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Faculty Directory

Charles M. C. Lee

Curriculum vitae:

Foster School of Business
University of Washington
Box: 353226
Seattle, WA 98195

Charles M. C. Lee

Kermit O. Hanson Professor in Accounting

Professional Certification

Chartered Accountant, Province of Ontario, Canada (1981)


PhD Cornell University (1990)
MBA Cornell University (1989)
BMath University of Waterloo (1981)

Academic Expertise

behavioral finance
financial accounting
portfolio management

Current Research

Broadly speaking, I am interested in the effect of human cognitive constraints on market participants and other factors that impact the way information is incorporated into prices. My publications have spanned behavioral finance, market microstructure, equity valuation, financial analysis, quantitative investing, and security market regulation.

Positions Held

Academic Appointments
• Hanson Professor of Accounting, Foster School of Business, University of Washington, 2022 – present
• Moghadam Family Professor, Emeritus, Stanford GSB, 2022 – present
• Moghadam Family Professor and Professor of Accounting, Stanford GSB, 2015 – 2021
• Joseph McDonald Professor of Accounting, Stanford GSB, 2009-2015
• Visiting Professor of Accounting, Stanford GSB, 2008-2009
• Co-chair of Accounting Department, Guanghua School of Management, Peking University, 2003-2012
• Henrietta Johnson Louis Professor of Management, Cornell Johnson Graduate School of Management, 1998-2007
• Director of the Parker Center for Investment Research, Cornell Johnson Graduate School of Management, 1997-2004
• Associate Professor of Accounting, Cornell Johnson Graduate School of Management, 1996-1997
• Associate Professor of Accounting, University of Michigan, 1994-1996
• Assistant Professor of Accounting, University of Michigan, 1990-1994
Professional Experience
• Co-founder and General Partner, Nipun Capital LP, 2011-2017
• Global Head of Equity Research, Barclays Global Investors (now Blackrock), 2006-2008
• Co-Head of North America Active Equity Strategies, Barclays Global Investors (now Blackrock), 2006-2007
• Head of U.S. Equity Research, Barclays Global Investors (now Blackrock), 2005-2006
• Director of Accounting Research, Barclays Global Investors (now Blackrock), 2004-2004
• Visiting Research Economist, New York Stock Exchange, 1995-1996
• Senior Manager (last position held), National Research Department of KPMG Peat Marwick Thorne, Toronto, Canada, 1982-1985

Selected Publications

  1. Gate Fees: The Pervasive Effect of IPO Restrictions on Chinese Equity Markets
    Journal Article:Lee, C., Qu Y., and Shen, T., (2022). Review of Finance, Special Edition on China Studies, pp. 1-41.
  2. Why do Predicted Stock Issuers earn low returns?
    Journal Article:Lee, C. and Li, K., (forthcoming). Review of Asset Pricing Studies,
  3. Shall We Talk? The Role of Interactive Investor Platforms in Corporate Communication
    Journal Article:Lee, C. and Zhong, Q., (forthcoming). Journal of Accounting and Economics,
  4. Active Funds and Bundled News
    Journal Article:Lee, C. and Zhu, C., (2022). The Accounting Review, Vol. 97(1), pp. 315-339.
  5. A Frog in Every Pan: Information Discreteness and the Lead-lag Returns Puzzle
    Journal Article:Huang, S., Lee, C., Xiang, H., and Song, Y., (2022). Journal of Financial Economics, Vol. 145, pp. 83-102.
  6. Tick Size Tolls: Can a Trading Slowdown Improve Price Discovery of Earnings News?
    Journal Article:Lee, C. and Watts, E., (2021). The Accounting Review, Vol. 96(3), pp. 373-401.
  7. Evaluating Firm-Level Expected Return Proxies: Implications for Estimating Treatment Effects
    Journal Article:Lee, C., So, E., and Wang, C., (2021). Review of Financial Studies, Vol. 34(4), pp. 1907-1951.
  8. Technological Links and Return Predictability
    Journal Article:Lee, C., Sun, S., Wang, R., and Zhang, R., (2019). Journal of Financial Economics, Vol. 132, pp. 76-96.
  9. Is there a Dark-Side to Exchange Traded Funds (ETFs)? An Information Perspective
    Journal Article:Israeli, D., Lee, C., and Sridharan, S., (2017). Review of Accounting Studies, Vol. 22, pp. 1048-1083.
  10. Uncovering Expected Returns: Information in Analyst Coverage Proxies
    Journal Article:Lee, C., and So. E, (2017). Journal of Financial Economics, Vol. 124, pp. 331-348.
  11. In Short Supply: Short-Sellers and Stock Returns
    Journal Article:Beneish, D. Lee, C., and Nichols, C., (2015). Journal of Accounting and Economics, Vol. 60, pp. 33-57.
  12. Shell Games: The Long-term Performance of Chinese Reverse Merger Firms
    Journal Article:Lee, C., Li, K., and Zhang R., (2015). The Accounting Review, Vol. 90(4), pp. 1547-1589.
  13. Search-Based Peer Firms: Aggregating Investor Perception through Internet Co-searches
    Journal Article:Lee, C., Ma, P., and Wang, C., (2015). Journal of Financial Economics, Vol. 116(2), pp. 410-431.

