The American Institute of CPAs announced on Tuesday that four professors have received the Institute's 2018 Notable Contributions to Accounting Literature Award.

The winning research paper, “Do the FASB Standards Add Shareholder Value?," took an in-depth look at the standards passed by FASB from 1973-2009, examining the stock returns of firms affected by the standards. The researchers compared those companies impacted versus those that were not, and found only 19 out of 138 of the standards increased shareholder value, against 15 of the 138 standards decreasing shareholder value.

The authors of the paper, in alphabetical order, are:

  • Urooj Khan, associate professor of business at Columbia University
  • Bin Li, assistant professor at the Naveen Jindal School of Management, University of Texas at Dallas
  • Shivaram Rajgopal, the Roy Bernard Kester and T.W. Byrnes professor of accounting and auditing at Columbia University
  • Mohan Venkatachalam, RJ Reynolds professor of business administration at Fuqua School of Business, Duke University

“The subject of this paper is unique in the field of accounting literature. Academics, as well as practitioners, regulators and standard-setters themselves will all benefit from better understanding the impact of accounting standards upon stock performance,” stated Steve Matzke, director of faculty and university initiatives at the Association of International Professional Accountants. "By [evaluating] the impact of FASB’s standard setting, the authors are helping to fill a void that existed in accounting literature."

The award was presented at the American Accounting Association Annual Meeting in Washington, D.C. Recipients also received $2,500.

The Notable Contributions to Accounting Literature Award is an annual award presented to a work judged on factors including originality, interest, methodology and impact on accounting education.

AICPA building in Durham, N.C.
AICPA building in Durham, N.C. Photo: AICPA

Nominations for next year's award are currently being accepted through Jan. 31, 2019. For more information, head to the AAA's site here.