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

Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. He was granted tenure in 2005, and full professorship in 2007. He served as the Chair of the Accounting Division during the years 2006-2009 and 2014-2016.

Professor Nissim's research is primarily in the areas of earnings quality, fundamental analysis, equity valuation, financial institutions, and corporate finance. His studies have 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 Insurance in the Program for 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, investment management, and research methods. He also serves as the director of two executive education programs: Financial Analysis and Valuation, and Finance and Accounting for the Non-financial Executive, and he teaches in several 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).

“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).

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

Please see vitae