Doron Nissim

Doron Nissim
Ernst & Young Professor of Accounting and Finance
Columbia University - Graduate School of Business
[email protected]
(212) 854-4249
http://www.columbia.edu/~dn75
Additional contact at Columbia Business School (Director of Administration - Accounting): Terrance Gabriel [email protected] (212) 854-3717

Doron Nissim is the Ernst & Young Professor of Accounting & Finance in the Graduate School of Business, Columbia University. He also serves as co-director of Columbia’s Center for Excellence in Accounting and Security Analysis. Professor Nissim earned a Ph.D. from the University of California, Berkeley in 1998. His research is in the areas of earnings quality, fundamental analysis, equity valuation, financial institutions, and corporate finance. He has published widely in finance and accounting journals, including the Journal of Finance, The Accounting Review, Journal of Accounting Research, Review of Accounting Studies, Contemporary Accounting Research, Journal of Financial Intermediation, Journal of Banking and Finance, Financial Analysts Journal, Accounting Horizons, and The Journal of Fixed Income. Professor Nissim served as an editor of the Review of Accounting Studies from 2006 to 2013. He has taught various courses in financial reporting, fundamental analysis, and valuation, and has directed six executive education programs in these areas. For more than 20 years, Professor Nissim has consulted extensively, primarily for asset managers and other financial institutions. He has received several honors and awards, including the 2021 AAA/Deloitte Foundation Wildman Medal Award for “the most significant contribution to the advancement of the practice of public accountancy,” the 2005 Financial Executives Research Foundation Award for “outstanding academic contribution to practice,” Morgan Stanley Award for “contributions to the development of ModelWare Core Strategies,” Best Discussion Award at the Review of Accounting Studies, two nominations for the Brattle Prize at the Journal of Finance for “outstanding paper on corporate finance,” and two teaching excellence awards: Columbia Business School Dean’s Award for Teaching Excellence in a Core Course (2001), and Columbia Business School Dean’s Award for Teaching Excellence (2011).

Curriculum Vitae

EXECUTIVE EDUCATION PROGRAMS

"Financial Analysis and Valuation"
"Finance and Accounting for the Nonfinancial Executive"
"Finance and Accounting for the Nonfinancial Professional (online)"
"Advanced Financial Statement Analysis (online)"
"Financial Planning and Analysis (online)"
"Chief Investment Officer Program"
"Emerging Chief Human Resources Officer"
"Executive Development Program: Leading Into the Future"
"NewYork-Presbyterian Finance and Accounting" (custom; repeated offering)
"U.S. Army Finance and Accounting" (custom; repeated offering)

WEBINARS

WORKING PAPERS & MONOGRAPHS

"Earnings Quality, Fundamental Analysis and Valuation"
"The Valuation Implications of Overproduction"
"Terminal Value"
"Valuing Minority Interests"
"Interest Rate Sensitivities, Firm Growth Rates, and Stock Returns" (with Sehwa Kim and Min Jun Song)
"Steady-state Growth"
"Special Items: Implications for Forecasting"
"Reformulated Financial Statements"
"Profitability Analysis"
"Normal Tax Rate"
"Equity Risk Premium"
"Steady-state Profitability"
"Relative Valuation of Financial Firms"

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 18(1), 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, Cambridge University Press (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), 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), The Accounting Review 93(5), 245-271 (2018).

"Big Data, Accounting Information, and Valuation", The Journal of Finance and Data Science 8, 69-85 (2022).

"Synthetic Credit Ratings and the Inefficiency of Agency Ratings", The Journal of Fixed Income 33(4), 76-104 (Spring 2024).

"Managers’ Tools to Meet Earnings Management Incentives", (with Kalash Jain), in Handbook on the Financial Reporting Environment (edited by W. Ge, A. Koester, and S. McVay), Chapter 4, 46-66, Edward Elgar Publishing (2025).

"Right-of-Use Assets and the Prediction of Revenue", Accounting Horizons 40 (1): 117–141 (2026).

"Mandatory Disclosure and Takeovers: Evidence from Private Banks" (with Urooj Khan and Jing Wen), The Accounting Review 101 (3): 315–347 (2026).

"EBITDA, EBITA, or EBIT?" Financial Analysts Journal (forthcoming 2026).

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).