Leon Zolotoy

Associate Professor of Finance

Leon Zolotoy joined Melbourne Business School in 2008 as a Senior Lecturer of Finance.

He took up the position after completing his PhD in Econometrics at Tilburg University in the Netherlands and has been an Associate Professor of Finance at the School since September 2015.

Leon’s research has been published in The Accounting Review, Journal of Financial and Quantitative Analysis, Review of Accounting Studies, Journal of Banking and Finance and more. It focuses on the relationship between accounting earnings and stock prices, asset pricing, and behavioural finance and accounting.

Leon teaches Financial Management on the full and part-time MBA programs.

Selected Publications

Executive Equity Risk-Taking Incentives and Audit Pricing (with Yangyang Chen, Ferdinand Gul, and Madhu Veeraraghavan) The Accounting Review, 90 (2015), 2205–2234.

Stock liquidity and Managerial Short-Termism. (with Yangyang Chen, Ghon Rhee, and Madhu Veeraraghavan) Journal of Banking and Finance, 60 (2015), 44-59.

Competing Earnings Announcements: Which Announcement Do Investors Process First? (with James R. Frederickson) The Accounting Review, 91 (2016), 441–462.

Stock Liquidity and Stock Price Crash Risk (with Xin Chang and Yangyang Chen) Journal of Financial and Quantitative Analysis, 52 (2017), 1605-1637

Aggregate Earnings and Stock Market Returns: The Good, the Bad, and the State-Dependent. (with James R. Frederickson and John D. Lyon) Journal of Banking and Finance, 77(2017), 157-175.

The Social Context of Compensation Design: Social Norms and the Impact of Equity Incentives (with Don O'Sullivan and Geoffrey Martin). Human Resource Management, 57 (2018), 1233-1250

The Role of Affect in Shaping the Behavioral Consequences of CEO Option Incentives. (with Don O'Sullivan, Geoffrey Martin, and Madhu Veeraraghavan). Journal of Management, 45 (2019), 2920-2951

Stock Liquidity and Corporate Tax Avoidance. (with Yangyang Chen, Rui Ge, and Henock Louis). Review of Accounting Studies, 24 (2019), 309-340

Character Cues and Contracting Costs: The Relationship Between Philanthropy and the Cost of Capital.” (with Don O’Sullivan and Jill Klein). Journal of Business Ethics, 154 (2019), 497-515

Local Religious Norms, Corporate Social Responsibility, and Firm Value (with Don O'Sullivan and Yangyang Chen). Journal of Banking and Finance, 100 (2019), 218-233

Coskewness Risk Decomposition, Covariation Risk, and Intertemporal Asset Pricing. (with Petko S. Kalev and Konark Saxena). Journal of Financial and Quantitative Analysis, 54 (2019), 335-368

Media Coverage and IPO Pricing Around the World. (with Yangyang Chen, Abhinav Goyal, and Madhu Veeraraghavan). Journal of Financial and Quantitative Analysis (2019), forthcoming

The Role of Ethical Standards in the Relationship Between Local Religious Norms and M&A Announcement Returns. (with Don O'Sullivan and Keke Song). Journal of Business Ethics (2019), forthcoming

Mood and Ethical Decision Making: Positive Affect and Corporate Philanthropy. (with Don O'Sullivan, Myeong-Gu Seo, and Madhu Veeraraghavan). Journal of Business Ethics (2020), forthcoming