Derrald Stice
Prof. Derrald STICE
Associate Professor
BBA (Acc&Fin)/BBA (ADA) Deputy Programme Director and Admissions Tutor

3917 1532

KK 1202

Academic & Professional Qualification

University of North Carolina at Chapel Hill, Kenan-Flagler Business School

Ph.D., Business Administration (Accounting) – 2011

Brigham Young University, Marriott School of Management     

B.S. in Accounting, Minor: Economics – 2006


Professor Derrald Stice joined the HKU Business School in July 2019. Previous to joining HKU, Derrald was a professor in the accounting department at HKUST for eight years. Derrald’s main research expertise relates to how accounting is used in the capital markets, with a particular emphasis on the debt markets. His research has been published in top accounting and finance journals and has been cited in The Wall Street Journal and Bloomberg. He has presented his research at many universities in many countries around the world. In addition to his research focus, Derrald has taught various graduate courses in accounting in Hong Kong, China, Saudi Arabia, and Russia and has provided corporate training for employees at Goldman Sachs.


Financial and Managerial Accounting – Undergraduate, Master’s, and MBA Levels

Research Interest

The use of accounting as a source of information in capital markets, with a particular emphasis on the debt markets. Areas of interest: debt contracting, debt covenants, auditing, financial analysts, and media.

Selected Publications
  • “The Association Between Stock Liquidity and Audit Pricing” AUDITING: A Journal of Practice & Theory (2023) 42(2): 53-74 (with John Campbell, Jon Duchac, and Wei Shi).
  • “The Power of Numbers: Base-Ten Threshold Effects in Reported Revenue” Contemporary Accounting Research (2022) 39: 2903-2940 (with Earl K. Stice, Han Stice, and Lorien Stice-Lawrence).
  • “Firm Innovation and Covenant Tightness” Review of Accounting Studies (2022) Forthcoming (with Zhiming Ma, Kirill E. Novoselov, and Yue Zhang).
  • “The Effect of Individual Auditor Quality on Audit Outcomes: Opening the Black Box of Audit Quality” Managerial Auditing Journal (2022) 37: 937-966 (with Han Stice and Roger White).
  • “Strategic Disclosure and Debt Covenant Violation” Journal of Management Accounting Research (2022) 34: 29–57 (with Thomas Bourveau and Rencheng Wang).
  • “What’s My Style? Supply-Side Determinants of Debt Covenant Inclusion” Journal of Business Finance and Accounting (2022) 49: 461-490 (with Zhiming Ma and Christopher Williams) – Presented at the 2021 JBFA Capital Markets Conference.
  • “Stop the Presses! Or Wait, We Might Need Them: Firm Responses to Local Newspaper Closures and Layoffs” Journal of Corporate Finance (2021) 69: 102035 (with Min Kim, Han Stice, and Roger M. White).
  • “The Effect of Bank Monitoring on Public Bond Terms” Journal of Financial Economics (2019) 133: 379-396 (with Zhiming Ma and Christopher Williams).
  • “Auditor Choice and Information Asymmetry: Evidence from International Syndicated Loans” Accounting and Business Research (2019) 49: 365-399 (with Zhiming Ma and Rencheng Wang).
  • “The Market Response to Implied Debt Covenant Violations” Journal of Business Finance and Accounting (2018) 45: 1,195-1,223 (Dissertation).
  • “Do Banks Care About Analysts’ Forecasts When Designing Loan Contracts?” Journal of Business Finance and Accounting (2018) 45: 625-650 (with Joshua Coyne).
  • “The Information Role of Audit Opinions in Debt Contracting” Journal of Accounting and Economics (2016) 61: 121-144 (with Peter F. Chen, Shaohua He, and Zhiming Ma).
Awards and Honours
  • Winner: IMBA Teaching Award 2020-21, HKU-Fudan University
  • Winner: Franklin Prize for Teaching Excellence, HKUST, 2015
  • Winner: Best 10 Lecturers on Campus, HKUST, 2012
  • Dean’s Letter of Teaching Recognition HKUST (2012-2018)
  • Residence Master of Hall VII – HKUST (July 2015 – June 2019)
Recent Publications

我們的研究顯示,企業管理層傾向以不按比例的方式,匯報略高於以十進制作為單位的總收入(例如 1,000 萬、3,000 萬、10 億),並審視這種行為的動機和後果。聚焦研究以十進制表述收入有其重要之處,原因是儘管這種做法在高管薪酬合同、分析師預測和管理預測的目標收入設定中十分普遍,但過去從未有這方面的研究。我們的研究亦指出,實現這些目標的壓力為以十進制單位來匯報收入的做法提供了一種解釋。然而,這些激勵效應並不能提供完整的解釋,因為即使沒有這些明確的目標,仍會以十進制單位作為達標門檻。我們進一步發現,當公司首次達到以十進制單位的門檻時,不論有否達到其他目標,其新聞報導篇幅、機構持份、流動性和分析師關注度都會有所增加。這些結果表明,管理層會為了提高公司的整體知名度來達成以十進制作為單位的目標。總體而言,研究顯示了對本質上沒有經濟意義的十進制數字的偏好,並對市場參與者的行為具有可衡量的影響。這些研究結果為以往尚未探索過的一系列管理目標敞開了大門。

卓犖不羈: 史德仁博士