Musa Subasi

Assistant Professor of Accounting

Robert H. Smith School of Business

University of Maryland – College Park

4332J VMH College Park, MD 20742


UT Dallas, Ph.D. in Accounting, 2012

UT Austin, M.S. in Economics, 2007

Bilkent University, B.S. in Industrial Engineering, 2005


Curriculum Vitae

Google Scholar Profile

SSRN Profile



Broker-hosted investor conferences (with C. Green, R. Jame, and S. Markov), 2014, Journal of Accounting and Economics 58, 142-166.

Are trade size based inferences about traders reliable? Evidence from institutional earnings related trading (with W. Cready and A. Kumas), 2014, Journal of Accounting Research (52) 877-909.

Access to management and the informativeness of analyst research (with C. Green, R. Jame, and S. Markov), 2014, Journal of Financial Economics (114) 239-255.

Determinants and consequences of information processing delay: Evidence from Thomson Reuters’ Institutional Brokers’ Estimate System (with F. Akbas, S. Markov, and E. Weisbrod), 2018, Journal of Financial Economics 127, 366-388.

An Empirical Analysis of Analysts’ Capital Expenditure Forecasts:Evidence from Corporate Investment Efficiency  (with J. Choi, R. Hann, and Y. Zheng), 2020, Contemporary Accounting Research, forthcoming.


Investor conferences, stock liquidity, and firm performance (with P. Brockman and C. Uzmanoglu), 2017, The Financial Review 52,661-699. Recipient of the Financial Review Readers' Choice Best Paper Award in 2017

Analyst tipping: Additional evidence (with S. Markov and V. Muslu), 2017, Journal of Business Finance & Accounting 44, 94-115.

Working Papers

Director networks, information environment, and corporate investment (with R. Hann and Y. Zheng)

Presented at the Carnegie Mellon University Summer Slam 2018 and Baruch College.

Revise and resubmit at The Accounting Review.

The trading response of institutional shareholders around shifts of firm control (with S. Cheng, Y. Zheng, and G. Ward)

Director networks and managerial response to non-fundamental price shocks (with F. Akbas, R. Hann, and F. Polat)

Presented at Columbia University*, Washington Area Research Symposium (2017), University of Maryland*, Singapore Management University*, and City University of Hong Kong*. Featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation.

Corporate news releases and the profitability of retail trades (with F. Akbas)

Recipient of the Outstanding Paper Award in Investments at the 2017 Southern Finance Association Annual Meeting. Presented at the 2017 Southern Finance Association Annual Meeting Virginia Tech and University of Illinois at Chicago.*

Street earnings activation delay (with K. Bochkay, S. Markov, and E. Weisbrod)

Presented at Northwestern University, Southern Methodist University*, Penn State University*, Erasmus University*, Ohio State University*, University of Miami*

Do credit rating agencies learn from options markets? (with P. Brockman, J. Wang, and E. Zhang)


Analyst skill in concierge services (with R. Jame and F. Polat)