J. A. Vincent Visiting Professor, Division of Commerce, University of Otago, New Zealand, June 23- July 23, 2005.
Visiting Professor, Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts, September-December, 2002.
Research Scholar, J. L. Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois, October-December, 1995
Visiting Professor, Australian Graduate School of Management, University of N.S.W., Australia, July 30–August 18, 1984.
Visiting Professor, Department of Accounting and Finance, Monash University, Australia, July 9–July 29,1984.
Visiting Special Lecturer, Department of Accounting and Finance, Monash University, Australia, July 17–August 18, 198
University of Chicago, Ph.D. (Economics, Finance and Accounting), 1971.
University of Chicago, M.B.A. (Finance), 1968.
University of Newcastle, Australia, B.Com. (First Class Honors, Accounting), 1966.
Fellow, Institute of Chartered Accountants in Australia 1991-present, (Associate, 1964-1991).
Honors and Recognition
American Accounting Association Seminal Contribution Award (with Jerold L. Zimmerman) August, 2004.
American Accounting Association Outstanding Accounting Educator Award, August, 2000.
University Award for Excellence in Graduate Teaching, University of Rochester, May, 1996.
Alpha Kappa Psi Foundation Award for Distinguished Service and Achievement in Accounting (book with Jerold L. Zimmerman), December, 1985.
The 1978 and 1979 American Institute of Certified Public Accountants Awards for Notable Contribution to Accounting Literature (papers with Jerold L. Zimmerman), August, 1979 and August, 1980, respectively.
Beta Gamma Sigma—academic honor fraternity.
Dean's Honor List (Chicago).
University of Chicago, Graduate School of Business Doctoral Fellow, 1966–1967 and 1968–1969.
Ford Foundation Dissertation Fellow, 1967–1968.
Fulbright Travel Grant, 1966.
Commonwealth Scholarship, University of Newcastle, Australia, 1960–1965.
Several prizes and first places in Australia in Institute of Chartered Accountants in Australia examinations, including first in Final Accounting, 1961-1963.
Endowed Lectures and Doctoral Colloquia Presentations
Speaker, Journal of Contemporary Accounting and Economics, Doctoral Consortium, Seoul National University, January 6, 2010.
Speaker & Faculty Member, PAC 10 Plus Doctoral Consortium, University of Colorado, Boulder, Colorado, March 12-14, 2009.
Keynote Speaker and Faculty Member, Accounting & Finance Association of Australia and New Zealand Doctoral Consortium, Sydney, Australia, July 2-4, 2008.
Visiting Faculty Member, American Accounting Association Doctoral Consortium: Lake Tahoe, California, June, 2004 and June, 1991; New Brunswick, N.J., August, 1986; Honolulu, Hawaii, August, 1979; and Quebec City, Quebec, Canada, August, 1973.
Visiting Faculty Member, PAC 10 Doctoral Consortium, University of California, Berkeley, Berkeley, California, January 9-11, 1997.
Lecturer, Monash Syme Higher Degrees Symposium on Accounting Research, Caulfield, Victoria, Australia, July 6-7, 1995.
Lecturer, Summer Symposium on Accounting Research, Hong Kong University of Science and Technology, Clear Water Bay, Hong Kong, July 3-10, 1994.
Visiting Faculty Member, Big 10 Doctoral Consortium, Ohio State University, Columbus, Ohio, May 21-22, 1993.
Visiting Distinguished Scholar, Michigan State/Price Waterhouse Summer Accounting Research Workshop, Michigan State University, East Lansing, Michigan, July 26-27, 1989.
Emanuel Saxe Distinguished Lecturer in Accounting, Baruch College, New York, April 14, 1983.
Inaugural Sidney G. Winter Distinguished Lecturer in Accounting, University of Iowa, Iowa City, Iowa, September 15–17, 1982.
Visiting Faculty Member, Consortium for Canadian Ph.D. Students in Accounting, Queen's University, Kingston, Ontario, Canada, June, 1982.
Founding Co-Editor, Journal of Accounting & Economics, 1978–present.
Director, Accounting Research Network, Division of Social Science Research Network and Founding Editor, Journal of Accounting Abstracts, 1995-1997, Financial Accounting Abstracts, Managerial Accounting Abstracts and Auditing, Litigation and Tax Abstracts, 1997-present.
Consulting Editor, Journal of Contemporary Accounting & Economics, 2005-present.
Consulting Editor, Asia-Pacific Journal of Accounting & Economics, 1999-2005.
Board Member, Australian Journal of Management, 2010-present, Associate Editor, 1976-81.
Member, Advisory Board, Journal of Applied Corporate Finance, 1988- present.
