About

Musa Subasi is an Associate Professor of Accounting and Information Assurance at the Robert H. Smith School of Business, University of Maryland, College Park, who joined the school in 2015. He holds a PhD in accounting from the University of Texas at Dallas and a master's degree in economics from the University of Texas at Austin. Prior to his current position, he was a faculty member at the University of Missouri-Columbia. His research interests include the economic consequences of investor conferences and the trading activity of institutional and individual investors around corporate events. His scholarly work has been published in leading journals such as the Journal of Accounting Research, the Journal of Accounting and Economics, and the Journal of Financial Economics. His research explores topics like investor conferences, stock liquidity, analyst research, and the role of data providers and analysts in financial markets, contributing to the understanding of how information dissemination and market mechanisms influence corporate finance and accounting practices.

Research topics

• Economics
• Business
• Finance
• Actuarial science
• Econometrics
• Accounting
• Microeconomics
• Industrial organization
• Financial economics
• Monetary economics

Selected publications

• Building credible commitments via board ties: Evidence from the supply chain

  Strategic Management Journal · 2025-07-20 · 3 citations

  articleOpen access

  Abstract Research Summary Using a novel dataset that provides a comprehensive coverage of U.S. firms' industrial supply chain relationships, we find that firms with innovation specific to a buyer are more likely to share a common director with that buyer. This association is stronger when the buyer has a larger number of alternative suppliers. We further find that when a supplier–buyer pair shares a common director, the supplier's R&D investment is more sensitive to the investment opportunities of its buyer. Moreover, such pairs tend to have longer supply chain relationships. Taken together, our findings demonstrate that board ties serve as a credible commitment mechanism to support exchange along the supply chain and safeguard suppliers' buyer‐specific investments. Managerial Summary Our research shows that suppliers who create products or technologies tailored to a specific buyer are more likely to share a board member with that buyer. This relationship is stronger when the buyer has many other suppliers. Shared board members facilitate better communication and alignment between suppliers and buyers, leading to more effective R&D investments and longer‐lasting business relationships. These ties help reduce the risk for suppliers when investing in customized solutions. For business leaders, strategically leveraging board connections can strengthen supply chain partnerships, promote collaborative innovation, and safeguard investments in buyer‐specific technologies.

  PublisherOA PDFDOI

• Navigating global uncertainty: Do foreign national directors protect <scp>US</scp> firms from supply chain disruptions?

  Contemporary Accounting Research · 2025-04-02 · 1 citations

  articleOpen accessSenior authorCorresponding

  Abstract We examine whether foreign national directors (FNDs) on US corporate boards help their firms mitigate the adverse effects of economic policy uncertainty (EPU) shocks originating from the directors' home countries. Using a comprehensive data set of US manufacturing firms' international supply chain relationships from 2003 to 2019, we find that EPU spikes in supplier countries lead to significant declines in aggregate US imports as well as in buyer firms' inventory purchases, sales, and market valuation. However, firms with FNDs from the affected countries are better able to mitigate these negative impacts. Cross‐sectional analyses reveal that the beneficial role of FNDs is more pronounced in firms with limited operational slack, greater difficulty accessing information about supplier countries, and higher financial constraints. Robust to a battery of sensitivity tests, our findings underscore the importance of FNDs on corporate boards during times of increased global uncertainty, especially for firms heavily reliant on foreign suppliers, and inform the debate on board diversity and supply chain resilience amid economic policy‐driven uncertainties.

  PublisherOA PDFDOI

• Building Credible Commitments via Board Ties: Evidence from the Supply Chain

  SSRN Electronic Journal · 2025-01-01

  articleOpen access
  PublisherDOI

• CEO Personality Traits and Relationship-Specific Investments in Supply Chain Relationships

  SSRN Electronic Journal · 2025-01-01

  preprintOpen access
  PublisherDOI

• Do Credit Rating Agencies Learn from the Options Market?

