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William H. Beaver

William H. Beaver
William H. Beaver
Professor Emeritus, Accounting
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WilliamH.Beaver
The Joan E. Horngren Professor of Accounting, Emeritus
Academic Area: 
Accounting

Bio

William H. Beaver is widely recognized for his innovative research on how accounting information in corporate financial statements affects security prices. He was among the first to investigate financial ratios as predictors of business failure. His recent work has centered on public policy issues connected with government regulation of corporate financial disclosure.

Academic Degrees

  • MBA and PhD, University of Chicago, 1965
  • BBA, University of Notre Dame, 1962
  • CPA, 1969 (Illinois)

Academic Appointments

  • At Stanford University since 1969
  • Assistant Professor, University of Chicago, 1965-69

Awards and Honors

  • Teaching Excellence Award, Stanford Graduate School of Business, PhD Student Program, 2004
  • Teaching Excellence Award, Stanford Graduate School of Business, Sloan Student Program, 1999
  • AAA Outstanding Educator Award, American Accounting Association, 1990
  • Wildman Award for Outstanding Research, American Accounting Association, 1985
  • Distinguished Teaching Award, Stanford Graduate School of Business MBA Students, 1985

Publications

Journal Articles

Group Affiliation and Default Prediction
William H. Beaver, Stefano Cascino, Maria Correia, Maureen McNichols. Management Science. May 8, 2019, Vol. 65, Issue 8, Pages 3559-3584.
The Information Content of Earnings Announcements: New Insights from Intertemporal and Cross-Sectional Behavior
William H. Beaver, Maureen McNichols, Zach Z. Wang. Review of Accounting Studies. March 2018, Vol. 23, Issue 1, Pages 95-135.
The Effects of Credit Default Swap Trading on Information Asymmetry in Syndicated Loans
Dan Amiram, William H. Beaver, Wayne R. Landsman, Jianxin Zhao. Journal of Financial Economics. November 2017, Vol. 126, Issue 2, Pages 364-382.
The Costs and Benefits of Long-Short Investing: A Perspective on the Market Efficiency Literature
William H. Beaver, Maureen McNichols, Richard Price. Journal of Accounting Literature. December 2016, Vol. 37, Pages 1-18.
Financial Statement Analysis and the Prediction of Financial Distress
William H. Beaver, Maria Correia, Maureen McNichols. Foundations and Trends in Accounting . January 2011, Vol. 5, Issue 2, Pages 99-173.
An Alternative Interpretation for the Discontinuity in Earnings Distributions
William H. Beaver, Maureen McNichols, Karen K. Nelson. Review of Accounting Studies. 2007, Vol. 12, Issue 4, Pages 525-556.
Delisting Returns and their Effect on Accounting-Based Market Anomalies
William H. Beaver, Maureen McNichols, Richard Price. Journal of Accounting and Economics. 2007, Vol. 43, Issue 2–3, Pages 341-368.
Accruals, Accounting-Based Valuation Models and the Prediction of Equity Values
Mary E. Barth, William H. Beaver, John R.M. Hand, Wayne R. Landsman. Journal of Accounting, Auditing, and Finance. October 2005, Vol. 20, Issue 4, Pages 311-345.
Have Financial Statements Become Less Informative: Evidence From the Ability of Financial Ratios to Predict Bankruptcy
William H. Beaver, Maureen McNichols, Jung-Wu Rhie. Review of Accounting Studies. March 2005, Vol. 10, Issue 1, Pages 93-122.
Management of the Loss Reserve Accrual and the Distribution of Earnings in the Property-Casualty Insurance Industry
William H. Beaver, Maureen McNichols, Karen K. Nelson. Journal of Accounting and Economics. August 2003, Vol. 35, Issue 3, Pages 347–376.
Do Stock Prices of Property Casualty Insurers Fully Reflect Information about Earnings, Accruals, Cash Flows, and Development?
William H. Beaver, Maureen McNichols. Review of Accounting Studies. June 2001, Vol. 6, Issue 2-3, Pages 197-220.
The Relevance of the Value Relevance Literature for Financial Accounting Standard Setting: Another View
Mary E. Barth, William H. Beaver, Wayne R. Landsman. Journal of Accounting and Economics. 2001, Vol. 31, Issue 1–3, Pages 77–104.
Biases and Lags in Book Value and Their Effects on the Ability of the Book-to-Market Ratio to Predict Book Return on Equity
William H. Beaver, Stephen G. Ryan. Journal of Accounting Research. 2000, Vol. 38, Issue 1, Pages 127-148.
Accruals, Cash Flows, and Equity Values
Mary E. Barth, William H. Beaver, John R.M. Hand, Wayne R. Landsman. Review of Accounting Studies. December 1999, Vol. 4, Issue 3-4, Pages 205-229.
The Characteristics and Valuation of Loss Reserves of Property Casualty Insurers
William H. Beaver, Maureen McNichols. Review of Accounting Studies. March 1998, Vol. 3, Issue 1-2, Pages 73-95.
Relative Valuation Roles of Equity Book Value and Net Income as a Function of Financial Health
Mary E. Barth, William H. Beaver, Wayne R. Landsman. Journal of Accounting and Economics. February 26, 1998, Vol. 25, Issue 1, Pages 1-34.
Relative Valuation Roles of Equity Book Value and Net Income as a Function of Financial Health
Mary E. Barth, William H. Beaver, Wayne R. Landsman. Journal of Accounting and Economics. February 1998, Vol. 25, Issue 1, Pages 1–34.
Value-Relevance of Banks’ Fair Value Disclosures under SFAS 107
Mary E. Barth, William H. Beaver, Wayne R. Landsman. The Accounting Review. October 1996, Vol. 71, Issue 4, Pages 513-537.
Structural Analysis of Pension Disclosures Under SFAS 87 and Their Relation to Share Prices
Mary E. Barth, William H. Beaver, Wayne R. Landsman. Financial Analysts Journal. January 1993, Vol. 49, Issue 1, Pages 18-26.
The Market Value Implications of Net Periodic Pension Cost Components
Mary E. Barth, William H. Beaver, Wayne R. Landsman. Journal of Accounting and Economics. March 1992, Vol. 15, Issue 1, Pages 27–62.
Components of Bank Earnings and the Structure of Bank Share Prices
Mary E. Barth, William H. Beaver, Mark A. Wolfson. Financial Analysts Journal. 1990, Vol. 46, Issue 3, Pages 53-60.
Financial Reporting, Supplemental Disclosures, and Bank Share Prices
William H. Beaver, Carol Eger, Stephen Ryan, Mark A. Wolfson. Journal of Accounting Research. 1989, Vol. 27, Issue 2, Pages 157-178.
The Nature of Income Measurement
William H. Beaver, Joel S. Demski. Accounting Review. 1979, Vol. 54, Issue 1, Pages 38-46.
Financial Ratios as Predictors of Failure
William H. Beaver. Journal of Accounting Research. 1966, Vol. 4, Issue Empirical Research in Accounting: Selected Studies, Pages 71-111.