Member, Advisory Board, Journal of Financial Abstracts, 1994-present.
Associate Editor, Journal of Financial Economics, 1974–89.
Robert Holthausen, "Towards a Positive Theory of Choices of Accounting Techniques: The Case of Alternative Depreciation Methods," May, 1980. Nomura Securities Company Professor, Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania.
Thomas Lys, "Selection of Accounting Procedures and Implications of Changes in Generally Accepted Accounting Principles: A Case Study Using Oil and Gas Accounting," December, 1982. Eric L. Kohler Chair in Accounting, Kellogg School, Northwestern University, Evanston, Illinois.
Paul Healy, "The Impact of Accounting Bonus Schemes on the Selection of Accounting Principles," December, 1983. James R. Williston Professor of Business Administration, Senior Associate Dean Director of Research, Harvard Business School, Harvard University, Cambridge, Massachusetts.
Douglas Skinner, "Options Markets, Stock Return Volatility and the Information Content of Earnings Releases," December,1989. John P. and Lillian A. Gould Professor of Accounting, Graduate School of Business, University of Chicago, Chicago, Illinois
Gita R. Rao, "The Relation between Stock Returns and Earnings: A Study of Newly-Public Firms," June, 1991. Quantitative Equity Portfolio Manager, Global Equity Department, MFS Investment Management, Boston, Massachusetts.
Joy Begley, "The Use of Debt Covenants to Control Agency Problems," February, 1991. Ronald L. Cliff Professor in Accounting, Sauder School of Business, University of British Columbia, Vancouver, British Columbia.
Richard G. Sloan, "Measuring and Rewarding Executive Performance: The Role of Accounting Earnings," June, 1992. L.H. Penney Chair in Accounting, Haas School of Business, University of California, Berkeley, California.
Ph.D. Thesis Committees (continued)
Chairman - University of Rochester (continued)
Amy P. Hutton, "Switching Costs and the History of Accounting Choices: The Debt Hypothesis," June, 1992. Professor, Carroll School of Management, Boston College, Chestnut Hill, Massachusetts.
Anwer S. Ahmed, "Earnings, Economic Rents and Security Returns: An Empirical Analysis," June, 1992. Ernst & Young Professor of Accounting, Mays Business School, Texas A&M University, College Station, Texas.
Patricia Dechow, "Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals," June, 1993. Donald and Ruth F. Seiler Professor in Public Accounting, Haas School of Business, University of California, Berkeley.
Auke Jongbloed, "Why Do Firms Split? Evidence from Spin-offs and Equity Carve-outs,” June, 1994. Associate Professor, Catholic University of Leuven, Leuven, Belgium.
Michele Daley, "Impact of Deferred Tax Allocation on Earnings as a Measure of Firm Performance," June, 1995. Director of Student Engagement, College of Liberal Arts & Sciences, Arizona State University, Arizona.
James Livingston, "Market Borne Costs of Fraudulent and Misleading Financial Reporting," June, 1997. Vice President, Zions Bank, Salt Lake City, UT
Susan Zhan Shu, “Auditor Resignations: Clientele Effects and Legal Liability” June, 2000. Associate Professor, Carroll School of Management, Boston College, Chestnut Hill, Massachusetts.
Gans Narayanamoorthy, “Cross-sectional Variation in the Post-Earnings Announcement Drift,” June, 2002. Assistant Professor, University of Illinois, Champaign, Illinois.
Stanimir Markov, “Financial Analyst Stock Recommendations and Earnings Forecast Revisions,“ June, 2002. Awarded the 2001 Best Ph.D. Thesis Award, Financial Accounting & Reporting Section, American Accounting Association, August, 2002. Associate Professor, School of Management, University of Texas at Dallas.
Tzachi Zach, “Inside the ‘Accrual Anomaly’,” June, 2004. Awarded the 2003 Best Ph.D. Thesis Award, Financial Accounting & Reporting Section, American Accounting Association, August, 2004. Assistant Professor, Fisher College of Business, The Ohio State University, Columbus, Ohio.
Sugata Roychowdhury, “Management of Earnings Through the Manipulation of Real Activities that Affect Cash Flow from Operations,” June, 2004. Associate Professor , Carroll School of Management, Boston College, Chestnut Hill, Massachusetts.
Yong Zhang, “Underwriting Business, Trading Volume and Analyst Career Concerns,” June, 2006. Assistant Professor, Hong Kong University of Science and Technology, Hong Kong.
Yan Cao, “What Explains the ‘Abnormal Accruals’ Around Equity Carve-Outs?” June, 2008. Cornerstone Research, New York, New York.
