Bohan Song
Bohan Song


PhD Student: Bohan Song

Bohan Song is a Ph.D. candidate at the A.B. Freeman School of Business, Tulane University. Prior to joining the doctoral program, he earned a Master of Accounting degree from the Freeman School, Tulane University, and a Bachelor of Economics degree from Xiamen University.

Hometown: Liaoning, China

Education: Master of Accounting, Tulane University
Bachelor of Economics, Xiamen University


“Rate Regulation, Management of the Loss Reserve, and Pricing” with Gans Narayanamoorthy and John Page

  • Preparing for resubmission to The Accounting Review (3nd round)
  • Presented at AAA FARS Mid-Year Meeting 2021*, AAA Annual Meeting 2020, The Huebner Doctoral Colloquium 2019, SRIA Annual Meeting 2019, Tulane University, and Xiamen University
  • Abstract: Insurance pricing is subject to stricter regulation in some states than others. This cross-sectional variation enables a powerful test of the political cost hypothesis that managers manipulate accruals to mitigate the adverse effects of regulation. Exploiting staggered deregulation in several states, we show that insurers manage their loss reserve accruals downward in more regulated regimes. Our results contrast with most prior studies that document income-decreasing accruals in regulated settings. We show that insurance premiums fall following deregulation the income-increasing manipulation is associated with lower premiums, suggesting that the manipulation is aimed at justifying lower premiums to regulators. We also offer preliminary evidence consistent with our results being driven by regulator-enabled cartel-like pricing accounting manipulation being used to justify deviating from collective rate-making.

“Fair Value versus Non-fair Value Discretion and Auditing” (Sole-authored)

  • Accepted at AAA FARS Mid-Year Meeting 2022
  • Presented at AAA Annual Meeting 2021, ARIA Annual Meeting 2021, Tulane University
  • Abstract: Managers have alternative discretionary choices. I exploit security-level disclosures in the insurance industry to examine auditors’ role in insurers’ choice between using two specific types of discretion to avoid other-than-temporary-impairment (OTTI) losses. Managers can avoid recognizing an OTTI loss on investment either by (1) using the discretion over fair value measurements to inflate fair values above amortized cost or (2) exercising the discretion over non-fair value related aspects of an OTTI assessment to argue that such decline of fair values is temporary. Employing within-security analyses, I find that insurers engaging Big 4 and leading auditors in the insurance industry are more (less) likely to use non-fair value (fair value) discretion to avoid OTTI losses. This effect is stronger when insurers have a greater OTTI avoidance incentive. I also document that, in the presence of these two types of auditors, insurers using non-fair value discretion to avoid OTTI are more likely to dispose of the security at a loss in the subsequent year. The results are consistent with these auditors having a comparative advantage in auditing fair value measurements versus non-fair value discretion due to their increased access to fair-value-related resources at the national level.

“Auditor Specialization in Securities’ Industries and Insurer’s Fair Value Reporting” (Sole-authored)

  • Job Market Paper
  • Dissertation Committee: Gans Narayanamoorthy (Chair), David Eckles, Stephen Rowe, and Barrett Wheeler
  • Presented at Tulane University
  • Abstract: I examine the effect of auditors’ industry specialization at the asset level. Focusing on insurance companies whose assets comprise investment in financial securities across a wide range of industries, I provide initial evidence that audit firms’ specialization in a security’s industry is associated with a higher quality of the security’s fair value estimate. Cross-sectional tests indicate that the effect of security-level industry specialization is more pronounced for securities with higher estimation uncertainty, for securities from non-insurance industries, and when insurers inflate fair values. Security-level analyses with fixed effects bolster the identification, and a battery of robustness analyses further mitigate endogeneity concerns and address alternative explanations. In this study, I show a spillover effect of auditors’ industry specialization to clients operating in different industries.

“Real Effects of Recognizing Fair Value Changes in Net Income” with Shan Wang and Barrett Wheeler

  • Accepted at AAA FARS Mid-Year Meeting 2022
  • Presented at Tulane University
  • Abstract: We study the impact of recognizing fair value changes in net income rather than other comprehensive income on firms’ investment portfolio holdings. Using the adoption of Accounting Standards Update 2016-01 for a sample of property and casualty insurance companies as our setting, we find that firms required to adopt the new standard and recognize changes in the fair value of equity securities in earnings decreased the riskiness of their equity holdings relative to firms that did not adopt the new standard. This resulted in a decrease in the volatility of affected firms’ unrealized gains and losses on equity securities. This is consistent with concerns expressed by preparers that recognizing fair value changes would prompt them to change their investment holdings to mitigate an increase in volatility of reported net income.


Tulane University, A.B. Freeman School of Business

Instructor (Latest Rating: 4.21/5)

  • Financial Accounting (Undergraduate) Spring 2021
  • Financial Accounting (Undergraduate) Spring 2020


  • Accounting Analytics (MACCT) Spring 2019

Teaching Assistant

  • Financial Statement Analysis (MACCT) Spring 2019
  • Accounting Research (MACCT) Spring 2019
  • Accounting for Business and Financial Risks (MACCT) Spring 2018
  • Advanced Financial Accounting (MACCT) Spring 2017
  • Intermediate Financial Accounting (Undergraduate) Fall 2016

Selected Awards and Honors:

  • FARS Excellence in Reviewing Award (2020, 2021)
  • AAA/Deloitte/J. Michael Cook Doctoral Consortium Fellow (2020)
  • The AFA Travel Grant (2020)
  • The Huebner Doctoral Colloquium Fellow (2019)