C.V. - Jordan Schoenfeld

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: joscho@umich.edu
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)
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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: raffii@umich.edu
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: venky@umich.edu
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: feng@umich.edu
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: stenagel@umich.edu
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.
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