CURRICULUM VITAE

ELI BARTOV

Research Professor of Accounting
New York University
Leonard N. Stern School of Business
44 West 4th Street, KMC 10-96
New York, NY 10012
(212) 998-0016

Education:

Ph.D., Business Administration (concentration in Accounting), Graduate School of Business Administration, University of California at Berkeley, 1985 - 1989.

B.A., Accounting and Economics, Faculty of Management and Faculty of Social Sciences, Tel Aviv University, Israel, 1974-1977

Areas of Expertise:

Executive Stock Options

Executive Compensation

Insider Trading

Generally Accepted Accounting Principles (GAAP)

Accounting Fraud

Earnings Management

Earnings Expectations Management

Equity Valuation

Capital Markets' Use of Accounting Information

International Accounting

Financial Accounting

Cost Accounting

Professional Academic Experience:

Professor of Accounting, Leonard N. Stern School of Business, New York University (at Stern since 1992).

Visiting Associate Professor, Anderson Graduate School of Management, UCLA, Fall 1998.

Visiting Assistant Professor, Walter A. Haas School of Business, University of California at Berkeley, Spring 1996.

Assistant Professor, William E. Simon Graduate School of Business Administration, University of Rochester, 1989 - 1992.

Professional Qualifications:

C.P.A certification, 1979.

Professional Business Experience:

Investment management: advising money mangers on financial reporting, analysis, valuation, and quantitative trading strategies, 1996 - Present.

Litigation support: consulting and testifying on issues related to financial reporting, executive compensation, insider trading, and equity valuation in securities fraud cases, contract disputes, and other litigation, 1996 - Present. 

Eli Bartov C.P.A (Israel), self-employed.  I was involved primarily in auditing, tax planning, and designing financial accounting systems for small- to medium-size business organizations, 1979 - 1985.

Sagi & Co. C.P.As (Israel), 1977 - 1979.

Editorial and Other Appointments:

Editorial Board Member - The Accounting Review (2003 - 2005)

Executive Editorial Board Member - International Journal of Disclosure and Governance (2003 - 2006)

Guest Editor - Journal of Accounting Auditing and Finance (Summer 2001 Issue).

Associate Editor - Asia-Pacific Journal of Accounting & Economics (1999-2005).

Associate Editor - Journal of Accounting, Auditing and Finance (1995-Present).

Associate Editor - Journal of Contemporary Accounting & Economics (2005-Present).

Editorial Board Member - Journal of International Financial Management and Accounting (1997-Present).

Panel Member – The Business Studies Panel of the Research Grants Council (RGC) of Hong Kong (2007-Present).

Referee of Grants Applications - Research Grants Council of Hong Kong (1997-2007).

Invited Presentations at Major Universities:

Arizona, Australian Graduate School of Management, British Columbia, California at Berkeley-Haas, Chicago, Cincinnati, City-Hong Kong, Columbia, Cornell, CUNY-Baruch, Duke-Fuqua, Florida State, Georgia State, Hebrew-Israel, Kent State, Minnesota-Carlson, MIT-Sloan, Nanyang Technological-Singapore, Northwestern-Kellogg, New York-Stern, Penn State, Pennsylvania-Wharton, Rochester-Simon, Rutgers-Camden, SUNY at Buffalo, Tel-Aviv-Israel, Texas-Austin, UCLA-Anderson, USC, and Washington St. Louis-Olin.

Citations in the Financial Press:

"Study Shows NYSE-Listed Companies Five Times as Profitable as Non-Listed Firms" The Exchange, Vol. 9(10), October 2002.

"Stocks Are Still an Oasis" The Wall Street Journal, July 25, 2002.

Heard on the Street: "'Pro Forma' Reports Continue Despite Enron." The Wall Street Journal, June 11, 2002.

"Anderson Suitors Bow Out Ernst & Young, Deloitte Scared off by legal Woes." Daily News, March 14, 2002.

"New Leaves: Enron Triggers a Slew of Proposed Fixes, But What will Stick?" The Wall Street Journal, March 7, 2002.

