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).
- “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).
- "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).
- "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).
- "The Expected Rate of Credit Losses on Banks' Loan Portfolios" (with Trevor Harris and Urooj Khan),
in The Accounting Review 93(5), 245-271 (2018).
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).
- "Growth, Profitability and Equity Value" (with Meng Li),
Columbia University (2014).
- "Profitability Decomposition and Operating Risk" (with Meng Li and Stephen Penman),
Columbia University (2014).
- "Leases and Operating Capacity" (with Meng Li),
Columbia University (2015).
WORKING PAPERS & MONOGRAPHS
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