Steven J. Huddart

Color portrait of Steven Huddart

Professor of Accounting, Smeal Chair Professor in Accounting, Senior Associate Dean

Office Address 354B Business Building
Phone Number 814-865-0041
Email Address

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Steven Huddart is the Senior Associate Dean for Research and Faculty in the Smeal College of Business at the Penn State. From 2011 to 2018, he served as the Accounting Department Chair.

Professor Huddart's research examines how decisions are affected by information, incentives, social norms, and behavioral biases. He has examined the relationships between disclosure and insider trading; the financial reporting, taxation, compensation, and valuation aspects of employee stock options; the effects of ownership structure on corporate value; and the determinants of investors' decisions to trade.

He has taught financial accounting, managerial accounting, and tax planning. Professor Huddart has published cases on indirect cost allocation and the taxation of a corporate acquisition. Before coming to Smeal, he taught at Duke, Michigan, and Stanford.

He is a Chartered Professional Accountant and Chartered Accountant (Canada). Previously he served as an editor of Contemporary Accounting Research and The Accounting Review, and on the editorial boards of Contemporary Accounting Research, the Journal of Accounting & Economics, the Review of Accounting Studies, and the Journal of Accounting Case Research.


stock-based compensation. insider trading.


Ph D, Yale University, 1991

M Phil, Yale University, 1988

MA, Yale University, 1988

BMath, Mathematics, University of Waterloo, 1985

Courses Taught

ACCTG 590 – Colloquium (variable)
Continuing seminars which consist of a series of individual lectures by faculty, students, or outside speakers.

ACCTG 211 – Financial and Managerial Accounting for Decision Making (4)
Introduction to the role of accounting numbers in the process of managing a business and in investor decision making.

B A 574 – Business Research (variable)
A project paper, comparable in quality and scope of work to a graduate thesis, on problems of a company.

ACCTG 404 – Managerial Accounting: Economic Perspective (4)
Accounting techniques as planning, control, and motivating devices in business and other organizations; accounting data for decision making and performance evaluation.

ACCTG 550 – Taxation and Management Decisions (2)
Framework for understanding the effects of taxes on business decisions and fordevising effective tax planning strategies.

ACCTG 597E – Research Seminar in Analytical Modeling (4)
Special topics course.

B A 521 – Introduction to Managerial Accounting (2)
Cost accounting and the design of management accounting systems for planning and controlling operations, and for motivating personnel.

ACCTG 596 (Variable)
Creative projects, including nonthesis research, which are supervised on an individual basis and which fall outside the scope of formal courses.

