Michael B. Clement

Michael Clement is a Visiting Professor of Business Administration in the Accounting and Management Unit at Harvard Business School. He is the Clark W. Thompson, Jr. Chair in Accounting at the University of Texas at Austin.  Professor Clement’s research investigates the dissemination and use of financial information in the capital markets, with a focus on the activities and performance of sell-side security analysts.  His research has been published in leading academic journals including the Journal of Accounting and Economics, the Journal of Accounting Research, the Accounting Review, the Journal of Finance, and the Academy of Management Journal. He is an editor at Accounting Horizons, and he is on the editorial board of the Accounting Review. In 2021 he was a winner of the Distinguished Contributions to the Accounting Literature Award from the American Accounting Association.  His research has also been mentioned in the financial media including the Wall Street Journal, Barron’s, the Financial Times, the Economist, and the USA Today.  His primary teaching interests are financial accounting and financial statement analysis. 

Professor Clement previously held positions at Goldman Sachs, Citigroup, and Deloitte Haskins & Sells.  He holds a Ph.D. in accounting from Stanford University, an MBA in finance from the University of Chicago and a BBA in accounting from Baruch College. 

Academic publications

• Barth, Mary, Michael B. Clement, George Foster, and Ron Kasznik. "Brand Values and Capital Market Valuation." Review of Accounting Studies 3, nos. 1-2 (1998): 41–68. View Details
• Brown, Lawrence D., Andrew C. Call, Michael B. Clement, and Nathan Y. Sharp. "Managing the Narrative: Investor Relations Officers and Their Interactions with Sell-Side Analysts and Institutional Investors." Journal of Accounting & Economics 67, no. 1 (February 2019): 58–79. View Details
• Clement, Michael, Joonho Lee, and Kevin Ow Yong. "A New Perspective on Post-Earnings-Announcement-Drift: Using a Relative Drift Measure." Journal of Business Finance & Accounting 46, no. 9–10 (October–November 2019): 1123–1143. View Details
• Brown, Lawrence D., Andrew C. Call, Michael B. Clement, and Nathan Y. Sharp. "The Activities of Buy-Side Analysts and the Determinants of Their Stock Recommendations." Journal of Accounting & Economics 62, no. 1 (August 2016): 139–156. View Details
• Brown, Lawrence D., Andrew C. Call, Michael B. Clement, and Nathan Y. Sharp. "Inside the “Black Box” of Sell-Side Financial Analysts." Journal of Accounting Research 53, no. 1 (March 2015): 1–47. View Details
• Clement, Michael B., Jeffrey Hales, and Yanfeng Xue. "Understanding Analysts’ Use and Under-use of Stock Returns and Other Analysts’ Forecasts when Forecasting Earnings." Journal of Accounting & Economics 51, nos. 1-2 (February 2011): 279–299. View Details
• Westphal, James, and Michael B. Clement. "Sociopolitical Dynamics in Relations Between Top Managers and Security Analysts: Favor Rendering, Reciprocity, and Analyst Stock Recommendations." Academy of Management Journal 51, no. 5 (October 2008): 873–897. View Details
• Clement, Michael B., Lisa Koonce, and Thomas Lopez. "The Roles of Task-Specific Experience and Innate Ability in Understanding Analyst Performance." Journal of Accounting & Economics 44, no. 3 (December 2007): 378–398. View Details
• Clement, Michael B., and Senyo Tse. "Financial Analyst Characteristics and Herding Behavior in Forecasting." Journal of Finance 60, no. 1 (February 2005): 307–341. View Details
• Bagnoli, Mark, Michael B. Clement, and Susan Watts. "Hiding in Plain Sight? Bad Earnings News Still Mostly Shows Up on Fridays and Mondays." Investor Relations Quarterly 6, no. 2 (June 2004): 15–32. View Details
• Clement, Michael B., Lynn Rees, and Edward Swanson. "The Influence of Culture and Corporate Governance on the Characteristics that Distinguish Superior Analysts." Journal of Accounting, Auditing & Finance 18, no. 4 (2003): 593–618. View Details
• Clement, Michael B., Richard Frankel, and Jeffrey Miller. "Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns." Journal of Accounting Research 41, no. 4 (2003): 653–679. View Details
• Clement, Michael B., and Senyo Tse. "Do Investors Respond to Analysts’ Forecast Revisions As If Forecast Accuracy Is All That Matters?" Accounting Review 78, no. 1 (2003): 227–249. View Details
• Clement, Michael B. "Analysts' Forecast Accuracy: Do Ability and Portfolio Complexity Matter." Journal of Accounting & Economics 27, no. 3 (July 1999): 285–303. View Details

Practitioner publications

• Clement, Michael B., Michael A. Moran, and Abby Joseph Cohen. "Analyzing ESO and Pension Footnotes: A Roadmap for Analysts and Investors." Goldman Sachs Investment Research, 2003. View Details
• Clement, Michael B., and Abby Joseph Cohen. "Employee Stock Options: A Roadmap for Analysts and Investors." Goldman Sachs Investment Research, 2002. View Details
• Clement, Michael B., Abby Joseph Cohen, and Katerina Shaustyuk. "2004 Dividend Preview: Are Larger Dividends around the Corner?" Goldman Sachs Investment Research, 2004. View Details
• Clement, Michael B., Abby Joseph Cohen, Michael A. Moran, Katerina Shaustyuk, Nathan Swem, Jessica Binder, and Robert Koyfman. "Share-based Payments Back in the Spotlight." Goldman Sachs Investment Research, 2004. View Details
• Clement, Michael B., Abby Joseph Cohen, and Katerina Shaustyuk. "Dividend-based Investment Strategies: Dividend Yields vs. Dividend Increases." Goldman Sachs Investment Research, 2003. View Details
• Clement, Michael B., and Abby Joseph Cohen. "Dividends and Equity Investing Under the New Tax Law: Focus on Company Performance, Not Dividends." Goldman Sachs Investment Research, 2003. View Details

Awards & Honors

Clark W. Thompson, Jr. Chair in Accounting, University of Texas at Austin, 2021–present

Winner, McCombs Award for Research Excellence, University of Texas at Austin, 2022

Honoree, AASCB Influential Leader Award, Association to Advance Collegiate Schools of Business, 2022

Winner, AAA Distinguished Contributions to Accounting Literature Award, American Accounting Association, 2021

KPMG Centennial Professor of Accounting, University of Texas at Austin, 2014–2021

Winner, FARS Best Paper Award, American Accounting Association, Financial Accounting and Reporting, 2018

Finalist, FARS Midyear Meeting Best Paper Award, American Accounting Association, Financial Accounting and Reporting, 2015

Finalist, FARS Midyear Meeting Best Paper Award, American Accounting Association, Financial Accounting and Reporting, 2014

KPMG Faculty Fellowship in Accounting Education, University of Texas at Austin, 2007–2014

Finalist, Academy of Management Journal Best Paper Prize, 2009

Winner, Ernst & Young Inclusive Excellence Award, 2009

Additional Information

• CV