Pepa Kraft


Pepa Kraft joined New York University Stern School of Business as an Assistant Professor of Accounting in July 2010. She has taught a course entitled "Financial Statement Analysis" in the M.B.A. program and is now teaching "Principles of Financial Accounting" in the undergraduate program.

Professor Kraft's research focuses on credit markets, credit rating agencies, off-balance sheet financing, debt contracting, and disclosure issues in financial reporting related to debt.

Prior to joining NYU Stern, Professor Kraft held various positions at Deutsche Bank and J.P.Morgan in Corporate Equity Derivatives and Mergers & Acquisitions Advisory. She is a Chartered Financial Analyst and a member of the New York Society of Security Analysts.

Professor Kraft received her B.Sc. with honours in Accounting and Finance from the London School of Economics, her M.Sc. in Banking and Finance from HEC University of Lausanne, and her Ph.D. in Accounting from the University of Chicago Booth School of Business.

Research Interests

Credit markets
Credit rating agencies
Off-balance sheet financing
Debt contracting
Disclosure issues in financial reporting

Courses Taught

Financial Statement Analysis
Principles of Financial Accounting

Academic Background

Ph.D., Accounting, 2010
University of Chicago Booth School of Business

M.Sc., Banking and Finance, 2002
HEC University of Lausanne

B.Sc., Accounting and Finance, 1999
London School of Economics

Awards & Appointments

Deloitte & Touche Doctoral Fellowship 2007

Selected Publications

Seil Kim, Pepa Kraft, Stephen Ryan (2013)
Financial Statement Comparability and Credit Risk (2013)

P. Kraft (2011)
Rating Agency's Adjustments to GAAP Financial Statements and Their Effect on Ratings and Bond Yields

P. Kraft (2011)
Do Rating Agencies Cater? - Evidence from Rating-Based Contracts