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Swaminathan Sridharan

John and Norma Darling Distinguished Professor in Financial Accounting at Kellogg School of Management

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  • Kellogg School of Management

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    Biography

    Kellogg School of Management

    Swaminathan (Sri) Sridharan is the John and Norma Darling Distinguished Professor in Financial Accounting. Professor Sridharan's research focuses on information-driven asset valuation, corproate risk management strategies, firms' resource allocation decisions in the context of asymmetric information, optimal contract design and corporate disclosures. His papers have been published in such journals as The RAND Journal of Economics, The Management Science, Journal of Accounting Research, Journal of Accounting and Economics, The Accounting Review, and Contemporary Accounting Review.

    Professor Sridharan teaches both managerial and financial accounting at the MBA level and at the Northwestern University's Pritzker Law School. He was a 2003 recipient of the Chair's Core Teaching Award for excellence in teaching in the MBA program. He also teaches at the executive MBA level as well as in several of Kellogg's international programs. At the doctoral level, he offers a seminar on Information Economics and Analytical Accounting Research. He joined the Kellogg School faculty in 1990 after receiving his doctorate from the University of Pittsburgh. Prior work experience included work as the Chief Financial Officer for a group of international manufacturing companies and as a Senior Manager and Partner in an accounting firm in Chennai, India.

    Research Interests

    Valuation of Assets, Risk Management, Strategic Resource Allocation and Disclosure Management by firms, Design of Contracts, and Information Economics

    Education

    • PhD, 1990, Business Administration, University of Pittsburgh
    • MBA, 1979, Finance, Economics, Indian Institute of Management
    • BC, 1976, Economics, Finance, University of Madras

    Academic Positions

    • Chairperson of Accounting Information and Management Department, Accounting Information and Management, Kellogg School of Management, Northwestern University, 2011-2015
    • John and Norma Darling Distinguished Chair in Accounting, Accounting, Kellogg School of Management, Northwestern University, 2009-present
    • Professor, Kellogg School of Management, Northwestern University, 2004-present
    • John L. and Helen Kellogg Distinguished Professor of Accounting, Information, and Management, Accounting Information and Management, Kellogg School of Management, Northwestern University, 2006-2009
    • Associate Professor, Kellogg School of Management, Northwestern University, 1998-2004
    • Assistant Professor, Kellogg School of Management, Northwestern University, 1990-1998

    Awards

    • Chairs, Kellogg School of Management, 2009-2010, 2002-2003
    • Research Award, Searle Fund for Pollicy Research, 03-03
    • Doctoral dissertation Grants in Aid Award, American Institution of Certified Public Accountants, 89-89
    • Graduate Student Research Assistantship, Katz Graduate School of Business, 86-86

    Editorial Positions

    • Referee, Journal of Economics & Management Strategy, 2019
    • Editorial Board, Journal of Accounting, Auditing and Finance, 2010
    • Editorial Board, Journal of Accounting and Public Policy, 2010
    • Editorial Board, Journal of Management Accounting Research, 2010
    • Ad-hoc Reviewer, Journal of Accounting and Economics
    • Ad-hoc Reviewer, Journal of Accounting Research
    • Ad-hoc Reviewer, The Accounting Review
    • Ad-hoc Reviewer, Journal of Accounting and Public Policy

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    Cases

    Dye, Ronald A. and Swaminathan Sridharan. 2002. Resource Allocation Effects of Price Reactions to Disclosures. Contemporary Accounting Research. 19(3): 385-410.

    Capital market participants collectively may possess information about the valuation implications of a firm's change in strategy not known by the management of the firm proposing the change. This paper asks whether a firm's management can exploit the capital market's information in deciding either whether to proceed with a contemplated strategy change or whether to continue with a previously initiated strategy change. In the case of a proposed strategy change, it is shown that managers can extract the capital market's information by announcing the potential new strategy, and then conditioning the decision to implement the new strategy on the size of the market's price reaction to the announcement. Under this arrangement, it is shown that a necessary condition to implement all and only positive net present value changes is that managers proceed to implement some strategies that garner negative price reactions upon their announcement. In the case of deciding whether to continue with a previously implemented strategy change, it is shown that it may be optimal for the firm to predicate its abandonment/continuation decision on the magnitude of the costs it has already incurred. Thus, what looks like "sunk-cost" behavior may in fact be optimal.

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