  Management Science · 2024 · 6 citations

  • Business
  • Actuarial science
  • Economics

  Do credit rating agencies (CRAs) learn from the options market? We examine this question by exploring the relation between options trading activity and credit rating accuracy. We find that as options trading volume increases, credit ratings become more responsive to expected credit risk and exhibit greater ability to predict future defaults. We also find that CRAs rely more on the options market as a source of ratings-related information when firm default risk is higher, options trading is more informative, manager-provided information is of lower quality, and firm uncertainty is higher. Our results are robust to a number of sensitivity tests, including alternative measures of options trading and credit rating accuracy. We reach similar inferences using various approaches to address endogeneity issues, including difference-in-difference analyses and an instrumental variables approach. Overall, our findings are consistent with the view that CRAs incorporate unique information from the options market into their rating decisions which, in turn, improves credit rating accuracy. This paper was accepted by Brian Bushee, accounting. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2023.4980 .

  PublisherDOI

• Enhanced Information Access: How Investor Conferences Influence Institutional Trading Ahead of Takeover Announcements

  SSRN Electronic Journal · 2024-01-01

  preprintOpen accessSenior author
  PublisherDOI

• Do Credit Rating Agencies Learn from the Options Market?

  SSRN Electronic Journal · 2023-01-01 · 3 citations

  articleOpen access
  PublisherDOI

• The Role of Corporate Board Diversity in Mitigating Supply Chain Disruptions: The Impact of Foreign Nationals

  SSRN Electronic Journal · 2022-01-01

  articleOpen access1st authorCorresponding
  PublisherDOI

• The Roles of Data Providers and Analysts in the Production, Dissemination, and Pricing of Street Earnings

  Journal of Accounting Research · 2022 · 19 citations

  • Business
  • Economics
  • Econometrics

  ABSTRACT In September 2009, Thomson Reuters (TR) discontinued its practice of relying on analysts to determine the treatment of unexpected charges and gains in favor of their immediate exclusion from GAAP earnings. Adopting a difference‐in‐differences approach, we show that this plausibly exogenous change in TR's methodology resulted in street earnings that are more predictive of future performance; and timelier, more accurate, and less dispersed analyst forecasts of future earnings, consistent with TR enhancing the properties of street earnings and analyst forecasts. Finally, using path analysis we show that a significant portion of TR's effect on price discovery is through its effect on analysts; and that the change in TR's treatment of unexpected items increased (decreased) the relative influence of TR (analysts) on the pricing of street earnings. We conclude that forecast data providers like TR are more than a conduit of information from analysts to investors.

  PublisherOA PDFDOI

• An Empirical Analysis of Analysts' Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency*

  Contemporary Accounting Research · 2020 · 99 citations

  • Business
  • Economics
  • Finance

  ABSTRACT We examine whether the information conveyed in a relatively new analyst research output—capital expenditure (capex) forecasts—affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the forecasts are issued by analysts with higher ability or greater industry knowledge. Moreover, the effect of capex forecasts on investment efficiency varies with the signals they convey about future growth opportunities—positive‐growth signals are more effective in reducing underinvestment, while negative‐growth signals are more effective in reducing overinvestment. Cross‐sectional tests suggest that these effects operate at least in part through both a financing channel and a monitoring channel. Taken together, our results suggest that analysts' capex forecasts convey useful information about firms' growth opportunities to managers and investors, which can facilitate efficient investment.

  PublisherDOI

Frequent coauthors

• Stanimir Markov

  13 shared

• Abdullah Kumas

  6 shared

• Ferhat Akbas

  University of Illinois Chicago

  6 shared

• Russell Jame

  5 shared

• Volkan Muslu

  University of Houston

  4 shared

• Yue Zheng

  4 shared

• Paul Brockman

  4 shared

• Eric H. Weisbrod

  University of Kansas

  4 shared

Labs

• Musa Subasi LabPI

Education

• PhD in Accounting, Accounting

  University of Texas at Dallas

  2012

• MS in Economics, Economics

  University of Texas at Austin

  2007

• BS in Industrial Engineering, Industrial Engineering

  Bilkent Üniversitesi

  2005

Awards & honors

• Financial Review Readers' Choice Best Paper Award (2017)