Andrew Stephan

Andrew Stephan is an Associate Professor of Accounting in the School of Business and Economics at Indiana University East. He received his Ph.D. in Accounting from the Kellogg School of Management at Northwestern University in 2017. Before entering academia, he worked as an auditor at Grant Thornton LLP from 2008 to 2012, and he is a licensed CPA in Ohio. He previously served on the faculty of the Leeds School of Business at the University of Colorado Boulder and, most recently, as a Visiting Assistant Professor at the Kelley School of Business at Indiana University.

His research examines voluntary disclosure, financial reporting, and market microstructure, with a focus on how the structure of financial markets affects managers' disclosure decisions and investors' ability to process accounting information. Recent work addresses the effect of algorithmic trading on management guidance, investor inattention and non-GAAP disclosure, the timing of news released around the market close, and the speed of the market response to earnings announcements. His research has been published in The Accounting Review, the Journal of Accounting and Economics, the Review of Accounting Studies, and the Journal of Financial Reporting. He has taught financial reporting, cost accounting, accounting information systems, and a doctoral seminar in accounting research. He was nominated three times for the Frascona Teaching Excellence Award at the University of Colorado.

 

Working papers

• Lyle, M. R., Stephan, A., and Yohn, T. L. Processing time and the speed of the market response to earnings announcements.
• Marshall, N. and Stephan, A. What moves stock prices around information releases?
• Glaze, J., López-Vilaró, J., and Stephan, A. Market expectations of narrative disclosure: Initial evidence from prediction markets.
• Lind, G., Skinner, N., and Stephan, A. Aggregate changes in risk-factor disclosures and macroeconomic outcomes.

Licenses and Certifications

• Certified Public Accountant (CPA), State of Ohio

Awards and Honors

• Dean's Faculty Scholar Award, Leeds School of Business, University of Colorado Boulder
• Nominee, Frascona Teaching Excellence Award, University of Colorado
• Excellence in Reviewing Award, American Accounting Association
• Doctoral Fellowship, Kellogg School of Management, Northwestern University

Ad hoc reviewer

The Accounting Review; Journal of Accounting Research; Journal of Accounting and Economics; Review of Accounting Studies; Review of Financial Studies; Management Science; Contemporary Accounting Research; Journal of Financial Reporting; Journal of Accounting and Public Policy; Journal of Behavioral and Experimental Finance; International Review of Economics and Finance.

Professional and institutional service

• Track Chair, 2025 AAA Financial Accounting and Reporting Section Midyear Meeting
• Dissertation committee member, University of Colorado Boulder
• Accounting Division Workshop Coordinator, University of Colorado Boulder
• Undergraduate Curriculum and Policy Committee, University of Colorado Boulder

Indiana University East

• Cost Accounting
• Accounting Information Systems

Indiana University Bloomington

• Intermediate Financial Reporting: A User's Perspective

University of Colorado Boulder

• Corporate Financial Reporting I (Intermediate I)
• Doctoral Seminar in Accounting Research

• Voluntary disclosure
• Market microstructure
• Financial reporting
• Risk disclosure