Keynote Speaker | Wednesday, January 3, 2024
Siew Hong Teoh
Professor of Accounting
UCLA Anderson School of Management
Lee and Seymour Graff Endowed Professorship
Professor Teoh studies how the content, form of presentation and timing of disclosure of accounting information affect firm values, manager and investor behavior and economic welfare. Her primary research occurs at the intersection of accounting, finance and economics in the area of information and capital markets. She has published extensively in leading journals on topics that include earnings management, analyst forecasts, innovation, limited attention, and psychology and culture in capital markets.
In her recent research, she finds that visuals in firm earnings announcements increase investor attention to earnings news. However, visuals can be a double-edged sword, because they can encourage investors to overreact by valuing the firm too high initially, and the overvaluation is reversed later. She is doing research using GIFs included in Stocktwits.com postings to proxy for firm sentiment at the daily level.
Professor Teoh’s recent research focuses on the impact of face impressions of trustworthiness and other personality traits for the capital markets. She finds that analysts who appear more trustworthy produce more accurate earnings forecasts, likely because they are more likely to receive information from others. In her ongoing research, she is using face impressions of trustworthiness of the board of directors’ as a proxy for corporate integrity. Her findings suggest that board trust and ESG rankings jointly predict returns and future performance.
Professor Teoh has been recognized for her work, receiving the Moskowitz Prize for best paper on socially responsible investing from the Social Investment Forum. Her research on earnings management and limited attention has been widely cited for its important finding that the market does not efficiently impound accounting and related information into stock prices.