Working Papers

Shall we Talk? The Role of Interactive Investor Platforms in Corporate Communication” (with Qinlin Zhong), 2021.
“ELPR: A New Approach to Measuring the Riskiness of Commerical Banks” (with Yanruo Wang and Qinlin Zhong), 2021.
“Gate Fees: Shell Values and Regulatory Risk in Chinese Equity Markets” (with Yuanyu Qu and Tao Shen), 2021.
“Salient or Safe: Why do predicted stock issuers earn low returns?” (with Ken Li), 2021.
“Escape From the Ivory Tower: Conducting Research that Matters” (JIAR Conference Keynote Address), 2021

Honors and Awards

  • Best Paper Award, AAA Spark Conference, Western Regional, 2021
  • Teaching Excellence Award in all three Stanford GSB degree programs (the MBA Program, 2017; the PHD program, 2013; the MSx Program, 2011 and 2012)
  • First place, Q Group’s Roger F. Murray Prize research competition, 2018
  • AAA Innovation in Financial Accounting Education Award, 2017
  • AAA Presidential Scholar (Keynote Speaker at the AAA Annual Meeting), 2015
  • Stanford University Asian American Faculty Award for Outstanding Achievements and Service, 2014
  • Faculty of Mathematics Alumni Achievement Medal, University of Waterloo, 2014
  • Notable Contribution to Accounting Literature Award, AAA, 2003
  • Cornell Johnson School The Apple Award for Teaching Excellence in MBA Program: 1997, 2000, 2003
  • Cornell Johnson School Stephen Russell Distinguished Teaching Award, 2002
  • Michigan Business School Award for Teaching Excellence (PhD Program, 1995; MBA Program 1994)
  • Academic Service

    American Accounting Association (AAA)
    AAA New Faculty Consortium: Distinguished Lecturer (1998, 1999, 2003, 2004, 2005, 2006, 2009, 2016, 2020, 2021, 2022); Team Leader (1995, 1996); Planning Committee (1998-1999)
    AAA Doctoral Consortium: Distinguished Visiting Faculty (1999, 2003, 2012, 2017, 2018)
    Stanford University
    University Advisory Board; one of seven faculty members responsible for advising the Provost on Campus-wide A&P and other academic-related matters (2018-2021); GSB Deans’ Advisory Group (2012-2015)
    Editorial Boards
    •Review of Accounting Studies, Co-Editor (1996-2006)
    •Journal of Finance, Associate Editor (2000-2003)
    •The Accounting Review, Co-Editor (2011-2014)
    •Journal of Accounting and Economics, Associate Editor (2000-2006)
    •Management Science (Finance), Associate Editor (2009-2011)
    •Journal of Accounting Research, Editorial Board (2001-2003)
    •Financial Analysts Journal, Associate Editor (1999-2008)

    Courses Taught

    ACCT 579 Alphanomics: Active Investing in Equity Markets

    External Service and Assignments

    NASD Economic Advisory Board (2001-2003); AIMR Council for Education and Research (1999-2001); WFA & AFA Program Selection Committee; Accounting Area External Review Committee – Stanford (2003); Berkeley (2003)