Scott Richardson

Professor of Management Practice in Accounting

PhD (Michigan) Business Administration (Accounting)

Professor Scott Richardson is a researcher and portfolio manager in AQR's Global Alternative Premia group, overseeing research in credit and fixed-income markets. He is also involved with the equity research for the firm's Global Stock Selection group.

Prior to AQR, he was a professor at London Business School, where he still teaches MBA and PhD classes. He has held senior positions at BlackRock (Barclays Global Investors), including head of Europe equity research and head of global credit research, where he oversaw research and investment decisions at BGI for both total return and absolute return products across credit and equity markets. He began his career as an assistant professor at the University of Pennsylvania.

He is an editor of the Review of Accounting Studies and has published extensively in leading academic and practitioner journals. In 2009 he won the Notable Contribution to Accounting award for his work on earnings quality and accruals. Scott earned a BEc with first-class honours from the University of Sydney and a PhD in business administration from the University of Michigan.

  • The relation between accounting information and security returns
  • Firm valuation
  • Earnings management
  • Corporate governance

2019

(Il)liquidity premium in credit markets: a myth?

Richardson S; Palhares D

Journal of Fixed Income 2019 Winter Vol 28:3 p 3-31

2018

A framework for identifying accounting characteristics for asset pricing models, with an evaluation of book-to-price

Penman S H; Reggiani F; Richardson S A; Tuna I

European Financial Management 2018 Vol 24:4 p 488-520

Buyback derangement syndrome

Asness C; Hazelkorn T; Richardson S

Journal of Portfolio Management 2018 Spring Vol 44:5 p 50-57

Common factors in corporate bond returns

Israel R; Palhares D; Richardson S

Journal of Investment Management 2018 Vol 16:2

Style investing in fixed income

Brooks J; Palhares D; Richardson S

Journal of Portfolio Management 2018 Vol 44:4 p 127-139

2017

Asset volatility

Correia M; Kang J; Richardson S

Review of Accounting Studies 2017 Vol 23:1 p 37-94

Credit risk premium

Asvanunt A; Richardson S A

Journal of Fixed Income 2017 Winter Vol 26:3 p 6-24

Deleveraging risk

Richardson S A; Saffi P; Sigurdsson K

Journal of Financial and Quantitative Analysis 2017 Vol 52:6 p 2491-2522

2015

Accruals and future performance: can it be attributed to risk?

Momente F; Reggiani F; Richardson S A

Review of Accounting Studies 2015 Vol 20:4 p 1297-1333

2014

Asset reliability and security prices: Evidence from credit markets

Arora N; Richardson S A; Tuna I

Review of Accounting Studies 2014 Vol 19:1 p 363-395

Macro to micro: Country exposures, firm fundamentals, and stock returns

Li N; Richardson S A; Tuna I

Journal of Accounting and Economics 2014 Vol 58:1 p 1-20

2012

CARE/CEASA roundtable on: Liquidity and capital management

Calomiris C; Campello M; Lang M; Vasvari F; Richardson S A

Journal of Applied Corporate Finance 2012 Vol 24:1 p 42-59

Value investing in credit markets

Correia M M; Richardson S A; Tuna I

Review of Accounting Studies 2012 Vol 17:3 p 572-609

What makes stock prices move? Fundamentals vs investor recognition

Richardson S A; Sloan R; You H

Financial Analysts Journal 2012 March/April Vol 68:2 p 30-50

2011

Credit markets and financial information

Lok S; Richardson S A

Review of Accounting Studies 2011:16 p 487-500

2010

Accounting anomalies and fundamental analysis: A review of recent research advances

Tuna I; Richardson S A; Wysocki P

Journal of Accounting and Economics 2010 Vol 50:2-3 p 410-454

2008

The persistence and pricing of the cash flow component of earnings

Dechow P; Richardson S A; Sloan R

Journal of Accounting Research 2008 Vol 46 p 537-566

2007

Corporate governance, accounting outcomes and organizational performance

Larcker D; Richardson S A; Tuna I

Accounting Review 2007 Vol 82:4 p 963-1008

The book-to-price effect in stock returns: Accounting for leverage

Tuna I; Penman S; Richardson S A

Journal of Accounting Research 2007 Vol 45:2 p 427-467

2006

Does stock market misvaluation drive the takeover market?

