Matthew Lyle
Matthew Lyle

Donald P. Jacobs Scholar
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
PhD, 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

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

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

American Accounting Association Annual Meeting, Reviewer
Canadian Academic Accounting Association Annual Meeting, Reviewer
Contemporary Accounting Research, Ad-hoc Reviewer
FARS Midyear Conference, Reviewer

Conference Presentations
Canadian Academic Accounting Association Annual Meeting
Financial Accounting and Reporting (FARS) Midyear Meeting, 2012 2013
American Accounting Association Annual Meeting, 2012

Print Research
Research Interests

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

Lyle, Matthew and Charles Wang. Forthcoming. 2014 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 and J L Callen. 2014. The Term Structure of the Implied Costs of Equity Capital.
Lyle, Matthew and S Larocque. 2013. Implied cost of equity capital estimates as predictors of accounting returns.
Lyle, Matthew. 2014. How Does Information Quality Affect Option Returns.

Print Teaching
Teaching Interests

Financial statement analysis, financial accounting, and managerial accounting

Full-Time / Part-Time MBA
Managerial Accounting (ACCT-431-0)

This course counts toward the following major: Accounting

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.