Thomas Lys

Eric L. Kohler Emeritus Chair in Accounting and Professor of Accounting Information & Management, Kellogg School of Management, Northwestern University; Professor of Law (by courtesy), Northwestern University Law School
Thomas Lys


Ph.D. and M.S., accounting and finance, University of Rochester

Summary of Experience

Professor Lys is an expert in accounting and finance, including real estate finance, financial reporting, securities analysis, and mergers and acquisitions. He has testified on issues related to valuation, corporate governance, corporate finance, disclosures in merger and acquisitions, fairness opinions, antitrust, and contract disputes on behalf of national and foreign government agencies and corporate clients.

Professor Lys's research interests include risk arbitrage, labor participation in corporate decisions, auditor liability, and earnings forecasts. He has published 35 articles in refereed journals; 13 working papers; a book on negotiation, integrating the rational models of economics with the less-than rational models of psychology; and has edited two volumes of Karl Brunner's work and two book chapters in edited volumes. His research investigates analyst earnings forecasts and stock valuations, efficiency of analysts' earnings forecasts, ability of security analysts' to learn from experience, stock price behavior following earnings announcements, properties of estimators of auto-correlation coefficients, the impact of transaction costs for market efficiency, mergers and acquisitions, and investors' interpretation of corporate social responsibility initiatives.

He was an editor of the Journal of Accounting and Economics for 11 years and also served on the editorial board of The Accounting Review.

AG Contacts

Andrew Wong