Anastasia Zakolyukina

Anastasia Zakolyukina’s research focuses on linguistic-analysis of corporate disclosures, individual traits of corporate executives, and opportunistic accounting discretion and its interaction with firms’ investment choices. Her work, titled “How Common Are Intentional GAAP Violations? Estimates from a Dynamic Model”, evaluates the extent of undetected earnings misstatements. She finds that CEOs’ expected cost of misleading investors is low, which results in high misstatement rates; however, the magnitude of inflation of stock prices is small. Another paper, "Detecting Deceptive Discussions in Conference Calls’’, predicts earnings misstatements from conference call narratives of top executives. This study has been mentioned in The Economist, NPR, the Wall Street Journal, the New York Times, CBC, CNBC, and Bloomberg.

Recently, Zakolyukina has explored personality traits of corporate executives and their interaction with firms’ outcomes. The paper “CEO Personality and Firm Policies” measures CEO’s Big Five personality traits using CEOs’ narratives from conference calls.

Zakolyukina earned her Ph.D. in Business Administration from Stanford Graduate School of Business. Additionally, she holds an M.A. in Economics from the New Economic School. Before pursuing graduate studies, Zakolyukina studied at the Udmurt State University where she earned degrees in Information Systems and Law.

Research Interests

Corporate governance and incentives, accounting manipulation, linguistic-analysis of disclosures, accounting-based risk assessment.

Academic Areas

Accounting

RESEARCH

Working papers

Non-GAAP Reporting and Investment, with Charles G. McClure. February 2021

Information versus Investment , with Stephen J. Terry and Toni M. Whited. August 2020.

CEO Personality and Firm Policies with Ian D. Gow, Steven N. Kaplan, and David F. Larcker. July 2016.

Published papers

What Is CEO Overconfidence? Evidence from Executive Assessments, with Steven N. Kaplan, Morten Sorensen. Journal of Financial Economics. Forthcoming.

Non-answers during Conference Calls | Online Appendix | GitHub: non-answer code | GitHub: in- and out-of-sample performance of non-answer code | GitHub: StreetEvents code | Data and Code, with Ian D. Gow and David F. Larcker. Journal of Accounting Research. 59(4). September 2021.

Accounting Fundamentals and Systematic Risk: Corporate Failure over the Business Cycle | Online Appendix | Data and Code, with Maria Ogneva and Joseph D. Piotroski, The Accounting Review. 95(5). September 2020.

How Common Are Intentional GAAP Violations? Estimates from a Dynamic Model | Online Appendix | Data and Code. Journal of Accounting Research. 56(1). March 2018. (Lead article)

Detecting Deceptive Discussions in Conference Calls, with David F. Larcker. Journal of Accounting Research. 50(2). May 2012.