Thomas Ruchti

Research Principal, 2022 - Present
Office of Financial Research

Assistant Professor of Accounting, 2015 - 2022
Carnegie Mellon University, Tepper School of Business

Richard C. Green Junior Faculty Chair, 2019 - 2021
Carnegie Mellon University, Tepper School of Business

Visiting Assistant Professor of Accounting, 2013 - 2015
Carnegie Mellon University, Tepper School of Business

• Does lock-up lead to stability? Implications for runs in the Proof-of-Stake protocol (2024) with Samuel Hempel, and Gregory Phelan,
  Office of Financial Research Working Paper no. 24-08.
• The Value of Lending Relationships (2024) with Andrew Bird, Stephen A. Karolyi, and Michael Hertzel
  Office of Financial Research Working Paper no. 24-02.
• Are Short-selling Restrictions Effective? (2023) with Yashar Barardehi, Andrew Bird, and Stephen A. Karolyi
  Office of Financial Research Working Paper no. 23-08.
• Short-Termism Spillovers from the Financial Industry (2022) with Andrew Bird, Aytekin Ertan, and Stephen Karolyi
  Review of Financial Studies (forthcoming).
• Lender Forbearance (2022) with Andrew Bird, Aytekin Ertan, and Stephen Karolyi
  Journal of Financial and Quantitative Analysis, 57(1), 207-239.
• More is Less: Publicizing Information and Market Feedback (2021) with Andrew Bird, Stephen A. Karolyi, and Phong Truong
  Review of Finance, 25(3), 745-775.
• The Night and Day of Amihud’s (2002) Liquidity Measure (2021) with Yashar Barardehi, Dan Bernhardt, and Marc Weidenmeier
  Review of Asset Pricing Studies, 11(2), 269-308.
• First Impression Bias: Evidence from Analyst Forecasts (2021) with David A. Hirshleifer, Ben Lourie, and Phong Truong
  Review of Finance, 25(2), 325-364.
• Understanding the ‘Numbers Game’ (2019) with Andrew Bird and Steve Karolyi
  Journal of Accounting and Economics, 68(2-3), 101242.
• Information Sharing, Hold-up, and External Finance: Evidence from Private Firms (2019) with Andrew Bird and Stephen Karolyi
  Review of Financial Studies, 32(8), 3075-3104.
• Taxes and Peer Effects (2018) with Andrew Bird and Alex Edwards.
  The Accounting Review, 93(5), 97-117.

Ad hoc Referee:
Accounting Review, Advances in Accounting, Contemporary Accounting Review, Current Issues in Auditing, Financial Innovation, Journal of Accounting and Economics, Journal of Accounting Research, Journal of Political Economy, Management Science, Review of Financial Studies, Review of Finance

Service:
AAA Annual Meeting track chair, 2020
Hawai’i Accounting Research Conference track chair, 2021 - 2022
NFA program committee, 2018 - 2022
WFA program committee, 2019 - 2022

Honors and Awards:
FARS Excellence in Reviewing Award for the Annual Meeting, 2018, 2021
FARS Outstanding Discussion Award, 2020
AAA Diversity Section Midyear Meeting—Best Paper Award, 2016
Computing in Economics and Finance—Best Student Paper Prize, 2013