Innovate Collaborate Grow

  Devin M. Shanthikumar Back to Faculty Profiles  
Devin M. Shanthikumar
  • Title: Assistant Professor, Accounting
  • Office Phone: 949.824.9653
  • Office Location: SB2 428
  • Email:
  • Key Research/Interest Areas:
    • Financial Accounting
    • Behavioral Finance
    • Investor Behavior
    • Financial Intermediaries


  • Education:

    PhD in Finance, Stanford Graduate School of Business

    BS in Electrical Engineering and Computer Science, University of California at Berkeley

    The General Managers Program, Executive Education, Harvard Business School


Brief Bio

Professor Devin Shanthikumar is an assistant professor in the Accounting group.  She teaches MBA-level courses in Managerial Accounting.  Prior to joining The Paul Merage School of Business, Shanthikumar served on the faculty at the Harvard Business School (HBS), where she taught both Financial Accounting and Managerial Accounting for MBAs, and wrote cases which are used in accounting courses across the country.

Her research focuses on the investing decisions of less sophisticated investors and the impact that these investors have on the market, as well as on the role of financial intermediaries such as analysts and the press. For example, Shanthikumar has examined whether small and large investors each account for analysts’ conflicts of interest, the mistakes that small investors make when reacting to patterns of earnings performance, such as streaks of positive earnings surprises, and the role that geography plays in press coverage and investors’ responses to the press. Her research has been published in top journals, including The Accounting Review and the Journal of Financial Economics.


Shanthikumar earned her PhD in Business Administration with a focus in Finance from Stanford’s Graduate School of Business, where she received the Jaedicke Merit Award for outstanding academic performance.  She earned her BS in Electrical Engineering and Computer Science with Highest Honors from the University of California, Berkeley. Shanthikumar is also a graduate of one of Harvard Business School’s executive education programs, the General Manager Program, and one of Harvard’s teaching-focused short programs, the Colloquium on Participant Centered Learning.


Selected Publications:

News & Honors:

  • Prof. Shanthikumar’s research has been cited in publications such as The Economist, The Washington Post and Bloomberg Businessweek
  • Winner, Hellman Faculty Fellowship, Harvard Business School Faculty Award (2006-2010)
  • Best Paper Prize, Center for Corporate Reporting and Governance Annual Conference, for “After a Restatement: Long-Run Market and Investor Response”
  • Jaedicke Merit Award for outstanding academic performance in the PhD program, Stanford Graduate School of Business, 2001-2002, 2003-2004