Ph.D. Thesis Committees (continued)
Chairman - MIT
Karthik Ramanna, “The Implications of Fair-Value Accountng: Evidence from the Political Economy of Goodwill Accounting,” June, 2007. Awarded the 2007 Best Ph.D. Thesis Award, Financial Accounting & Reporting Section, American Accounting Association, August, 2008. Assistant Professor, Harvard Business School, Harvard University, Cambridge, Massachusetts.
Member- University of Rochester
Michael Rozeff, "Money and Stock Prices, Market Efficiency and the Lag in Effect of Monetary Policy," May, 1974. Professor Emeritus of Finance and Managerial Economics, School of Management State University of New York at Buffalo, Buffalo, New York.
Avner Kalay, "Corporate Dividend Policy –– A Collection of Related Essays," May, 1979. Francis A. Medsen Professor of Finance, David Eccles School of Business, University of Utah, Salt Lake City, Utah and Professor, Faculty of Management, Ramit Aviv, Tel Aviv, Israel.
Robert Kellogg, "An Empirical Study of Class Action Lawsuits by Buyers of Common Stocks, Based Upon Accounting Errors," May, 1980. Public law practice.
Richard Leftwich, "Private Determination of Accounting Methods in Corporate Bond Indentures," May, 1980. Deputy Dean for Faculty and Fuji Bank & Heller Professor, University of Chicago, Chicago, Illinois.
Wayne Mikkelson, "An Examination of Rationales for the Issuances of Convertible Bonds and Warrants," May, 1980. Cameron Distinguished Chair in Finance, Lundquist College of Business, University of Oregon, Eugene, Oregon.
Peter Dodd, "Corporate Acquisitions, The Market for Corporate Control and Stockholder Wealth," December, 1980. Chief Operating Officer and Deputy Vice-Chancellor, Macquarie University, Sydney, Australia.
Dean Crawford, "The Structure of Merger Payments," June, 1988. Professor, Le Moyne College, Syracuse, N.Y.
Karen Wruck, "Management Financing Decisions and Firm Value: An Examination of Private Sales of Common Stock," December, 1988. Associate Dean for MBA Programs, Dean’s Distinguished Professor and Professor of Finance, Fisher College of Business, Ohio State University, Columbus, Ohio.
Susan Shevlin, "Accounting Choices in Commercial Banks," December 1988. Owner, Four Seasons Landscape Design, Seattle, Washington.
Tony Greig, "Fundamental Analysis and Subsequent Stock Returns," June, 1992. Continuous Term Lecturer, Purdue University, West Lafayette, Indiana.
Sudipta Basu, "Conservatism and the Asymmetric Timeliness of Earnings," June, 1995.
Associate Professor, Fox School of Business, Temple University, Philadelphia, Pennsylvania.
Ph.D. Thesis Committees (continued)
Member - University of Rochester (continued)
Chris Noe, "Management Earnings Forecasts and Insider Trading Activity," June, 1996. Senior Lecturer, Sloan School of Management, Massachusetts Institute of Technology, MA.
Glen Hansen, "The Manipulation Content of Accruals and Discretionary Accrual Proxies," September, 1997. Associate Professor, Hunter College, CUNY, New York, NY.
Wayne Guay, “The Impact of Derivatives on Firm Risk: An Empirical Examination of New Derivative Users,” June, 1998. Yageo Professor of Accounting, Wharton School, University of Pennsylvania
Peter Wysocki, “Real Options and the Informativeness of Segment Disclosures,” June, 1999. Associate Professor, School of Business Administration, University of Miami, Coral Gables, Florida.
Helen Choy, “Impact of Earnings Management Flexibility,” December, 2003. LeBow College of Business, Drexel University, Philadelphia, PA.
Shailendra Pandit, “Accounting Choice, “Announcement Returns and Operating Performance in Stock-for-Stock Mergers,” June, 2006. Assistant Professor, College of Business Administration, University of Illinois at Chicago, Chicago, IL.
Xiying (Ivy) Zhang, “The Economic Consequences of the Sarbanes-Oxley Act of 2002,” June, 2006, Assistant Professor, Carlson School of Management, University of Minnesota, Minneapolis, MN.
External Ph. D. Thesis Examiner
University of Cape Town, South Africa
Rory F. Knight, "The Association Between Published Accounting Data and the Behavior of Share Prices", November, 1983.
Australian Graduate School of Management, University of New South Wales, Australia
Gregory P. Whittred, "The Derived Demand of Consolidated Financial Reporting", October, 1985.
As of May 11, 2012, my publications have accumulated over 18,500 Google Scholar citations.
