Matthew Lyle
Matthew Lyle

Assistant Professor of Accounting Information & Management

Print Overview

Matt Lyle is an Assistant professor in the Accounting Information and Management department. His research focuses on the impact that accounting information has on the valuation of traded assets such as equities and derivative contracts. He and his co-authors have examined how and why accounting variables predict stock returns over time, how the quality of accounting information affects the returns of holding option contracts, and how firm fundamentals impact stock return volatility.

Matt holds a PhD in Management from the University of Toronto and a MSc. and PhD in Mathematical Finance from the University of Calgary. His non-academic experience includes working as a quantitative trading associate on an energy trading floor and as a design engineer.

Print Vita
Ph.D, 2013, Accounting, Rotman School of Management, University of Toronto
Ph.D, 2009, Finance/Mathematical Finance, Haskayne School of Business, University of Calgary
M.Sc, 2007, Applied Mathematics/Mathematical Finance, University of Calgary
B.Sc, 2006, Applied Mathematics, University of Calgary
B.Sc, 2003, Electrical Engineering, University of Alberta

Academic Positions
Lawrence Revsine Research Fellow, Kellogg School of Management, Northwestern University, 2014-present
Assistant Professor, Kellogg School of Management, Northwestern University, 2013-present
Donald P. Jacobs Scholar, Kellogg School of Management, Northwestern University, 2013-2014

Other Professional Experience
Quantitative Associate/NSERC Researcher, Direct Energy, 2007-2009
Design Engineer, Skyreach Communications, 2003-2004

Honors and Awards
Best Paper Prize, Northern Finance Association
AAA/Grant Thornton Doctoral Dissertation Award, 2012
Doctoral Award, 2012, Canadian Securities Institute Research Foundation
AAA/Deloitte/J. Michael Cook Doctoral Consortium Fellow 2011
Peter J. Irvine Scholarship, 2010&2011
NSERC (Doctoral) Scholarship, 2007-2009

Editorial Positions
Ad-hoc Reviewer, Journal of Financial Reporting, 2016
Ad-hoc Reviewer, Journal of Accounting and Economics, 2016
Ad-hoc Reviewer, Review of Financial Studies, 2016
Editorial Board Member, Contemporary Accounting Research, 2017
Ad-hoc Reviewer, Journal of Accounting Research, 2015
Ad-hoc Reviewer, Review of Accounting Studies, 2015
Ad-hoc Reviewer, Management Science, 2015
Ad-hoc Reviewer, Accounting Review, 2014-Present
Ad-hoc Reviewer, Contemporary Accounting Research, 2013-Present

Print Research
Research Interests
Accounting-based valuation, information quality, disclosure, accounting-based risk forecasting, and cost of capital

Lyle, Matthew. Forthcoming. Information Quality, Growth Options, and Average Future Stock Returns. The Accounting Review.
Lyle, Matthew and Stephannie Larocque. Forthcoming. Implied cost of equity capital estimates as predictors of accounting returns and stock returns. Journal of Financial Reporting.
Lyle, Matthew. 2017. Valuation: Accounting for Risk and the Expected Return. Discussion of Penman. abacus. 52(1)
Lyle, Matthew and Charles Wang. 2015. The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach. Journal of Financial Economics.
Lyle, Matthew, J. L. Callen and R. J. Elliott. 2013. Dynamic Risk, Accounting/Based Valuation, and Firm Fundamentals. Review of Accounting Studies. 18(4)
Elliott, R. J., H Miao and Matthew Lyle. 2010. A Model for Energy Pricing with Stochastic Emission Costs. Energy Economics. 32(4)
Lyle, Matthew and R. J. Elliott. 2009. A 'Simple' Hybrid Model for Power Derivatives. Energy Economics. 31(5)
Working Papers
Lyle, Matthew, Charles Wang and Akash Chattopadhyay. 2018. Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach.
Lyle, Matthew, Charles Wang and Akash Chattopadhyay. 2015. Accounting Data, Market Values, and the Cross Section of Expected Returns Worldwide.
Lyle, Matthew and Jim Naughton. 2018. Firm Fundamentals and Variance Risk Premiums.
Lyle, Matthew. 2018. The Timing of Earnings Announcements and Volatility.
Lyle, Matthew, Artur Hugon and Seth Pruitt. 2017. Macroeconomic News in the Cross Section of Asset Growth.
Lyle, Matthew and James Naughton. 2017. How Does Algorithmic Trading Improve Market Quality?.
Lyle, Matthew and J. L. Callen. 2018. The Term Structure of the Implied Costs of Equity Capital.

Print Teaching
Full-Time / Evening & Weekend MBA
Managerial Accounting (ACCT-431-0)
This course emphasizes the use of accounting data in internal management planning and control. It is concerned with accounting techniques that affect decisions about resource allocation and performance evaluation within a firm. The course covers the basic vocabulary and mechanics of cost accounting, as well as the economic basis for managerial accounting techniques and the problems that should be anticipated in their use.

Empirical Research in Accounting II (ACCT-540-2)
In this survey of empirical research on positive accounting theory, students learn how to assess empirical studies and initiate and develop research projects by leading research paper discussions and replicating and extending existing research studies.