Ray Gao received his Ph.D. in Business Administration (Accounting) from the University of Rochester. His research investigates the economics of information in financial markets and its interaction with product or labor markets. His current work covers a range of topics, including the real effects of accounting information, feedback effects of financial markets, managerial labor market and executive compensation, and innovation disclosure. His research has been published in the Journal of Accounting Research and has received the USC Marshall School of Business Trefftzs Award for the Best Student Paper from the Western Finance Association (WFA). Ray teaches BUAD 281 Introduction to Managerial Accounting at Marshall.