Selected Publications

Huddart S. J., Yavas A., "The efficiency of stock-based incentives: experimental evidence." Journal of Behavioral Finance, vol. 18, no. 3, 2017, pp. 281-303, doi:10.1080/15427560.2017.1340293.
Huddart S. J., "Discussion of "The Effects of Vertical Pay Dispersion: Experimental Evidence in a Budget Setting"." Contemporary Accounting Research, vol. 34, no. 1, 2017, pp. 577-581, Invited.
Huddart S. J., "Discussion of "Empirical Evidence on the Implicit Determinants of Compensation in Big 4 Audit Partnerships"." Journal of Accounting Research, vol. 51, no. 2, 2013, pp. 389-397, Invited.
Bozanic Z., Dirsmith M. W., Huddart S. J., "The social constitution of regulation: The endogenization of insider trading laws." Accounting, Organizations & Society, vol. 37, no. 7, 2012, pp. 461-481.
Huddart S. J., Lang M., Yetman M. H., "Volume and Price Patterns Around a Stock's 52-Week Highs and Lows: Theory and Evidence." Management Science, vol. 55, no. 1, 2009, pp. 16-31, Invited.
Huddart S. J., Fischer P., "Optimal Contracting with Endogenous Social Norms." American Economic Review, vol. 98, no. 4, 2008, pp. 1459-1475.
Huddart S. J., "Book review of Earnings, Earnings Growth and Value." 2008.
Huddart S. J., "Three Patterns in Need of a Unified Theory." Accounting Horizons, vol. 22, no. 4, 2008, pp. 441-444, Invited.
Huddart S. J., Hughes J. S., Levine C. B., "Public disclosure of trades by corporate insiders in financial markets and tacit coordination." Essays on Accounting Theory in Honour of Joel S. Demski, 2007, pp. 199-223, Invited.
Huddart S. J., Ke B., "Information asymmetry and cross-sectional variation in insider trading." Contemporary Accounting Research, vol. 24, no. 1, 2007, pp. 195–232.
Huddart S. J., Ke B., Shi C., "Jeopardy, non-public information, and insider trading around SEC 10-K and 10-Q filings." Journal of Accounting & Economics, vol. 43, no. 1, 2007, pp. 3-36.
Huddart S. J., Liang P. J., "Profit sharing and monitoring in partnerships." Journal of Accounting & Economics, vol. 40, no. 1, 2005, pp. 153–187.
Huddart S. J., Liang P. J., "Accounting in partnerships." The American Economic Review, vol. 93, no. 2, 2003, pp. 410–414, Invited.
Huddart S. J., Lang M., "Information distribution within firms: evidence from stock option exercises." Journal of Accounting & Economics, vol. 34, no. 1, 2003, pp. 3–31.
Ke B., Petroni K., Huddart S. J., "What Insiders Know About Future Earnings and How They Use It: Evidence from Insider Trades." Journal of Accounting & Economics, vol. 35, no. 3, 2003.
Huddart S. J., Narayanan V., "An empirical examination of tax factors and mutual funds’ stock sales decisions." Review of Accounting Studies, vol. 7, no. 2, 2002, pp. 319–341.
Huddart S. J., Hughes J. S., Levine C. B., "Public disclosure and dissimulation of insider trades." Econometrica, vol. 69, no. 3, 2001, pp. 665–681.
Huddart S. J., "Patterns of stock option exercise in the United States." (Springer US), 1999, pp. 115–142, Invited.
Huddart S. J., Hughes J. S., Brunnermeier M., "Disclosure requirements and stock exchange listing choice in an international context." Journal of Accounting & Economics, vol. 26, no. 1, 1999, pp. 237–269.
Heath C., Huddart S. J., Lang M., "Psychological factors and stock option exercise." The Quarterly Journal of Economics, vol. 114, no. 2, 1999, pp. 601–627.
Huddart S. J., "Reputation and performance fee effects on portfolio choice by investment advisers." Journal of Financial Markets, vol. 2, no. 3, 1999, pp. 227–271.
Saly P. J., Jagannathan R., Huddart S. J., "Valuing the reload features of executive stock options." Accounting Horizons, vol. 13, no. 3, 1999, pp. 219–240.
Huddart S. J., "Tax planning and the exercise of employee stock options." Contemporary Accounting Research, vol. 15, no. 2, 1998, pp. 203–216.
Huddart S. J., "Discussion of foreign investment decisions in the presence of real options." The Journal of the American Taxation Association, vol. 18, 1996, pp. 45, Invited.
Huddart S. J., Lang M., "Employee stock option exercises an empirical analysis." Journal of Accounting & Economics, vol. 21, no. 1, 1996, pp. 5 - 43,
Huddart S. J., "Employee stock options." Journal of Accounting & Economics, vol. 18, no. 2, 1994, pp. 207–231.
Huddart S. J., "Discussion of “Communication in Multiperiod Agencies with Production and Financial Decisions”." Contemporary Accounting Research, vol. 9, no. 2, 1993, pp. 745–750, Invited.
Huddart S. J., "The effect of a large shareholder on corporate value." Management Science, vol. 39, no. 11, 1993, pp. 1407–1421.
Huddart S. J., "Discussion of “The effects of line-of-business reporting on competition in oligopoly settings”." Contemporary Accounting Research, vol. 9, no. 1, 1992, pp. 29–32, Invited.


Contemporary Accounting Research, Editor, May 2012 - April 2017
Contemporary Accounting Research, Editorial Board, January 2008 - January 2012
The Accounting Review, Editor, July 2005 - July 2008
Accounting Review, Associate Editor, January 2005 - January 2008
The Accounting Review, Editor, January 2005 - January 2008
Journal of Accounting & Economics, Associate Editor, January 1997 - December 2014