting Review, Journal of Financial Economics, Journal of Finance, American Economic Review, Michigan Law Review, and Economic Policy Review. His research on stock option accounting and valuation was selected by the Financial Executive Research Foundation as the 2002 Article of the Year in The Accounting Review. He currently serves as an editor of the Journal of Accounting & Economics.

He has consulted with a wide range of companies, and provided expert testimony in a variety of high-profile litigation matters. His consulting and testimony focuses on design of executive compensation and incentives, corporate governance, employee stock option valuation, insider trading, firm valuation and financial statement analysis.

Professor Guay teaches the Core MBA Course on financial accounting. He received a PhD in Accounting from the Simon School of Business at the University of Rochester in 1998.

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Research

Teaching

Past Courses

  • ACCT399 - SUPERVISED STUDY

    Intensive reading and study with some research under the direction of a faculty member. Approval from one of the departmental advisers must be obtained before registration.

  • ACCT613 - FIN AND MNGL ACCT

    This course provides an introduction to both financial and managerial accounting, and emphasizes the analysis and evaluation of accounting information as part of the managerial processes of planning, decision-making, and control. A large aspect of the course covers the fundamentals of financial accounting. The objective is to provide a basic overview of financial accounting, including basic accounting concepts and principles, as well as the structure of the income statement, balance sheet, and statement of cash flows. The course also introduces elements of managerial accounting and emphasizes the development and use of accounting information for internal decisions. Topics include cost behavior and analysis, product and service costing, and relevant costs for internal decision-making. This course is recommended for students who will be using accounting information for managing manufacturing and service operations, controlling costs, and making strategic decisions, as well as those going into general consulting or thinking of starting their own businesses.

  • ACCT921 - EMPIRICAL RES IN ACCT I

    This is an empirical literature survey course covering topics that include corporate disclosure, cost of capital, incentives, compensation, governance, financial intermediation, financial reporting, tax, agency theory, cost accounting, capital structure, international financial reporting, analysts, and market efficiency.

  • ACCT922 - EMPIRICAL RES IN ACCT II

    This is an empirical literature survey course covering topics that include corporate disclosure, cost of capital, incentives, compensation, governance, financial intermediation, financial reporting, tax, agency theory, cost accounting, capital structure, international financial reporting, analysts, and market efficiency.

  • ACCT981 - WORKSHOP COLLOQUIUM I

    Students attend workshops in departments outside of accounting to provide student exposure to theory, research designs and methods that are being explored outside of accounting to provide breadth of exposure to foster innovative research ideas. Students are required to attend 15 non-accounting workshops over one academic year and write up a referee report for 8 of those workshop papers. They are also required to write up at least one research proposal that stems from theories or research methods gleaned from one or more of the workshops attended.

  • ACCT982 - WORKSHOP COLLOQUIUM II

    Students attend workshops in departments outside of accounting to provide student exposure to theory, research designs and methods that are being explored outside of accounting to provide breadth of exposure to foster innovative research ideas. Students are required to attend 15 non-accounting workshops over one academic year and write up a referee report for 8 of those workshop papers. They are also required to write up at least one research proposal that stems from theories or research methods gleaned from one or more of the workshops attended.

Awards and Honors

  • Wharton MBA Core Curriculum Teaching Award, 2015
  • Best Paper Award, Australian Journal of Management, 2011
  • Best Paper Award – The Accounting Review Article of the Year, selected by the Financial Executive Research Foundation, 2002
  • Wharton Undergraduate Excellence in Teaching Award, 2002
  • Best Paper Award – second prize, Journal of Accounting & Economics Conference, 2001
  • WorldatWork Compensation Research Camp, 2001
  • American Compensation Association Research Grant, 1997-1998
  • Deloitte & Touche Doctoral Fellow, 1997

In the News

Knowledge @ Wharton

Activity

In the News

What Silicon Valley Can Learn from the Theranos Fraud Case

The SEC's verdict in the Theranos case raises broader questions on how much leeway to give startup founders and when controls need to be put in place.

Knowledge @ Wharton - 2018/03/19
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Awards and Honors

Wharton MBA Core Curriculum Teaching Award 2015
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