Michael J. Lee

Ph.D. Candidate in Accounting, Cornell University

I am Michael Lee, a Ph.D. Candidate in Accounting at Cornell University. My research examines how accounting information interacts with corporate investment decisions, particularly under uncertainty and through the lens of real options theory. Methodologically, I use textual analysis, including NLP and LLM-based approaches.

Prior to joining Cornell, I worked for 4 years at PricewaterhouseCoopers in Seoul, Korea as an auditor and advisor. My work included valuation engagements, buy-side due diligence, accounting advisory projects, internal control engagements, and audits across multiple industries.

I am a Certified Public Accountant in Korea (KICPA) and have also served as a mentor for new staff CPAs, organizing educational sessions for junior professionals.

Outside research, I enjoy swimming and cooking Korean and Italian food, sometimes with a fusion twist.

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Michael Lee Cornell Accounting Ph.D. Candidate headshot
Research Interests
  • Keywords: Corporate investment; accounting information; voluntary disclosure; real options theory; textual analysis; NLP and LLM-based methods
  • My research examines how accounting information interacts with corporate investment decisions, particularly under uncertainty and through the lens of real options theory. Methodologically, I use textual analysis, including NLP and LLM-based approaches.
Coauthored Working Papers
[1]
From Green to Green: Local Parks and Corporate Green Transition
with Eric Yeung (Cornell) and Yao Lu (Cornell)
R&R at Journal of Accounting Research
  • Based on first-year proposal at Cornell University
  • Presentations: 2026 Hawaii Accounting Research Conference, Cornell University*, University of Rochester*, University of Hong Kong*
Abstract ▼

We identify the openings of new urban parks in major U.S. cities as “green shocks” and examine whether increases in green space near firms’ headquarters are associated with firms’ green transition, as manifested in both real effects, such as carbon emissions, and information effects, such as voluntary environmental disclosure. Consistent with dynamic green transition theory, we document significant declines in firms’ carbon emissions and increases in voluntary environmental disclosure following green shocks, especially among firms that rely more heavily on external financing for green transition. Evidence from satellite imagery further supports green exposure as a plausible mechanism.

[2]
Government-Produced Disclosure and Corporate Investment Decisions: Evidence from Housing Construction
with Mani Sethuraman (Cornell)
Preparing for journal submission
[3]
Proprietary Costs of R&D Capitalization
with Jaeho Yoo (UNC)
Preparing for journal submission
  • Presentations: 2026 AAA Global Connect (scheduled), Cornell University, University of North Carolina at Chapel Hill*

* Indicates presentations by coauthor.

Selected Works in Progress
[1]
Information Ban and Human Capital Investment
with Bobby Lin (Cornell) and David Park (CUHK, Shenzhen)
[2]
Accounting Information and Real Options: Evidence from Oil Drilling Activity
with Songyi Han (BI Norwegian Business School)

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My teaching emphasizes being readily available to students and motivating why the material matters. I often use examples from my professional experience as an auditor and advisor, as well as real-world business cases, to connect accounting concepts to practice.

Instructor, Cornell University

Financial Accounting, Fall 2025. Student evaluation: 5.0/5.0 median rating.

“I liked Michael.”
“The instructor is very eager in office hour and ready to answer any questions.”
“I enjoyed the teacher a lot.”

Financial Accounting, Fall 2024. Student evaluation: 5.0/5.0 median rating.

“The lectures are very well organized and do a good job of presenting the information.”
“I wanted to take this opportunity to express my appreciation for your hard work and support... Your explanations and insights really helped me grasp the concepts in accounting, and I truly enjoyed your classes.”
“When the instructor shared learnings from his professional career.”
— Response to “What was the most valuable class session?”
Teaching Assistant