Doron Nissim

Doron Nissim
Ernst & Young Professor of Accounting and Finance
Columbia University - Graduate School of Business
3022 Broadway, Uris Hall Room 604
New York, NY 10027
dn75@columbia.edu
(212) 854-4249
http://www.columbia.edu/~dn75
Assistant: Terrance Gabriel ttg1@columbia.edu (212) 854-3717
Assistant: Kathleen Brucas kb2554@columbia.edu (212) 854-0183
Accounting Division: http://www.gsb.columbia.edu/divisions/accounting

Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. In 2014, he was reappointed as the Chair of the Accounting Division, after previously serving as the chair from 2006 to 2009.

Professor Nissim’s research is primarily in the areas of equity valuation, fundamental analysis, and earnings quality. His studies investigate various issues related to fundamental and relative (price multiple) valuation, corporate and personal taxes, market efficiency, reliability and relevance of financial disclosures, corporate finance, and financial institutions. Professor Nissim’s research has been published in such internationally acclaimed accounting and finance journals as the Journal of Finance, the Journal of Accounting Research, the Accounting Review, the Review of Accounting Studies, Contemporary Accounting Research, and Journal of Banking and Finance, as well as in practitioner-oriented journals such as the Financial Analysts Journal and The Journal of Financial Perspectives. Professor Nissim’s research is frequently cited in the popular press, including The Wall Street Journal, Time, The New York Times, Bloomberg, Chief Executive Magazine, The Economist, and the International Herald Tribune. Professor Nissim served as an editor of the Review of Accounting Studies from 2006 to 2013, and he currently serves as the director of The Initiative on Banking and Finance in the Program of Financial Studies at Columbia Business School.

At Columbia Business School, Professor Nissim teaches MBA, EMBA and PhD courses in financial accounting, earnings quality, fundamental analyses, valuation, and research methods. In 2009 professor Nissim developed a class titled “Earnings Quality and Fundamental Analysis,” which has become one of the most highly attended courses at Columbia Business School and has been recognized by the school’s Teaching Curriculum Committee as “an excellent, carefully constructed course which provides students with valuable insights and lasting concepts.”

Professor Nissim serves as the director of two executive education programs: Financial Analysis and Valuation, and Finance and Accounting for the Non-financial Executive. He also teaches in other open enrollment and custom executive education programs.

Professor Nissim consults extensively, both to buy- and sell-side firms as well as to other entities. His consulting focuses on equity valuation, fundamental analysis, earnings quality, investment management, and financial institutions.

Professor Nissim has received several honors and awards, including a prize from the Financial Executive Research Foundation for “the article from those published in the Accounting Review, which had the greatest import for users and preparers of financial reports;” Morgan Stanley Award for Contributions to the Development of ModelWare Core Strategies; two nominations for the Brattle Prize at the Journal of Finance (outstanding paper in corporate finance); and two teaching awards: Columbia Business School Dean’s Award for Teaching Excellence in a Core Course, and Columbia Business School Dean’s Award for Teaching Excellence.

Curriculum Vitae

PUBLICATIONS

"Ratio Analysis and Equity Valuation: From Research to Practice" (with Stephen H. Penman), Review of Accounting Studies 6, 109-154 (2001).
"Dividend Changes and Future Profitability"(with Amir Ziv), Journal of Finance 56, 2111-2134 (2001).
"Equity Valuation Using Multiples" (with Jing Liu and Jacob Thomas), Journal of Accounting Research 40, 135-172 (2002).
"Valuation of the Debt-Tax Shield" (with Deen Kemsley), Journal of Finance 57, 2045-2074 (2002).
"Discussion of the Role of Volatility in Forecasting," Review of Accounting Studies 7, 217-227 (2002).
"Reliability of Banks' Fair Value Disclosure for Loans," Review of Quantitative Finance and Accounting 20, 355-384 (2003).
"Debt Issue Costs and Issue Characteristics in the Market for U.S. Dollar Denominated International Bonds" (with Arie Melnik), European Finance Review 7, 277-296 (2003).
“Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios”(with Stephen Penman), Review of Accounting Studies 8, 531-560 (2003).
"Discussion of Reactions to Dividend Changes Conditional on Earnings Quality," Journal of Accounting, Auditing and Finance , 153-161 (Winter 2003).
“The Association between Changes in Interest Rates, Earnings and Equity Values” (with Stephen Penman), Contemporary Accounting Research 20, 775-804 (2003).
“Taxable Income, Future Earnings, and Equity Values” (with Baruch Lev), The Accounting Review 79(4), 1039-1074 (October 2004).
"Issue Costs in the Eurobond Market: The Effects of Market Integration” (with Arie Melnik), Journal of Banking and Finance 30, 157-177 (2006).

