Beverly Walther
Beverly Walther

Professor of Accounting Information & Management
Chair of Accounting Information & Management Department

Print Overview

Beverly Walther is a Professor of Accounting Information and Management. Prior to joining Kellogg, Professor Walther worked for KPMG Peat Marwick.

Her research focuses on how accounting information is used by market participants. She has published articles in such journals as The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Journal of Financial Economics, and Review of Accounting Studies. She served as Editor of The Accounting Review, is currently on the editorial board of Contemporary Accounting Research, and routinely referees for the leading accounting journals. Her current research interests are in the area of sell-side security analysts, political connections, and managerial disclosures.

Professor Walther teaches Managerial Accounting. She was awarded the Sidney J. Levy Teaching Award in 1996, 2005, and 2011. She is a Certified Public Accountant and a Certified Management Accountant. She received her Ph.D. in Accounting from The University of Chicago.

Areas of Expertise
Cost Accounting
Financial Accounting
Financial Analysts
Financial Disclosure/Statements

  • Recent Media Coverage

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Print Vita
PhD, 1996, Accounting, University of Chicago
BS, 1990, Economics, Vanderbilt University, Cum Laude
MBA, 1990, Accounting, The Owen Graduate School of Management, Vanderbilt University

Academic Positions
Professor, Kellogg School of Management, Northwestern University, 2009-present
Associate Professor (with tenure), Kellogg School of Management, Northwestern University, 2001-2009
Associate Professor (without tenure), Northwestern University, Kellogg School of Management, 1998-2001
Assistant Professor, Kellogg School of Management, Northwestern University, 1995-1998

Other Professional Experience
KPMG Peat Marwick, Tax Department, 1990

Honors and Awards
Ernst & Young LIVE Research Fellowship, Kellogg School of Management, 2013-2016
Sidney J. Levy Teaching Award, Kellogg School of Management, 2010-2011, 2004-2005, 1996-1997
Oscar G. Mayer Fellowship, University of Chicago, 1994-1995
AAA Doctoral Consortium Fellow, American Accounting Asociation, 1993
Big Ten Doctoral Consortium Representative, Big Ten, 1992
Beta Gamma Sigma, Beta Gamma Sigma, 1991
University of Chicago Fellowship, University of Chicago, 1991-1994

Editorial Positions
Member, Steering Committee for The Accounting Review, 2015
Editor, The Accounting Review, 2008-2014
Editorial Board, The Accounting Review, 2014-2016
Editorial Board, Contemporary Accounting Research, 2014-Present
Editorial Board, The Accounting Review, 2002-2005

Print Research
Research Interests
Incorporation of accounting information in security prices; sell-side security analysts; managerial disclosures

Wellman, Laura Anne, Dane Christensen, Mike Mikhail and Beverly Walther. 2017. From K Street to Wall Street: Politically Connected Analysts and Stock Recommendations. The Accounting Review. 92(3)
Walther, Beverly and Richard Willis. 2013. Does Investor Sentiment Affect Sell-Side Analysts' Forecast Bias and Accuracy?. Review of Accounting Studies. 18(1): 207-227.
Beyer, Anne, Daniel Cohen, Thomas Lys and Beverly Walther. 2010. The Financial Reporting Environment: Review of the Recent Literature. Journal of Accounting and Economics. 50(2-3): 296-343.
Mikhail, Michael, Beverly Walther and Richard Willis. 2007. When Security Analysts Talk, Who Listens?. Accounting Review. 82(5): 1227-1253.
Bonner, Sarah, Artur Hugon and Beverly Walther. 2007. Investor Reaction to Celebrity Analysts: The Case of Earnings Forecast Revisions. Journal of Accounting Research. 45(3): 481-513.
Mikhail, Michael, Beverly Walther and Richard Willis. 2004. Earnings Surprises and the Cost of Equity Capital. Journal of Accounting, Auditing and Finance. 19(4)
Walther, Beverly. 2004. Discussion of: "Information Transparency and Coordination Failure: Theory and Experiment". Journal of Accounting Research. 42(2): 197-205.
Mikhail, Michael, Beverly Walther and Richard Willis. 2004. Do Security Analysts Exhibit Persistent Differences in Stock Picking Ability?. Journal of Financial Economics. 74(1): 67-91.
Mikhail, Michael, Beverly Walther and Richard Willis. 2003. Security Analyst Experience and Post-Earnings Announcement Drift. Journal of Accounting, Auditing and Finance. 18(4): 529-550.
Bonner, Sarah, Beverly Walther and Susan Young. 2003. Sophistication-Related Differences in Investors Models of the Relative Accuracy of Analysts Forecast Revisions. Accounting Review. 78(3): 679-706.
Mikhail, Michael, Beverly Walther and Richard Willis. 2003. The Effect of Experience on Security Analyst Underreaction. Journal of Accounting and Economics. 35(1): 101-116.
Mikhail, Michael, Beverly Walther and Richard Willis. 2003. Reactions to Dividend Changes Conditional On Earnings Quality. Journal of Accounting, Auditing and Finance. 18(1): 121-152.
Minton, Bernadette, Catherine Schrand and Beverly Walther. 2002. The Role of Volatility in Forecasting. Review of Accounting Studies. 7(2-3): 195-215.
Soffer, Leonard, S.Ramu Thiagarajan and Beverly Walther. 2000. Earnings Preannouncement Strategies. Review of Accounting Studies. 5(1): 5-26.
Schrand, Catherine and Beverly Walther. 2000. Strategic Benchmarks in Earnings Announcements: The Selective Disclosure of Prior-Period Earnings Components. Accounting Review. 75(2): 151-177.
Soffer, Leonard, S.Ramu Thiagarajan and Beverly Walther. 2000. Earnings Preannouncements. Investor Relations Quarterly. 3(3)
Mikhail, Michael, Beverly Walther and Richard Willis. 1999. Does Forecast Accuracy Matter to Security Analysts?. Accounting Review. 74(2): 185-200.
Mikhail, Michael, Beverly Walther and Richard Willis. 1997. Do Security Analysts Improve Their Performance with Experience?. Journal of Accounting Research. 35: 131-157.
Walther, Beverly. 1997. Investor Sophistication and Market Earnings Expectations. Journal of Accounting Research. 35(2): 157-179.
Penno, Mark and Beverly Walther. 1996. The Concentration of Local Markets: A Study of Accounting, Advertising, and Law. Accounting Horizons. 10(2): 88-99.

Print Teaching
Teaching Interests
Managerial accounting; capital markets research in accounting
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.

Workshop on Research Development (KPHD-520-0)
PhD students will be asked to present their research ideas to a group of faculty and students. Research ideas can be new or they can be well-developed. Each student is expected to present multiple research ideas. Presentation of a research idea involves situating the idea in the relevant literature, outlining the type of results/analysis that the student expects to carry out, and if possible, the possible “punch lines” of the research project. Emphasis will be placed on the evaluating the viability of research ideas as job market papers.

Executive MBA
Accounting for Management Planning and Control (ACCTX-431-0)
Accounting for Management Planning and Control details the use of financial information in management. Topics include profitability and performance measurement and activity-based management and decision support.