Dong M; Hirshleifer D; Richardson S A; Teoh S H

Journal of Finance 2006 Vol 61:2 p 725-762

Over-investment of free cash flow

Richardson S A

Review of Accounting Studies 2006 Vol 11:2 p 159-189

Stock market anomalies: What can we learn from repurchases and insider trading?

Core J; Guay W; Richardson S A; Verdi R

Review of Accounting Studies 2006 Vol 11 p 49-70

The implications of accounting distortions and growth for accruals and profitability

Richardson S A; Sloan R G; Soliman M T; Tuna I

The Accounting Review 2006 Vol 81:3 p 713-743

The relation between corporate financing activities, analysts’ forecasts and stock returns

Bradshaw M T; Richardson S A; Sloan R G

Journal of Accounting and Economics 2006 Vol 42 p 53-85

2005

Accrual reliability, earnings persistence and stock prices

Richardson S A; Sloan R G; Soliman M T; Tuna I

Journal of Accounting and Economics 2005 Vol 39 p 437-485

2004

Fees paid to audit firms, accrual choices and corporate governance

Larcker D F; Richardson S A

Journal of Accounting Research 2004 Vol 42 p 625-658

The walk-down to beatable analyst forecasts: The role of equity issuance and insider trading incentives

Richardson S A; Teoh S W; Wysocki P

Contemporary Accounting Research 2004 Vol 21 p 885-924

2003

Earnings quality and short sellers

Richardson S A

Accounting Horizons 2003 p 69-81

Why are earnings kinky? An examination of the earnings management explanation

Dechow P; Richardson S A; Tuna I

Review of Accounting Studies 2003 Vol 8 p 355-384

2002

Reliability of asset revaluations: The impact of appraiser independence

Cotter J; Richardson S A

Review of Accounting Studies 2002 Vol 7 p 435-457

2001

Discretionary disclosure: A note

Richardson S A

Abacus 2001 Vol 37 p 233-247

Do analysts and auditors use information in accruals?

Bradshaw M; Richardson S A; Sloan R

Journal of Accounting Research 2001 Vol 39 p 45-74

2017

A framework for identifying accounting characteristics for asset pricing models, with an evaluation of book-to-price

Penman S H; Reggiani F; Richardson S A; Tuna I

Social Sciences Research Network

Common factors in corporate bond and bond fund returns

Israel R; Palhares D; Richardson S A

Social Sciences Research Network

Prepayment risk and expected MBS returns

Diep P; Eisfelt A; Richardson S

NBER Working Paper

The premature demonization of stock repurchases

Asness C S; Hazelkorn T M; Richardson S A

Social Sciences Research Network

2016

Risky value

Ellahie A; Katz M; Richardson S A

Social Sciences Research Network

2015

Credit risk premium

Richardson S A; Asvanunt A

Social Sciences Research Network

Does fundamental volatility help explain credit risk?

Correia M; Kang J; Richardson S A

Social Sciences Research Network

2011

Asset measurement uncertainty and credit term structure

Richardson S A; Tuna I

Social Sciences Research Network

Teaching portfolio

Our teaching offering is updated annually. Faculty and programme material are subject to change.

 

Core courses

  • Securities Valuation and Financial Modelling
  • Electives

    • Securities Analysis and Financial Modelling
      The course stresses fundamental analysis to isolate value drivers and focuses on a disciplined approach to security analysis and valuation. It does this through the use of financial statements and the development of an analytical framework for understanding business performance and financial structure. The course shows how to use accounting information to produce a full financial model of the firm and how investors and analysts employ the financial model to appraise and value companies. The course covers several alternative methods of valuation and appraisal.
      Programmes with this elective
    • Systematic Investing
      The focus will be on the valuation of securities that embed credit risk. This includes, but is not limited to, corporate bonds, credit default swaps, credit indices, asset backed securities, emerging hard currency bonds, and capital structure. By the end of the course the students should have a sound understanding of (i) the trading conventions of these securities, (ii) determinants of the returns of the these securities, (iii) the role of fundamental analysis and structural models in identifying mispriced credit securities, and (iv) how risk and transaction costs affect your ability to build a portfolio of credit instruments. In addition to understanding the drivers of returns, risk and trading costs of credit related securities, the students will via 'hands-on' exercises develop investment skills via experiential learning. This course is aimed at individuals looking for a career in active asset management.
      Programmes with this elective
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