Associate Professor
Professor Derrald Stice joined HKU Business School in July 2019. Previous to joining HKU, Derrald was a professor in the accounting department at HKUST for eight years. Derrald’s main research expertise relates to how accounting is used in the capital markets, with a particular emphasis on the debt markets. His research has been published in top accounting and finance journals and has been cited in The Wall Street Journal and Bloomberg. He has presented his research at many universities in many countries around the world. In addition to his research focus, Derrald has taught various graduate courses in accounting in Hong Kong, China, Saudi Arabia, and Russia and has provided corporate training for employees at Goldman Sachs.
Academic & Professional Qualification
University of North Carolina at Chapel Hill, Kenan-Flagler Business School
Ph.D., Business Administration (Accounting) - 2011
Brigham Young University, Marriott School of Management
B.S. in Accounting, Minor: Economics - 2006
Teaching
Financial and Managerial Accounting – Undergraduate, Master’s, and MBA Levels
Research Interest
The use of accounting as a source of information in capital markets, with a particular emphasis on the debt markets. Areas of interest: debt contracting, debt covenants, auditing, financial analysts, and media.
Selected Publications
“The Information Role of Audit Opinions in Debt Contracting” Journal of Accounting and Economics (2016) 61: 121-144 (with Peter Chen, Shaohua He, and Zhiming Ma).
“Do Banks Care About Analysts’ Forecasts When Designing Loan Contracts?” Journal of Business Finance and Accounting (2018) 45: 625-650 (with Josh Coyne).
“The Market Response to Implied Debt Covenant Violations” Journal of Business Finance and Accounting (2018) 45: 1,195-1,223 (Dissertation).
“Auditor Choice and Information Asymmetry: Evidence from International Syndicated Loans” Accounting and Business Research (2019) 49: 365-399 (with Zhiming Ma and Rencheng Wang).
“The Effect of Bank Monitoring on Public Bond Terms” Journal of Financial Economics (2019) 133: 379-396 (with Zhiming Ma and Chris Williams).
Working Papers
“The Power of Numbers: Base-Ten Threshold Effects in Reported Revenue” (with Lorien Stice-Lawrence, Kay Stice, and Han Stice)
“The Price of Stock Liquidity: Evidence from Audit Fees” (with John Campbell and Wei Shi)
“When the Presses Stop for Good: Disclosure and Payout Policy in the Aftermath of Local Newspaper Closures” (with Min Kim, Han Stice, and Roger White)
“Strategic Disclosure and Debt Covenant Violation” (with Thomas Bourveau and Rencheng Wang)
“H-1B Visas and Wages in Accounting: Evidence from Deloitte’s Payroll” (with Thomas Bourveau, Han Stice, and Roger White)
Awards and Honours
Winner: Best 10 Lecturers on Campus, HKUST, 2012
Winner: Franklin Prize for Teaching Excellence 2015
Dean’s Letter of Teaching Recognition HKUST (2012-2018)
Doctoral Fellowship, Kenan-Flagler Business School (2006-2010)
Residence Master of Hall VII – HKUST (July 2015 – June 2019)