W. P. Carey School of Business
W. P. Carey School of Business

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Steve Hillegeist

Associate Professor
School of Accountancy

Mailing Address:
Main Campus
PO BOX 873606
Tempe, AZ 85287-3606

Phone: 480-965-6614
Fax: 480-965-8392
Email: Stephen.Hillegeist@ASU.edu
Steve Hillegeist

View Vita

Job Title(s)
Associate Professor (with tenure)

PhD, University of California at Berkeley; 1998

MS, University of California at Berkeley, 1997

BA, Princeton University, 1990

Research Areas
Market -based accounting research; Effects of accounting regulatory changes; earnings management and debt covenants; voluntary disclosure and information asymmetry

Recent Consulting
Expert witness for private litigation

INSEAD Interalpha Banking Programme

Current Projects

“Human Capital Risk and CEO Compensation” with Woo-Jin Chang and Rachel Hayes. Under fourth round review at Management Science.

“Earnings Management to avoid Debt Covenant Violations” with Scott Dyreng, Stephen Hillegeist, and Fernando Penalva. Revising for second round submission at Contemporary Accounting Research.

“Principles vs. Rules and the information environment: the case of SFAS 95” with Stephen Brown, Stephen Hillegeist, and Steven Orpurt.

“Competitive Pressure and Tax Avoidance” with Jenny Brown, Claudia Custodio, and Eugenia Yeh.

“Insider Trading at Loss Firms” with Lyungmae Choi and Lucile Faurel.

"Usefulness of Analyst Forecasts at Loss Firms" with Lyungmae Choi and Lucile Faurel.

Academic Positions Held
Arizona State University: 2010-present.

INSEAD: 2005-2010

Northwestern University, Kellogg School of Management: 1998-2005

Representative Publications

"Directors' and Officers' Legal Liability Insurance, Audit Pricing, and Litigation Risk" with Hyseesoo H. Chung and Jinyoung P. Wynn. Forthcoming, Journal of Accounting and Public Policy.

“The Incentives of Compensation Consultants and CEO Pay.” Journal of Accounting and Economics, vol. 49, No. 3 (April 2010), 263-280.

“The Effect of Earnings Surprises on Information Asymmetry,” Journal of Accounting and Economics, vol. 47, No. 3 (June 2009), 208-225.

“How Disclosure Quality Affects the Level of Information Asymmetry,” Review of Accounting Studies, vol. 12, No. 2-3 (September 2007), 443-477.

“Conference Calls and Information Asymmetry,” Journal of Accounting and Economics, vol. 37, No. 3 (August 2004), 343-366.

“Assessing the Probability of Bankruptcy,” Review of Accounting Studies, vol. 9, No. 1 (March 2004), 5-34.

“Financial Reporting and Auditing Under Alternative Damage Apportionment Rules,” The Accounting Review, vol. 74, No. 3 (July 1999), 347-369.

ASU is a tier 1 research university and W. P. Carey is proud of its strong tradition of teaching and classroom excellence. Our students directly benefit from the research and theories our faculty brings into the classroom. Below is a list of courses being taught during the current semester by this faculty member. Click a course to view it in the ASU course catalog.

ACC 799 - Dissertation
Supervised research focused on preparation of dissertation, including literature review, research, data collection and analysis, and writing.

W. P. Carey School of Business

400 E. Lemon St.
Tempe, AZ 85287