Charles Lee

Research Statement

Broadly speaking, I am interested in the effect of human cognitive constraints on market participants and other factors that impact the efficiency with which market prices incorporate information. My publications have been in the areas of behavioral finance, financial statement analysis, equity valuation, quantitative investing, market microstructure, and security market regulation.

Research Interests

• Financial statement analysis
• Behavioral finance
• Quantitative investment strategies
• Equity valuation
• Security market regulation
• Market microstructure

Teaching Statement

Lee's teaching interests are closely aligned with his research interests and investment experience. He has taught both PhD and Masters students at the GSB. Alphanomics, his Masters-level Elective, is focused on active investing in public equity markets. It is a hands-on course that makes extensive use of analytical tools provided by the school's Real-time Analysis and Investment Lab (R.A.I.L.). Lee's teaching honors include ten Annual School-Wide Teaching Excellence Awards (at Michigan, Cornell, and Stanford). Most recently, he received the 2017 Stanford GSB Distinguished Teaching Excellence Award for the MBA program and the 2017 AAA Innovation in Financial Accounting Education Award (for his “Alphanomics” course).

Bio

Charles M. C. Lee is the Moghadam Family Professor of Management and Professor of Accounting at the Graduate School of Business (GSB), Stanford University.  He is also the GSB’s R. Michael Shanahan Faculty Fellow for 2017-18. 

From 2004 to July 2008, Dr. Lee was Managing Director at Barclays Global Investors (BGI; now Blackrock).  As the firm’s Global Head of Equity Research and Co-Head of North America Active Equities, he led BGI’s world-wide active equity research team and was jointly responsible for its North American active equity business.  During his tenure, the firm had over $300 Billion USD in active equity strategies.  He joined Stanford GSB as a Visiting Professor in July 2008 while continuing to serve as a Senior Consultant to BGI, and became a full-time faculty member in July 2009. 

Professor Lee has been either Editor or Associate Editor of a number of academic journals in accounting and finance, including: The _ Accounting Review _ , the Journal of Finance , the Journal of Accounting Research _, _the Journal of Accounting and Economics _, the **_Review of Accounting Studies,** Management Science (Finance), and the Financial Analysts Journal.

Professor Lee received his BMath from the University of Waterloo (1981), and his MBA (1989) and PhD (1990) from Cornell University.  He has been a faculty member at the Michigan Business School (1990-95) and the Johnson Graduate School of Management, Cornell University (1996-2004).  From 1995-96 he was Visiting Economist at the New York Stock Exchange.  At Cornell he held the Henrietta Johnson Louis Professorship in Management and was Director of the Parker Center for Investment Research. 

Prior to entering academic life, he spent five years in public accounting, the last three in the National Research Department of KPMG, Toronto, Canada. He holds a Certificate in Biblical Studies from Ontario Theological Seminary, and is fluent in Mandarin Chinese.

Academic Degrees

• PhD in Accounting, Johnson Graduate School of Management, Cornell University, 1990
• MBA, Johnson Graduate School of Management, Cornell University, 1989
• Certificate in Biblical Studies, Ontario Theological Seminary, 1986
• Chartered Accountant, Institute of Chartered Accountants of Ontario, Canada, 1982
• B of Mathematics, University of Waterloo, Canada, 1981

Academic Appointments

• Moghadam Family Professor of Management, Stanford GSB, 2015- present
• Joseph McDonald Professor of Accounting, Stanford GSB, 2009-2015
• Visiting Professor of Accounting, Stanford GSB, 2008-2009
• Co-chair of Accounting Department, Guanghua School of Management, Peking University, 2003-2012
• Henrietta Johnson Louis Professor of Management, Cornell Johnson Graduate School of Management, 1998-2007
• Director of the Parker Center for Investment Research, Cornell Johnson Graduate School of Management, 1997-2004
• Associate Professor of Accounting, Cornell Johnson Graduate School of Management, 1996-1997
• Associate Professor of Accounting, University of Michigan, 1994-1996
• Assistant Professor of Accounting, University of Michigan, 1990-1994

Professional Experience

• Co-founder and General Partner, Nipun Capital LP, 2011-present
• Global Head of Equity Research, Barclays Global Investors (now Blackrock), 2006-2008
• Co-Head of North America Active Equity Strategies, Barclays Global Investors (now Blackrock), 2006-2007
• Head of U.S. Equity Research, Barclays Global Investors (now Blackrock), 2005-2006
• Director of Accounting Research, Barclays Global Investors (now Blackrock), 2004-2004
• Visiting Research Economist, New York Stock Exchange, 1995-1996
• Senior Manager (last position held), National Research Department of KPMG Peat Marwick Thorne, Toronto, Canada, 1982-1985

Awards and Honors

• R. Michael Shanahan Faculty Fellow, 2017-2018
• 2017 Stanford GSB Distinguished Teaching Excellent Award for the MBA Program
• 2017 AAA Innovation in Financial Accounting Education Award (for "Alphanomics" course)
• 2015 American Accounting Association Annual Meeting Presidential Scholar
• 2014 Stanford University Asian American Faculty Award for Outstanding Achievements and Service to the University
• 2014 Faculty of Mathematics Alumni Achievement Medal, University of Waterloo
• Distinguished Visiting Faculty, AAA Doctoral Consortium, 1999, 2003, 2012, 2017
• 2014 China Accounting and Finance Review, Best Paper Award
• Distinguished Service Award, PhD Program, Stanford GSB, 2013
• Graduate School of Business Trust Faculty Fellow, Stanford GSB, 2012-2013
• Teaching Excellent Award, MSx (formerly Sloan) Program, Stanford GSB, 2012
• Teaching Excellent Award, MSx (formerly Sloan) Program, Stanford GSB, 2011
• Robert and Marilyn Jaedicke Faculty Fellow, Stanford GSB, 2010-2011
• Tang Peng Yeu Distinguished Visiting Professor, National University of Singapore, 2010
• Price Waterhouse Coopers Global Competency Center Research Grant, 2004
• Moskowitz Prize for Best Quantitative Study of Socially Responsible Investing, 2003
• AAA Notable Contribution to Accounting Literature Award, 2003
• MBA Apple Award for Teaching Excellence, Cornell Johnson School, 1997, 2000, 2003
• Stephen Russell Distinguished Teaching Award, Cornell Johnson School, 2002
• Faculty Award for Research Excellence, Cornell Johnson School, 2001

Teaching

Degree Courses

2017-18

ACCT 340: Alphanomics: Informational Arbitrage in Equity Markets

This is an advanced elective course on the economics of active investing in public equity markets. We will cover a set of foundational skills needed to select, and manage, a portfolio of public stocks. nSpecifically, the course material is...

2016-17

ACCT 340: Alphanomics: Informational Arbitrage in Equity Markets

This is an advanced elective course on the economics of active investing in public equity markets. We will cover a set of foundational skills needed to select, and manage, a portfolio of public stocks. nnSpecifically, the course material is...

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November 14, 2013

New research suggests these companies performed better than their reputation suggested.

writtenCharles Lee: Firms in Corrupt Countries Pay a Price in Market Value

November 1, 2010

Research shows that firms in countries perceived as less corrupt trade at bigger market premiums than those in places deemed more corrupt.