Positive Accounting Theory, with Jerold L. Zimmerman (Englewood Cliffs, N.J.: Prentice-Hall, Inc., 1986). The book has also been published in both Japanese and Chinese versions.
Contemporary Accounting Research, Synthesis and Critique, Edited with S.P. Kothari, T. Z. Lys, D. J. Skinner, and J. L. Zimmerman (North Holland, 2002), translated into Chinese in 2009.
B. Full-length Academic Articles
“Evidence on the use of unverifiable estimates in required goodwill impairment,” with Karthik Ramanna. Forthcoming in Review of Accounting Studies, December, 2012
“Estimation and validation of a firm-year measure of conservatism,” with Mozaffar Khan Journal of Accounting & Economics 48, December, 2009, 132-150
“The information role of conservative financial statements,” with Ryan LaFond, Accounting Review 83, March, 2008, 447-478.
“Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting,” with Sugata Roychowdhury, Journal of Accounting & Economics 44, 2007, 2-31.
“What has the invisible hand achieved,” Accounting and Business Research, Special issue: International accounting policy forum, 2006, 51-61.
“Conservatism in Accounting, Part II: Evidence and Research Opportunities,” Accounting Horizons 17, December, 2003, 287-301. A combined version of this paper and Part I reprinted in The ICFAI Journal of Accounting Research 3, April, 2004, 5-31.
“Conservatism in Accounting, Part I: Explanations and Implications,” Accounting Horizons 17, September, 2003, 207-221.
"Decentralization of the Firm: Theory and Evidence," with Marc Joye and Andrew Christie, Journal of Corporate Finance 9, January, 2003, 3-36.
“The Relevance of Value-Relevance Literature for Financial Accounting Standard-Setting, “ with Robert Holthausen, Journal of Accounting & Economics 31, 2001, 3-75.
“The Relation Between Earnings and Cash Flows,” with Patricia Dechow and S.P. Kothari, Journal of Accounting & Economics 25, 1998, 133-168. I
“Implications of Contracting for Financial Accounting Research,” Asia-Pacific Journal of Accounting & Economics 5, June, 1998, 1-24.
"A Market-Based Evaluation of Discretionary Accrual Models," with Wayne Guay and S.P.Kothari, Journal of Accounting Research 35 (Supplement), 1996, 83-105.
"Positive Research in Accounting," in S. Jones, C. Romano and J. Ratnatunga (eds.), The Foundations of Modern Financial Accounting Thought, Harcourt Brace, Australia, 1995
"Lawsuits Against Auditors," with Thomas Lys, Journal of Accounting Research 32 (Supplement), 1994, 65-93.
"Economic Determinants of the Relation Between Earnings Changes and Stock Returns," with Ray Ball and S. P. Kothari, Accounting Review 62, July, 1993, 666-638.
"The Investment Opportunity Set and Corporate Financing, Dividend and Compensation Policies," with Cliff Smith, Journal of Financial Economics 32, December, 1992, 263-292. Rated an All Star Paper, Journal of Financial Economics, 2002.
"Accounting Choice Theory and Market-based Research in Accounting," British Accounting Review, October, 1992.
"Positive Accounting Theory: A Ten Year Perspective," with Jerold L. Zimmerman, Accounting Review 65, January, 1990, 131-156. Reprinted in J.R.Edwards (ed.), The History of Accounting – Critical Perspectives on Business and Management, Routledge, UK, 2000.
"Government Regulation and Accounting Research," with Jerold L. Zimmerman, in R.Meiners and R. Amacher (eds.), Federal Support of Higher Education: The Growing Challenge to Intellectual Freedom, Paragon House, New York, 1989.
"Auditor Liability and Information Disclosure," with S.P. Kothari, Tom Lys and Cliff Smith, Journal of Accounting, Auditing and Finance 3, Fall, 1988, 307-339.
"Stock Prices and Top Management Changes," with Jerry Warner and Karen Wruck, Journal of Financial Economics 20, January/March, 1988, 461-492. Rated an All Star Paper, Journal of Financial Economics, 2002.
B. Full-length Academic Articles (continued)
"Agency Theory Research in Accounting," in P. Griffin (ed.), Usefulness to Investors and Creditors of Information Provided by Financial Reporting , second edition, Financial Accounting Standards Board, Stamford, Connecticut, 1987.
"The U.S. Standard-Setting Experience and Its Australian Implications", in Conference Proceedings, Department of Accounting and Finance, Monash University, Australia, 1985.
"Agency Problems, Auditing and the Theory of the Firm: Some Evidence", with Jerold L. Zimmerman, Journal of Law and Economics 26, October, 1983, 613-633.
