Henry Friedman

Associate Professor of Accounting
“It’s great being surrounded by students and peers who are interested in the production and use of highly structured information about organizational performance and condition, that is, who are interested in accounting in a broad sense.”
(310) 206-1503
Areas of Expertise:
  • Entrepreneurship
  • Incentive Compensation
  • Reporting Quality
  • Securities Market Regulation and Standards




Henry Friedman is an associate professor of accounting. His research relates broadly to how information is produced and used in firms and capital markets. Using theoretical models and archival data, he studies issues involving corporate governance, regulation, disclosure, lobbying, investor preferences for corporate social responsibility, audit quality and non-audit services, reference rate reform, executive compensation, entrepreneurship and common ownership. His research has been published widely in accounting, finance and management journals.

At UCLA Anderson, Friedman teaches introductory financial accounting and runs an online pre-term course to help entering students prepare for their first-year accounting class. Friedman previously taught at Wharton (core managerial accounting) and MIT (core financial accounting).



Financial Accounting



Ph.D. Accounting 2012, University of Pennsylvania

M.A. Accounting 2012, University of Pennsylvania

B.S. Economics 2007, University of Pennsylvania

B.S. Materials Science and Engineering 2007, University of Pennsylvania



MAS Best Early Career Researcher Award, 2018

Global Research Award, UCLA Anderson Center for Global Management, 2012-2018

Competitive Manuscript Award, American Accounting Association, 2013

MAS Dissertation Award, AAA Management Accounting Section, 2013

Academic Fellow, UCLA Anderson Fink Center for Finance and Investments, 2012

Best Doctoral Student Paper. AAA Western Region Meeting, 2011



Gavin Cassar and Henry Friedman. (2009). Does Self-Efficacy Affect Entrepreneurial Investment? Strategic Entrepreneurship Journal, 3:241-260.

Henry Friedman. (2014). Implications of power: When the CEO can pressure the CFO to bias reports. Journal of Accounting and Economics, 58(1):117-141.

Henry Friedman, Jack Hughes, and Richard Saouma. (2016). Implications of biased reporting: conservative and liberal accounting policies in oligopolies.  Review of Accounting Studies, 21(1):251-279.

Brian Bushee and Henry Friedman. (2016). Disclosure Standards and the Sensitivity of Returns to Mood.  Review of Financial Studies, 29(3):787-822.

Henry Friedman and Mirko Heinle. (2016).  Lobbying and Uniform Disclosure RegulationJournal of Accounting Research, 54 (3):863-893.

Henry Friedman and Mirko Heinle. (2016). Taste, Information, and Asset Prices: Implications for the Valuation of CSRReview of Accounting Studies, 21 (3): 740-767.

Henry Friedman. (2016). Implications of a multi-purpose reporting system on CEO and CFO incentives and risk preferencesJournal of Management Accounting Research, 28 (3): 101-132.

Henry Friedman. (2019). Capital Market Development and Confidence in Disclosure Quality. Journal of Financial Reporting, In Press.

Henry Friedman. Investor Preference for Director Characteristics: Portfolio Choice with Gender Bias. The Accounting Review, Forthcoming.

Mirko Heinle and Henry Friedman. Influence Activities, Coalitions, and Uniform Policies: Implications for the Regulation of Financial Institutions. Management Science, Forthcoming.


Working Papers

H. Friedman, J. Hughes, and B. Michaeli, "Optimal Reporting When Additional Information Might Arrive." [link]

H. Friedman, J. Hughes, and B. Michaeli, "A Rationale for Imperfect Reporting Standards." [link]

D. Andrei,  H. Friedman, and B. Ozel, "Economic Uncertainty and Investor Attention." [link]

L. Ma, T. Ma, and H. Friedman,  "Financial Reporting Quality and Noise in Stock Returns: Evidence from Chinese A-B Twin Shares."  [link]

L. Mahieux and H. Friedman, "How are Audit Quality and Pricing Affected by Characteristics of the Non-audit Services Market?" [link]

 H. Friedman, "The Strategic CFO? Implications of the CFO's Role and Responsibilities." [link]



Media Coverage

“Disclosure Standards and the Sensitivity of Returns to Mood” The Harvard Law School Forum on Corporate Governance and Financial Regulation (online). December 7, 2015. http://corpgov.law.harvard.edu/2015/12/07/disclosure-standards-and-the-sensitivity-of-returns-to-mood/

"The Age of Vernon Jordan is Over—Serving on a Board is a Full-Time Job Now" TheStreet (online). August 31, 2015. http://www.thestreet.com/story/13271386/3/the-age-of-vernon-jordan-is-over-serving-on-a-board-is-a-full-time-job-now.html

"Research Roundup: 'One-size-fits-all' Regulation, Avoiding Decision Traps and How Sex Cues Affect Sales" Knowledge@Wharton (online). November 7, 2012. http://knowledge.wharton.upenn.edu/article.cfm?articleid=3110

"Does corporate lobbying benefit society?" by Moshe Silver. CNN Money (online). September 28, 2012.https://fortune.com/2012/09/28/does-corporate-lobbying-benefit-society/

“The Merits of One-Size-Fits-All Securities Regulation” The Harvard Law School Forum on Corporate Governance and Financial Regulation (online). September 21, 2012 http://blogs.law.harvard.edu/corpgov/2012/09/21/the-merits-of-one-size-fits-all-securities-regulation

“How Much Market Noise? Look Out the Window” by Steven Mintz. Institutional Investor (online). May 17. 2012. http://www.institutionalinvestor.com/Article/3030134/Search/How-Much-Market-Noise-Look-Out-the-Window.htm