Nicole Cade
Associate Professor of Business Administration, Robert W. Murphy, Jr. Faculty Fellow


Mervis 244


Nicole joined the Katz School of Business in 2016 after receiving her PhD from the University of Washington. Prior to pursuing her PhD, Nicole worked as a hedge fund accountant at International Fund Services in New York after beginning her professional career on the Municipal Bond Sales and Trading desk at Merrill Lynch. Nicole received a Bachelor’s degree in Accountancy from Ithaca College in 2008.

Nicole’s research focuses on individual judgment and decision-making in financial reporting. Nicole’s interest in this area grew out of her work experience in the financial services industry, first as a user of and then as a preparer of financial reports.

Nicole’s teaching interests include varying levels of financial accounting.

Courses Recently Taught

CBA Introduction to Financial Accounting
Experimental Research in Accounting (Doctoral Program)
Critical Thinking in Accounting (Doctoral Program)

Awards and Honors

  • University of Pittsburgh Momentum Fund Priming Grant, 2023
  • Edward W. Kay & Mary Margaret Kay Award for Teaching Excellence in Accounting, 2021-22
  • Katz Excellence in Teaching Award (CBA Program), 2021-22
  • Robert W. Murphy, Jr. Faculty Fellowship, 2021-23
  • Katz Excellence in Teaching Award (CBA Program), 2019-20
  • Katz Excellence in Teaching Award (CBA Program), 2018-19
  • Two-time “Most Valuable Professor” (selected by Pitt’s Wrestling and Gymnastics teams), 2018-19
  • Katz Excellence in Research Award, 2017-18
  • AAA ABO Midyear Meeting Outstanding Emerging Scholar Award, 2015
  • University of Washington Foster School PhD Program Teaching Award, 2015
  • Deloitte Foundation Doctoral Fellowship, 2014-15
  • University of Washington Foster School Dean’s Achievement Award, 2014
  • University of Washington Best Teacher’s Assistant (awarded by the Panhellenic Association and the Interfraternal Council), 2013
  • Ithaca College School of Business Dean’s Achievement Award, 2008
  • NY State Society of CPAs Superior Scholarship Award, 2008
  • 2nd Team CoSIDA Division III Academic All-American (softball), 2008
  • Empire 8 Conference Senior Scholar-Athlete Award (all sports), 2008
  • Ithaca College Phi Kappa Phi Presidential Scholar, 2008
  • 1st Team NFCA NCAA Division III All-American (softball), 2007


Cade, N. L., S. M. Garavaglia, and V. B. Hoffman. 2023. Why some investors avoid accounting information: Identifying a psychological cost of information acquisition using the securities-based crowdfunding setting. Forthcoming at The Accounting Review.

Cade, N. L., S. E. Kaplan, and S. Loftus. 2021. Changing the blame game: Does the presence of a pay ratio disclosure impact nonprofessional investors’ reactions to CEOs’ internal attributions for poor firm performance? Journal of Management Accounting Research, 34(2): 71-95.

Cade, N. L., L. Koonce, and K. I. Mendoza. 2020. Using Video to Disclose Forward-Looking Information: The Effect of Nonverbal Cues on Investors’ Judgments. Review of Accounting Studies 25(4): 1444-1474.

Cade, N. L., and S. E. McVay. 2019. Understanding the Relations among Internal Controls, Trust, and Cooperation within an Organization. Discussion of ‘Controls and Cooperation in Interactive and Non-Interactive Settings.’ Contemporary Accounting Research 36(4): 2494-2520.

Cade, N. L., L. Koonce, and K. I. Mendoza. 2019. Assets and Liabilities: When do they Exist? Contemporary Accounting Research 36(2): 553-587.

Cade, N. L. 2018. Corporate Social Media: How Two-Way Disclosure Channels Influence Investors. Accounting, Organizations and Society 68-69: 63-79.

Bernard, D., N. L. Cade, and F. Hodge. 2018. Investor Behavior and the Benefits of Direct Stock Ownership. Journal of Accounting Research 56(2): 431-466.

Working Papers

The effect of news-trade integration on investors’ perceptions of news (with Joe Croom and Brad Kamrath)

The effects of celebrities’ investment activities and disclosure readability on investor judgments (with Alex Vandenberg and Shannon Garavaglia)

Hedonic motivations and learning: Evidence from managers’ information acquisition in the cannabis industry (with Darren Bernard and Elizabeth Connors)

Measuring the prevalence of earnings manipulations: A novel approach (proposal, with Joshua Gunn and Alex Vandenberg)

When and how do advertisements affect investors’ processing of online financial information? (with Molly Mercer and Amanda Winn)


  • PhD in Business Administration (Accounting), University of Washington, 2016
  • Master of Science in Business Administration (Accounting), University of Washington, 2015
  • Bachelor of Science in Business Administration (Accounting; Minor in Mathematics), Ithaca College

CV File

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Personal Interests

Nicole, her husband Joe, and their two sons Ashton and Axel enjoy exploring Pittsburgh’s different neighborhoods, watching Pitt sporting events, and trying new foods.