Workshop Series: Wayne Guay
Abstract: We review recent literature on the role of financial reporting and information transparency in reducing governance-related agency conflicts between managers, directors and shareholders, as well as in reducing agency conflicts between shareholders and outside contracting parties, such as creditors. Some key themes emphasize the governance implications of information asymmetry between managers and outside directors, the endogenous nature of debt contracts and governance mechanisms, and the role of financial reporting in facilitating informal multi-period relationships between managers, directors, shareholders and creditors.
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Wayne R. Guay is the Yageo Professor of Accounting at The Wharton School of the University of Pennsylvania. He received an undergraduate degree in Engineering and Management from Clarkson University, an MBA from Northeastern University, and a Ph.D. in Accounting from the Simon School of Business at the University of Rochester. Dr. Guay has published many articles in leading accounting, finance, law and economics journals on topics such as design of executive compensation contracts, stock-based incentives, corporate governance, employee stock option accounting and valuation, financial accounting quality, risk management, firm valuation, and earnings management. He has lectured and presented his research at more than one hundred universities and conferences around the world. Dr. Guay's 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 on editorial boards of the Journal of Accounting & Economics and Journal of Accounting Research. Dr. Guay has consulted extensively for public and private organizations, and has provided expert testimony in a variety of high-profile litigation matters. His consulting focuses on design of executive compensation and incentives, equity-based compensation, employment contracting, insider trading, and valuation.