Matthew Cedergren

• Brian Bushee, Matthew Cedergren, Jeremy Michels (2020), Does the Media Help or Hurt Retail Investors during the IPO Quiet Period?, Journal of Accounting and Economics, 69 (1). 10.1016/j.jacceco.2019.101261 Abstract

  We examine how the media influences retail trade and market returns during the “quiet period” that follows a firm’s IPO. We find that more media coverage during this period is associated with more purchases by retail investors and that such purchases are attention-driven, rather than information-based. Further, these retail trades are negatively associated with stock returns at the firm’s first earnings announcement post-IPO. Our results suggest that media coverage, combined with market frictions that limit price efficiency in the post-IPO period, leads to worse investing outcomes for retail investors.

• Matthew Cedergren, Changling Chen, Kai Chen (Working), The Implication of Unrecognized Intangible Assets on the Relation between Market Valuation and Debt Valuation Adjustment.
• Mary Brooke Billings, Matthew Cedergren, Svenja Dube (Working), Do Managers Respond to Litigation With Silence?.
• Matthew Cedergren (Working), Joining the Conversation: How Quiet is the IPO Quiet Period?.
• Mary Brooke Billings, Matthew Cedergren, Stephen Ryan (Working), R&D Jumps as Exercises of Real Continuation Call Options.
• Matthew Cedergren, Baruch Lev, Paul Zarowin (Under Revision), SFAS 142, Conditional Conservatism, and Acquisition Profitability and Risk.
• Mary Brooke Billings and Matthew Cedergren (2015), Strategic silence, insider selling and litigation risk, Journal of Accounting and Economics, 59 (2-3), pp. 119-142. Abstract

  Prior work finds that managers beneficially time their purchases, but not sales, prior to forecasts. Focusing on if (as opposed to when) a forecast is given, we link insider selling to silence in advance of earnings disappointments. This raises the question of whether the absence of incriminating trading drives reductions in litigation risk potentially attributed to warnings. We find that the absence of a warning combined with the presence of selling exacerbates the consequences associated with the individual behaviors. Yet, selling prior to a warning typically does not offset all of the warning?s benefit. In so doing, we supply the first robust evidence of a litigation benefit associated with warning.

Past Courses

• ACCT2120 - Fin Measurement & Disclo

  This course builds on the knowledge you obtained in your introductory financial accounting course. This is an intermediate level course on financial reporting which covers more complicated transactions than those found in ACCT 1010. We will cover major valuation and financial reporting topics on all three major sections of the balance sheet-assets, liabilities, and equity-along with their consequences for net income and cash flows. Case studies and illustrative examples from the financial press will be used to increase your familiarity with actual firms' financial statements and to emphasize the effect of financial accounting rules on the information presented in financial statements. After completing this course, you will have obtained many of the tools necessary to both prepare and analyze financial statements and accounting information provided by firms. You will acquire an understanding of both the "how" of accounting procedures and the underlying reasons "why" these practices are adopted. These skills are essential for pursuing a broad range of professions in accounting and finance.

• ACCT3990 - Independent Study

  Intensive reading and study with some research under the direction of a faculty member. Approval from one of the departmental advisers must be obtained before registration. Also a 3.4 average in major related subjects required.

• AAA/Deloitte/J. Michael Cook Doctoral Consortium Fellow, 2014
• Deloitte Foundation Doctoral Fellowship, 2013

Knowledge @ Wharton

• Five Myths About Generative AI That Leaders Should Know, Knowledge @ Wharton - 04/30/2024
• How Bank Depositors Are Becoming More Alert, Knowledge @ Wharton - 04/30/2024
• Is Influencer Marketing Worth It?, Knowledge @ Wharton - 04/29/2024
• Is Influencer Marketing Worth It?, Knowledge @ Wharton - 04/26/2024
• What Is the Role of Customers in the Gig Economy?, Knowledge @ Wharton - 04/25/2024
• Co-hosts of the ‘Gen Z on Gen Z’ Podcast, Knowledge @ Wharton - 04/25/2024
• 2024 NFL Draft, Knowledge @ Wharton - 04/24/2024
• Former Levi’s CEO on Revitalizing a Brand — and the Right Way to Wash Jeans, Knowledge @ Wharton - 04/23/2024
• Why Is Financial Literacy Important? | Olivia S. Mitchell, Knowledge @ Wharton - 04/23/2024
• What Does the Labor Side of Manufacturing Need Over the Next Decade?, Knowledge @ Wharton - 04/23/2024