"The Persistence of the Accruals Anomaly" (with Baruch Lev), Contemporary Accounting Research 23(1), 193-226 (2006).

"Is Cash Flow King in Valuations?" (with Jing Liu and Jacob Thomas), Financial Analysts Journal 63(2), 56-68 (2007).

"Managerial Discretion and the Economic Determinants of the Disclosed Volatility Parameter for Valuing ESOs" (with Eli Bartov and Partha Mohanram), Review of Accounting Studies 12(1), 155-179 (2007).

“Fair Value Accounting in the Banking Industry” (coordinated by Stephen Penman), Center for Excellence in Accounting and Security Analysis (2007).

"Is Cash Really King in Valuations, or Do Earnings Trump all?" Columbia Business School Ideas @ Work (August 2007).

“On the Informational Usefulness of R&D Capitalization and Amortization” (with Baruch Lev and Jacob Thomas), in Visualising Intangibles: Measuring and Reporting in the Knowledge Economy, Chapter 5, 97-128, Ashgate Publishing (2008).

“Principles for the Application of Fair Value Accounting” (with Stephen Penman), Center for Excellence in Accounting and Security Analysis (2008).

"Using Fair Value Accounting, Fairly" (with Stephen Penman), Columbia Business School Ideas @ Work (April 2008)

"Line-Item Analysis of Earnings Quality" (with Nahum Melumad), in Foundations and Trends in Accounting 3(2-3) 87-221 (2009).

“ModelWare’s Approach to Intrinsic Value: Focusing on Risk-Reward Trade-offs” (with Trevor Harris and Juliet Estridge), in Equity Valuation: Models from Leading Investment Banks, edited by Jan Viebig, Thorsten Poddig and Armin Varmaz, Part IV, 193-252, Wiley Publishing (2009).

"Analysis and Valuation of Insurance Companies," Center for Excellence in Accounting and Security Analysis (2010).

"Valuing Insurance Companies", Columbia Business School Ideas @ Work (March 2012)

"Accounting and Systemic Risk" (with Trevor Harris and Robert Herz), Columbia Business School Ideas @ Work (April 2012)

"Regulatory Uncertainty Hurts Bank Stocks, Stifles Economy" (with Charles Calomiris), American Banker 178(64), 8 (April 25, 2013)

"A Better Standard for Credit Risk" (with Trevor Harris and Urooj Khan), Columbia Business School Ideas @ Work (April 2013)

"Relative Valuation of U.S. Insurance Companies," Review of Accounting Studies 18(2) 324-359 (2013).

"Accounting's Role in the Reporting, Creation, and Avoidance of Systemic Risk in Financial Institutions" (with Trevor Harris and Robert Herz), in Handbook of Systemic Risk, Chapter 32, 918-964 (2013).

"Implied Cost of Equity Capital in the U.S. Insurance Industry," Journal of Financial Perspectives 1 1-17 (2013).

"Crisis-Related Shifts in the Market Valuation of Banking Activities" (with Charles Calomiris), in Journal of Financial Intermediation 23(3) 400-435 (2014).

UNPUBLISHED MANUSCRIPTS

"R&D Costs and Accounting Profits" (with Jacob Thomas), Columbia University (2000).
"Institutional Ownership, Cost of Capital, and Corporate Investment" (with Baruch Lev), Columbia University (2003).
"Fair Value Accounting and Its Application to Financial Institutions" (with Stephen Penman), monograph prepared at the request of Morgan Stanley (2003).
"Personal Dividends and Capital Gains Taxes: Further Examination of the Signaling Bang for the Buck" (with Deen Kemsley and Michael Williams), Columbia University (2004).
"Convergence Trends for Profitability and Payouts" (with Trevor Harris), Columbia University (2004).
"The Information Content of Dividend Decreases: Earnings or Risk News?" Columbia University (2005).
"The Differential Value Implications of the Profitability and Investment Components of Earnings" (with Trevor Harris), Columbia University (2006).
"Activity-based Valuation of Bank Holding Companies" (with Charles Calomiris), NBER Working Paper 12918 (2007).
"Accounting for Marketing Activities: Implications for Marketing Research and Practice" (with Natalie Mizik), Marketing Science Institute Working Paper Series 11-103 (2011).
"The Persistence of Price, Volume, Cost and Productivity Effects: Industry-Level Analysis" (with Nahum Melumad and Marc Badia), Columbia University (2013).

WORKING PAPERS

Please see vitae