Akash Chattopadhyay


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Doctoral Student

Akash Chattopadhyay is a doctoral student in the Accounting and Management unit at HBS. His primary research interest lies in studying how capital market incentives affect financial and non-financial disclosures of firms. He is also interested in studying how different financial intermediaries process financial information.

Akash completed a Bachelors (with honors) in Electrical Engineering from Jadavpur University in Kolkata, India. He also earned a MBA from the Indian Institute of Management, Calcutta where he was awarded the Directors Gold medal for graduating at the top of his class. Prior to joining HBS, Akash spent three years working as an equity analyst with Merrill Lynch and with IIFL Capital in Mumbai, India. ​


Working Papers

  1. Accounting Data, Market Values, and the Cross Section of Expected Returns Worldwide

    Akash Chattopadhyay, Matthew R. Lyle and Charles C.Y. Wang

    Under fairly general assumptions, expected stock returns are a linear combination of two accounting-based characteristics—book to market and ROE. Empirical estimates based on this relation predict the cross section of out-of-sample returns in 26 of 29 international equity markets, with a highly significant average slope coefficient of 1.05. In sharp contrast, standard factor-model-based proxies fail to exhibit predictive power internationally. We show analytically and empirically that the importance of ROE in forecasting returns depends on the quality of accounting information. Overall, a tractable accounting-based valuation model provides a unifying framework for obtaining reliable proxies of expected returns worldwide.

    Keywords: Expected Returns; discount rates; fundamental valuation; Present value; information quality; international equity markets; Forecasting and Prediction; Accounting; Investment Return;


    Chattopadhyay, Akash, Matthew R. Lyle, and Charles C.Y. Wang. "Accounting Data, Market Values, and the Cross Section of Expected Returns Worldwide." Harvard Business School Working Paper, No. 15-092, June 2015. (Revised January 2016.) View Details

        Area of Study

        • Accounting and Management