Scott Richardson

Professor of Management Practice in Accounting

BEc (Sydney) PhD (Michigan)

Scott Richardson is a professor of Management Practice at London Business School and Director of Systematic Credit at Acadian Asset Management where he leads the systematic credit effort. Scott previously worked as a researcher and portfolio manager at AQR, with a focus on credit and fixed income markets, and has held senior positions at BlackRock (Barclays Global Investors), including head of Europe equity research and head of global credit research. He also serves as an editor of the Review of Accounting Studies, and has published extensively in leading academic and practitioner journals.

In 2009, he won the Notable Contribution to Accounting award for his work on earnings quality and accruals. Scott earned a B.Ec. with first-class honors from the University of Sydney and a Ph.D. in Business Administration from the University of Michigan.

The relation between accounting information and security returns
Firm valuation
Earnings management
Corporate governance

2023

Computing corporate bond returns: a word (or two) of caution

Andreani M; Palhares D; Richardson S

Review of Accounting Studies 2023 In Press

2022

Systematic Fixed Income: An Investor's Guide

Richardson S A

John Wiley & Sons

2021

Is (systematic) value investing dead?

Israel R; Laursen K; Richardson S

Journal of Portfolio Management 2021 Vol 47:2 p 38-62

The cross section of MBS returns

Diep P; Eisfelt A; Richardson S A

Journal of Finance 2021 Vol 76:5 p 2093-2151

2020

2019

(Il)liquidity premium in credit markets: a myth?

Richardson S; Palhares D

Journal of Fixed Income 2019 Winter Vol 28:3 p 3-31

2018

2017

2015

Accruals and future performance: can it be attributed to risk?

Momente F; Reggiani F; Richardson S A

Review of Accounting Studies 2015 Vol 20:4 p 1297-1333

2014

Asset reliability and security prices: Evidence from credit markets

Arora N; Richardson S A; Tuna I

Review of Accounting Studies 2014 Vol 19:1 p 363-395

Macro to micro: Country exposures, firm fundamentals, and stock returns

Li N; Richardson S A; Tuna I

Journal of Accounting and Economics 2014 Vol 58:1 p 1-20

2012

2011

Credit markets and financial information

Lok S; Richardson S A

Review of Accounting Studies 2011:16 p 487-500

2010

Accounting anomalies and fundamental analysis: A review of recent research advances

Tuna I; Richardson S A; Wysocki P

Journal of Accounting and Economics 2010 Vol 50:2-3 p 410-454

2008

The persistence and pricing of the cash flow component of earnings

Dechow P; Richardson S A; Sloan R

Journal of Accounting Research 2008 Vol 46:3 p 537-566

2007

Corporate governance, accounting outcomes and organizational performance

Larcker D; Richardson S A; Tuna I

Accounting Review 2007 Vol 82:4 p 963-1008

The book-to-price effect in stock returns: Accounting for leverage

Tuna I; Penman S; Richardson S A

Journal of Accounting Research 2007 Vol 45:2 p 427-467

2006

2005

Accrual reliability, earnings persistence and stock prices

Richardson S A; Sloan R G; Soliman M T; Tuna I

Journal of Accounting and Economics 2005 Vol 39 p 437-485

2004

Fees paid to audit firms, accrual choices and corporate governance

Larcker D F; Richardson S A

Journal of Accounting Research 2004 Vol 42 p 625-658

The walk-down to beatable analyst forecasts: The role of equity issuance and insider trading incentives

Richardson S A; Teoh S W; Wysocki P

Contemporary Accounting Research 2004 Vol 21 p 885-924

2003

Earnings quality and short sellers

Richardson S A

Accounting Horizons 2003 p 69-81

Why are earnings kinky? An examination of the earnings management explanation

Dechow P; Richardson S A; Tuna I

Review of Accounting Studies 2003 Vol 8 p 355-384

2002

Reliability of asset revaluations: The impact of appraiser independence

Cotter J; Richardson S A

Review of Accounting Studies 2002 Vol 7 p 435-457

2001

Discretionary disclosure: A note

Richardson S A

Abacus 2001 Vol 37 p 233-247

Do analysts and auditors use information in accruals?

Bradshaw M; Richardson S A; Sloan R

Journal of Accounting Research 2001 Vol 39 p 45-74

2017

2016

Risky value

Ellahie A; Katz M; Richardson S A

Social Sciences Research Network

2015

Credit risk premium

Richardson S A; Asvanunt A

Social Sciences Research Network

Does fundamental volatility help explain credit risk?

Correia M; Kang J; Richardson S A

Social Sciences Research Network

2011

Asset measurement uncertainty and credit term structure

Richardson S A; Tuna I

Social Sciences Research Network

Teaching portfolio

Our teaching offering is updated annually. Faculty and programme material are subject to change.

Masters Degrees core courses

A key part of our Masters programmes curriculum.
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Securities Valuation and Financial Modelling

Delve into issues such as business strategy, the reformulation of financial statements, structured forecasting and residual income valuation. Develop a thorough understanding of company value drivers and gain the ability to apply fundamental security analysis and valuation.. Use accounting information to produce a full financial model of the firm and understand how investors and analysts employ the financial model to appraise and value companies.
PROGRAMMES WITH THIS CORE COURSE

Masters in Financial Analysis
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Masters Degrees electives

Optional courses providing a deep dive into specialist areas.
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Securities Analysis & Financial Modelling

The course stresses fundamental analysis to isolate value drivers and focuses on a disciplined approach to security analysis and valuation. It does this through the use of financial statements and the development of an analytical framework for understanding business performance and financial structure. The course shows how to use accounting information to produce a full financial model of the firm and how investors and analysts employ the financial model to appraise and value companies. The course covers several alternative methods of valuation and appraisal.
PROGRAMMES WITH THIS ELECTIVE

Executive MBA Dubai

Executive MBA London

MBA

Masters in Finance Full-time

Masters in Finance Part-time

Masters in Management

LBS Sloan Masters in Leadership and Strategy

Systematic Investing

The focus will be on the valuation of securities that embed credit risk. This includes, but is not limited to, corporate bonds, credit default swaps, credit indices, asset backed securities, emerging hard currency bonds, and capital structure. By the end of the course the students should have a sound understanding of (i) the trading conventions of these securities, (ii) determinants of the returns of the these securities, (iii) the role of fundamental analysis and structural models in identifying mispriced credit securities, and (iv) how risk and transaction costs affect your ability to build a portfolio of credit instruments. In addition to understanding the drivers of returns, risk and trading costs of credit related securities, the students will via 'hands-on' exercises develop investment skills via experiential learning. This course is aimed at individuals looking for a career in active asset management.
PROGRAMMES WITH THIS ELECTIVE

Executive MBA Dubai

Executive MBA London

EMBA-Global

MBA

Masters in Financial Analysis

Masters in Finance Full-time

Masters in Finance Part-time

Masters in Management

LBS Sloan Masters in Leadership and Strategy
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Scott Richardson

Teaching portfolio

Masters Degrees core courses

PROGRAMMES WITH THIS CORE COURSE

Masters Degrees electives

PROGRAMMES WITH THIS ELECTIVE

PROGRAMMES WITH THIS ELECTIVE