Wan Wongsunwai
Wan Wongsunwai

Assistant Professor of Accounting Information & Management

Print Overview

Wan Wongsunwai is an Assistant Professor and Lawrence Revsine Research Professor in the Accounting Information and Management department. His research interests include financial reporting quality, corporate governance, entrepreneurship and private equity. Wan received his Doctor of Business Administration degree from Harvard Business School. Prior to obtaining his doctoral degree and joining Kellogg, Wan worked as a financial analyst with ABN AMRO Bank, and he was ranked by Reuters as one of the Top 10 analysts in Hong Kong and China covering software and information technology. Prior to that, he was a senior manager with PricewaterhouseCoopers in Hong Kong, where he had responsibility for professional staff recruitment, training, deployment, and promotion, and where he also managed his own portfolio of audit and due diligence clients.

Areas of Expertise
Corporate Governance
Financial Accounting
Financial Reporting
Security Analysis
Small Business Management
Venture Capital and Private Equity
Print Vita
DBA, 2007, Business Administration, Harvard University
ACA, 1993, Institute of Chartered Accountants in England and Wales
BS, 1990, Mathematics, Imperial College of Science, Technology, and Medicine, First Class Honors

Academic Positions
Assistant Professor, Accounting Information & Management, Kellogg School of Management, Northwestern University, 2007-present

Grants and Awards
Kellogg Faculty Impact Award, Kellogg School of Management, 2009
Lawrence Revsine Research Fellowship, Kellogg School of Management, 2009
Sidney J. Levy Teaching Award, Kellogg School of Management, 2008-2009


Conference Presentations
Greater China Business Conference, China’s Finance & Investment Environment: A New Era, 2/14/2009
American Accounting Association Annual Meeting, Discussant for FARS concurrent session - Opportunism and Earnings Management, 8/06/2008

Print Research
Research Interests
Financial accounting, venture capital, private equity, financial reporting, corporate governance

Wongsunwai, Wan, Jayanthi Sunder and Shyam V. Sunder. Forthcoming. 2014. Debtholder Responses to Shareholder Activism: Evidence from Hedge Fund Interventions. Review of Financial Studies .
Wongsunwai, Wan and George Batta. 2014. The Impact of Equity Misvaluation on Predictive Accuracy of Bankruptcy Mondels . Journal of Fixed Income.
Wongsunwai, Wan. 2013. The Effect of External Monitoring on Accruals-Based and Real Earnings Management: Evidence from Venture-Backed Initial Public Offerings. Contemporary Accounting Research. 30(1): 296-324.
Lerner, Josh, Antoinette Schoar and Wan Wongsunwai. 2007. Smart Institutions, Foolish Choices: The Limited Partner Performance Puzzle. Journal of Finance. 62(2): 731-764.
Working Papers
Wongsunwai, Wan. 2014. Political Connections of Newly Public Firms: the Nurturing and Certification Roles of Venture Capital Investors.
Wongsunwai, Wan and Liang Tan. 2014. Lenders' Demand for Conservatism in Financial Statements and in Debt Contract Modifications: Evidence from the 1991 Credit Lyonnais Ruling.
Tan, Liang and Wan Wongsunwai. 2013. Shareholder Activism and CEO Quality.
Wongsunwai, Wan. 2004. George McClelland at KSR (A), (B), (C ) Teaching Note. Boston: HBS Publishing, Case 5-404-111.
Wongsunwai, Wan. 2003. George McClelland at KSR (A). Boston: HBS Publishing, Case 9-403-163.

Print Teaching
Teaching Interests
Financial accounting
Full-Time / Part-Time MBA
Financial Reporting and Analysis (ACCT-451-0)

This course counts toward the following majors: Accounting

This course provides a study of current practices in corporate financial reporting and fundamental issues relating to asset valuation and income determination. The emphasis is on financial statement analysis and interpretation of existing financial disclosures. The course stresses critical analyses of financial reporting numbers as a basis for improved risk assessment and cash flow forecasting. Cases are used extensively to enhance relevance.

Seminar on Institutional Factors Relevant to Empirical Accounting Research (ACCT-520-6)
This course covers a variety of institutional factors affecting firms over a typical lifecycle, ranging from pre-IPO, IPO, life as a public entity, through to bankruptcy and liquidation. By completing readings and assignments, students develop a broad appreciation of the complex capital markets and financial environment in which firms operate.