How to Listen for the Hidden Data in Earnings Calls
Research is uncovering messages that managers may not be intending to send—and that investors should listen for.
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Biography
Madhav Rajan joined the Chicago Booth faculty on July 1, 2017, as Dean and George Pratt Shultz Professor of Accounting, and began his second term in July 2022.
As Dean of Booth, Rajan has launched new master’s programs and reshaped the school’s footprint in Asia and EMEA. He has bolstered alumni engagement, resulting in significant support for faculty research and scholarships. Rajan has deepened the school’s ties to the University of Chicago via joint degrees and by initiating the Business Economics track, now the largest major in the College.
In June 2025, Rajan took on an expanded role as Chief Global Strategist for the University of Chicago. In this role, Rajan is responsible for shaping and implementing a strategy that reflects UChicago’s vital commitments to rigorous education and research globally. As CGS, Rajan oversees UChicago Global and the university’s international campuses.
Before joining Booth, Rajan spent 16 years on the faculty of the Stanford University Graduate School of Business where he was the Robert Jaedicke Professor of Accounting, with a courtesy appointment in the Law School. He served as senior associate dean for academic affairs from 2010-2016, overseeing the school’s MBA program. Previously, he served on the faculty at the Wharton School of the University of Pennsylvania, from 1990-2001.
While at Stanford, Rajan received the Robert T. Davis Award for Lifetime Achievement and Service (2017), and the Notable Contribution to Management Accounting Literature Award (2004). He also was the recipient of the David W. Hauck Award for Outstanding Teaching at Wharton (2000) and the Alexander Henderson Award for Excellence in Economic Theory (1990).
Rajan’s primary area of research interest is the economics-based analysis of management accounting issues. He has served as editor of The Accounting Review, the flagship journal of the American Accounting Association. Rajan is coauthor of Cost Accounting: A Managerial Emphasis, whose 18th edition was published by Pearson Prentice Hall in 2025.
Rajan received his Bachelor’s degree in Commerce from the University of Madras, India, and an MS in Accounting, an MS in Industrial Administration, and a PhD in Accounting from Carnegie Mellon University.
He is a Director of iShares, Inc. and a Trustee of the iShares Trust, and also serves on the boards of CM Capital Corporation and WellBe Holdings.
Research Interests
Optimal contracting and incentives; performance measurement; cost analysis and management; accounting metrics and ratios
Academic Areas
- Accounting
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On Earnings Calls, Listen for a Chatty CEO
How can you tell how much a CEO knows relative to subordinates? Measure how much the CEO speaks.
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