Working Papers

Increased Information Content of Earnings Announcements in the 21st Century: An Empirical Investigation | PDF
Maureen McNichols, William H. Beaver, Zach Zhiguang Wang, November 92017
A Re-examination of the Informational Role of Earnings Announcements
Maureen McNichols, William H. Beaver, Zach Wang, April 2017
Bankruptcy in Groups | PDF
William H. Beaver, Stefano Cascino, Maria Correia, Maureen McNichols, December 2016
The Information Content of Earnings Announcements: New Insights from Intertemporal and Cross-Sectional Behavior | PDF
William H. Beaver, Maureen McNichols, Zach Z. Wang, March 142015
Differential Properties in the Ratings of Certified vs. Non-Certified Bond Rating Agencies
William H. Beaver, Catherine Shakespeare, Mark T. Soliman, June 2006
Do Firms Issuing Equity Manage their Earnings? Evidence from the Property-Casualty Insurance Industry | PDF
Maureen McNichols, Karen Nelson, William H. Beaver2000
Management of the Loss Reserve Accrual and the Distribution of Earnings in the Property-Casualty Insurance Industry
William H. Beaver, Karen Nelson, Maureen McNichols2000
Differential Pricing of the Discretionary and Nondiscretionary Components of Loan Fair Values | PDF
William H. Beaver, Mohan Venkatachalam1998
Relative Valuation Roles of Equity Book Value and Net Income as a Function of Financial Health
Mary E. Barth, William H. Beaver, Wayne Landsman1998
The Characteristics and Valuation of Loss Reserves of Property Casualty Insurers
Maureen McNichols, William H. Beaver1998
Value-Relevance of Banks' Fair Value Disclosures under SFAS 107
Mary E. Barth, William H. Beaver, Wayne Landsman1995
The Association Between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors
William H. Beaver, William Wright, Roger Clarke1978

Service to the Profession

Editorial Boards

  • Journal of Accounting Research
  • Journal of Accounting and Economics
  • Review of Accounting Studies, 1969-present

Professional Associations

  • President, American Accounting Association, 1979-1981
  • Member, American Accounting Association, 1969-present
  • Member, American Institute of CPAs, 1969-present
  • Member, SEC Advisory Committee on Corporate Disclosure Policy, 1969-present

Insights by Stanford Business

writtenAre Earnings Reports Obsolete?
October 6, 2015
It’s easier than ever to find up-to-the-minute data on companies. So why are investors in love with old-fashioned financial statements?
writtenBeware: Corporate Financial Statements Decline in Predictive Value
March 15, 2013
New research explores the value of financial and market data to ascertaining the likelihood of bankruptcy.
writtenWhy You Shouldn't Discount Financial Statements
November 1, 2005
New research shows that financial ratios are still quite effective at predicting bankruptcy.
writtenResearch: The Bond-Rating System Isn't Broken
April 1, 2005
Certified agencies may "miss" based on short-term news, but they still serve their purpose for large institutional investors.

School News

writtenProfessors Beaver, Soliman, DeMarzo Honored by Students
May 1, 2004
Faculty were honored, respectively, by the PhD Student Association, MBA students, and students in the Sloan Masters Program.