Jordan M. Schoenfeld December 2014 Ross School of Business Room 3323 701 Tappan St. Ann Arbor, MI 48109 Office Phone: (734) 936-0882 Cell Phone: (440) 759-2506 Email: [email protected] www.jordanschoenfeld.com Education Ph. D. in Business Administration, 2011 – current Paton Accounting Fellowship University of Michigan Ross School of Business, Ann Arbor, MI B.S. in Business, 2009 Majors: Accountancy, Finance Miami University, Oxford, OH Working Papers (see abstracts below) “Voluntary Disclosure and Liquidity: Evidence from Index Funds” (thesis) “Sources of Analyst Expertise” with Jason V. Chen and Venky Nagar Research Mentions “Shareholder Governance through Disclosure” The Harvard Law School Forum on Corporate Governance and Financial Regulation, May 2014 “Analysts Show Basic Instinct” The Wall Street Journal, August 2012 “An Analyst’s Tone…” Business Insider, August 2012 Work Experience Deloitte & Touche LLP, September 2009 – July 2011 Federal practice consultant in Washington, DC; financial services consultant in Chicago, IL Deloitte & Touche LLP, June 2008 – August 2008 External auditor for manufacturing and banking clients in Cleveland, OH Licenses Certified Public Accountant, 2010, State of Ohio Teaching University of Michigan, Ross School of Business, Fall 2013 Instructor (ACC 471: Accounting Principles) Overall teaching rating: 4.81 out of 5.00 Presentations AAA Deloitte Foundation J. Michael Cook Doctoral Consortium, Deloitte University (2014) Trans-Atlantic Doctoral Conference, London Business School (2014) Finance Brownbag Series, University of Michigan (2014) Kapnick Accounting Workshop, University of Michigan (2012, 2013, 2014) 1 of 2 Conferences/Colloquia Attended University of Michigan Summer Symposium with Dr. Rob Bloomfield (2014) AAA Deloitte Foundation J. Michael Cook Doctoral Consortium (2014) University of Michigan Summer Symposium with Dr. Ray Ball (2013) Êstimate Econometrics Weekend Workshop with Dr. Jeffrey Wooldridge (2013) University of Michigan Summer Symposium with Dr. Robert Bushman (2012) Michigan State University PwC Summer Symposium with Dr. Doug Skinner (2012) University of Michigan Summer Symposium with Dr. Katherine Schipper (2011) Memberships American Accounting Association (AAA) Service PhD Cohort Leader, May 2012 – current Committee Raffi Indjejikian (committee co-chair) Robert L. Dixon Collegiate Professor of Accounting Ross School of Business, University of Michigan 701 Tappan St., Ann Arbor, MI 48109 Email: [email protected] Phone: (734) 936-1460 Venky Nagar (committee co-chair) Associate Professor of Accounting Ross School of Business, University of Michigan 701 Tappan St., Ann Arbor, MI 48109 Email: [email protected] Phone: (734) 647-3292 Feng Li Harry Jones Associate Professor of Accounting Ross School of Business, University of Michigan 701 Tappan St., Ann Arbor, MI 48109 Email: [email protected] Phone: (734) 936-2771 Stefan Nagel Michael Stark Professor of Finance Professor of Economics Ross School of Business, University of Michigan 701 Tappan St., Ann Arbor, MI 48109 Email: [email protected] Phone: (734) 763-1339 Working Paper Abstracts Title: “Voluntary Disclosure and Liquidity: Evidence from Index Funds” (thesis paper) Abstract: Index funds trade for nonstrategic reasons because their clients’ liquidity needs primarily drive fund flows. These funds are thus unambiguously more likely than strategic traders to prefer high stock liquidity, and thus high disclosure. I hypothesize that index funds’ ownership stake gives them power to elicit more disclosure from management. I find that when index funds join a firm due to its S&P 500 inclusion, the size of their ownership stake is associated with an increase in disclosure, and this increase in disclosure is associated with lower bid-ask spreads (relative to a control firm). These results suggest that disclosure improves liquidity. Title: “Sources of Analyst Expertise” with Jason V. Chen and Venky Nagar Abstract: Financial analysts’ source of information can theoretically arise from private access to information and/or a superior ability to process public information. The first source is established by studies on private analyst-management interactions. Establishing the second source requires measuring analyst reactions immediately after the release of public information. We measure each analyst’s comment tone when she engages management in earnings conference calls right after their presentation. Each analyst’s tone predicts her future calls on the company. Stock price responds to analyst tone almost immediately, during the Q&A period. Analysts thus appear to have superior ability to process public information. 2 of 2