Ilan Guttman

Ilan Guttman

Joined Stern 2013

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 10-76
New York, NY 10012


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Ilan Guttman joined New York University Stern School of Business in July 2013. Professor Guttman teaches courses at the graduate and doctoral levels and he is the director of the accounting PhD program.

Professor Guttman's primary research interest lies in the application of economics of information in capital market settings. His recent research focuses on disclosure decisions by information holders (managers, financial analysts and others) and the market reaction to these disclosures. Some of the issues Professor Guttman has been studying include the nature of manipulation of disclosure by interested parties when disclosure is mandatory (such as in earnings management) and when it is voluntary; how managers' ability to manipulate reported earnings affects managers' optimal contracts; the interdependencies between disclosure, both mandatory and voluntary, and real decisions (e.g., investment and dividend decisions); the implications of studying a dynamic multi-period setting, rather than a single period setting, on voluntary disclosure decisions and earnings management decisions; debt contracting, analysts' optimal timing for issuing forecasts; and analysts' choice of optimal bias in their forecast.

Professor Guttman's work has been published in The Accounting Review, The American Economic Review, the Review of Financial Studies, the Journal of Financial Economics, the Journal of Accounting Research, the Review of Financial Studies and in Management Science.

Prior to joining NYU Stern, Professor Guttman served on the faculty of Stanford Graduate School of Business where he taught M.B.A. and Ph.D. classes.

Professor Guttman earned his B.A. in Economics, B.Sc. in Computer Science, M.A. in Economics and Business Administration, and Ph.D. in Economics, all from the Hebrew University of Jerusalem where he also taught microeconomics, finance and macroeconomics.

Research Interests

  • Economics of information
  • Voluntary and mandatory disclosure
  • Earnings management
  • Financial analysts
  • Debt contracting
  • Dividend policy

Courses Taught

  • Financial Accounting and Reporting (MBA and Undergraduate)
  • Theoretical Research in Financial Accounting (PhD)

Academic Background

Ph.D, Economics, 2004
The Hebrew University

M.A, Economics and Business Administration, 1996
The Hebrew University

B.Sc., Computer Science, 1996
The Hebrew University

B.A., Economics, 1995
The Hebrew University

Selected Publications

Aghamolla, C and I. Guttman (2021)
Strategic Timing of Disclosure and IPOs - A Dynamic Model of Multiple Firms
The Accounting Review, 96(3)

Guttman, I. and X. Meng (2021)
The Effect of Voluntary Disclosure on Investment Inefficiency
The Accounting Review, 96(1)

Frenkel S., I. Guttman and I. Kremer (2020)
The Effect of Exogenous Information on Voluntary Disclosure and Market Quality
The Journal of Financial Economics, 138(1)

Beyer, A., I. Guttman and I. Marinovic (2019)
Earnings Management and Earnings Quality: Theory and Evidence
The Accounting Review, 94, 2019.

Guttman, I. and I. Marinovic (2018)
Optimal Debt Contracts in the Presence of Performance Manipulation
Review of Accounting Studies, 23, 2018.

Guttman, I., I. Kremer and A. Skrzypacz (2014)
Not Only What But Also When: A Theory of Dynamic Voluntary Disclosure
The American Economic Review, 104, 2014.

Beyer, A., I. Guttman and I. Marinovic (2014)
Optimal Contracts with Performance Manipulation
Journal of Accounting Research, 52, 2014.

Beyer, A., and I. Guttman (2012)
Voluntary Disclosure, Manipulation and Real Effects
Jounal of Accounting Research, 50, 2012

Beyer, A., and I. Guttman (2011)
The Effect of Trading Volume on Analysts' Forecast Bias,
The Accounting Review, 86, 2011

I. Guttman (2010)
The Timing of Analysts' Earnings Forecasts
The Accounting Review, 85, 2010

Areas of Expertise


  • Earnings Management
  • Financial Accounting
  • Financial Reporting
  • Real Effects of Accounting


  • Game Theory
  • Microeconomics


  • Corporate Finance
  • Financial Intermediation