"The Evolution of Economics-Based Empirical Research in Accounting," in Emanuel Saxe Distinguished Lecture (New York: Baruch College, 1983). Excerpted in: Accounting History 2, number 1, 1990, 1-15.
"Incentive and Tax Effects of Executive Compensation Plans", with Clifford Smith, Australian Journal of Management 32, December, 1982, 263-292.
"The Political Economics of the Determination of Accounting Standards," in R. Hoyt (ed.), The Relationship of Accounting Theory to the Standard Setting Process, Faculte des Sciences de L'Administration, Universite Laval, 1981.
"Voluntary Corporate Disclosure: The Case of Interim Reporting", with Richard Leftwich and Jerold L. Zimmerman, Supplement to Volume 19, Journal of Accounting Research, 1981, 50-77. Reprinted in: R. Ball and C. Smith (eds.), The Economics of Accounting Policy Choice, McGraw-Hill, New York, NY, 1992.
"On the Irrelevance of Replacement Cost Disclosures for Security Prices", with Jerold L. Zimmerman, Journal of Accounting and Economics 2, August, 1980, 95-106.
"Can Optimal Accounting Information Be Determined by Regulation?", Chapter 9 in J. Buckley and J.F. Weston (eds.), Regulation and the Accounting Profession: An Exploration of the Issues, Lifetime Learning Press, Belmont, CA, 1980.
"Accounting vs. Economic Models: What is the True Measure of Corporate and Investor Performance?", A. Woolery (ed.), Transcript of the Money Market Symposium, Monograph #79-1, Lincoln Institute of Land Policy, Cambridge, MA, 1979.
"Some Additional Evidence on Survival Biases", with Ray Ball, Journal of Finance 34, March 1979, 197-206.
"The Demand for and Supply of Accounting Theories, The Market for Excuses", with Jerold L. Zimmerman, Accounting Review 54, April, 1979, 273-305; Abstracted in the C.F.A. Digest, Summer, 1979. Reprinted in: R. Ball and C. Smith (eds.), The Economics of Accounting Policy Choice, McGraw-Hill, New York, NY, 1992; R. Bloom and P. Elgers (eds.), Accounting Theory & Policy, A Reader, second edition, Harcourt Brace Jovanovich, San Diego Ca, 1987; and R. Mattesich, Modern Accounting Research: History, Survey, and Guide, The Canadian Certified General Accountants Research Foundation, Vancouver, BC, Canada, 1984.
"Towards a Positive Theory of the Determination of Accounting Standards", with Jerold L. Zimmerman, Accounting Review 53, January, 1978, 112-134; Reprinted in: R. Ball and C. Smith (eds.), The Economics of Accounting Policy Choice, McGraw-Hill, New York, NY, 1992; L. Brown (ed.) The Modern Theory of Financial Reporting, Business Publications Inc., Plano, Texas, 1987; and R. Mattesich, Modern Accounting Research: History, Survey, and Guide, The Canadian Certified General Accountants Research Foundation, Vancouver, BC, Canada, 1984. S. Zeff and T. Keller (eds.), Financial Accounting Theory, third edition, McGraw-Hill, New York, 1985.
“Systematic ‘Abnormal’ Returns After Quarterly Earnings Announcements”, Journal of Financial Economics 6, June/September, 1978, 127-150.
"The Time Series of Annual Accounting Earnings", with Richard Leftwich, Journal of Accounting Research 15, Autumn, 1977, 253-271.
"Corporate Financial Statements, A Product of the Market and Political Processes", Australian Journal of Management 2, April, 1977, 53-75. Reprinted in: R. Ball and C. Smith (eds.), The Economics of Accounting Policy Choice, McGraw-Hill, New York, NY, 1992; J.R.Edwards (ed.), The History of Accounting – Critical Perspectives on Business and Management, Routledge, UK, 2000.
B. Full-length Academic Articles (continued)
"Income Variations and Balance Sheet Compositions", with Ray Ball and Baruch Lev, Journal of Accounting Research 14, Spring, 1976, 1-9.
"The Information Content of Dividends", Journal of Business 46, April, 1973, 191-211; Abstracted in the C.F.A. Digest, Spring, 1973, 191-211.
"Some Time Series Properties of Accounting Income", with Ray Ball, Journal of Finance 27, June, 1972, 663-681; Abstracted in the C.F.A. Digest, Spring 1973.
"Using Time Series Models to Assess the Significance of Accounting Changes", with Nicholas Dopuch, Journal of Accounting Research 10, Spring, 1972, 180-194.
C. Academic Comments and Replies and Professional Level Articles
“Discussion of Financial Reporting Discretion and Voluntary Disclosure: Corporate Research and Development Expend