"Don't Blame the Accountant: Some Companies Are Using GAAP To Meet Analysts' Earnings Expectations. But How Much Do Investors Rely On the Accounting Data Anyway?" National Post, March 8, 2001.

"Special Report: GE's Glowing Numbers." Money, November 2000.

"Managing earnings backfires, study finds." Philadelphia Inquirer, August 20, 2000.

"When cash flow is king." SmartMoney.com, November 18, 1999.

Teaching:

Undergraduate: Have taught an introductory financial accounting course.

MBA:  Have taught introductory financial accounting, financial statement analysis, and international accounting & financial statement analysis courses.

Executive MBA:  Have taught introductory financial accounting, international accounting & financial statement analysis, and mergers & acquisitions courses in the U.S., Europe, and Asia.

Ph.D.:  Have taught empirical accounting research courses and served as a member on several dissertation committees

Chairman of Dissertation Committees:

Ertimur, Yonca (Stanford University), “Financial information environment and loss firms.”  (Graduated in 2003, NYU).

Faurel, Lucile (University of California at Irvine), “Market Valuation of Corporate Investments: Acquisitions versus R&D and Capital Expenditures.”  (Graduated in 2008, NYU).

Balakrishnan, Karthik (Wharton School of Business, University of Pennsylvania), “Credit market conditions and economy wide consequences of financial reporting quality.”  (Graduated in 2010, NYU).

Selected Publications:

"Post Loss/Profit Announcement Drift," Journal of Accounting and Economics 50, 2010, pp. 20-41, with Karthik Balakrishnan and Lucile Faurel.

"Discussion of Investor Recognition and Stock Returns," Review of Accounting Studies 13, September 2008, pp. 362-368.

"Managerial Discretion and the Economic Determinants of the Disclosed Volatility Parameter for Valuing ESOs," Review of Accounting Studies 12, March 2007, pp. 155-179, with Doron Nissim and Partha Mohanram.

"Private Information, Earnings Manipulations, and Executive Stock Option Exercises," The Accounting Review 79, October 2004, pp.889 - 920, with Partha Mohanram.

"Discussion of 'investor sophistication and the mispricing of accruals,'" Review of Accounting Studies 8, 2003, pp. 277 - 281.

"Accruals management, investor sophistication, and equity valuation: Evidence from Form 10-Q Filings," Journal of Accounting Research 40, September 2002, pp. 987 - 1012, with Steve Balsam and Carol Marquardt.

"The Rewards for Meeting-or-Beating Earnings Expectations," Journal of Accounting and Economics 33, June 2002, pp. 173 - 204, with Dan Givoly and Carla Hayn.

"Valuation of Internet Stocks - An IPO Perspective," Journal of Accounting Research 40, May 2002, pp. 321 - 346, with Partha Mohanram and Chandra Seethamraju.

"Discretionary Accruals Models and Audit Qualifications," Journal of Accounting and Economics 30, December 2000, pp. 421 - 452, with Ferdinand A. Gul, and Judy S.L. Tsui.

"Investor Sophistication and Patterns in Stock Returns after Earnings Announcements," The Accounting Review 75, January 2000, pp. 43 - 64, with Suresh Radhakrishnan and Itzhak Krinsky. Reprinted in The Psychology of World Equity Markets, edited by Werner De Bondt.  Northampton, MA: Edward Elgar Publishing Ltd.

"Stock Price Behavior around Announcements of Write-Offs," Review of Accounting Studies 3, 1998, pp. 327 - 346, with Frederick W. Lindahl, and William E. Ricks.

"Foreign Currency Exposure of Multinational Firms: Accounting Measures and Market Valuation," Contemporary Accounting Research 14, Winter 1997, pp. 623 - 652.

"Exchange Rate Variability and the Riskiness of U.S. Multinational Firms: Evidence from the Breakdown of the Bretton Woods System," Journal of Financial Economics 42, September 1996, pp. 105 - 132, with Gordon M. Bodnar, and Aditja Kaul. Abstracted in The Journal of Finance 50, July 1995, pp. 949 - 950.

"Alternative Accounting Methods, Information Asymmetry, and Liquidity: Theory and Evidence," The Accounting Review 71, July 1996, pp. 397 - 418, with Gordon M. Bodnar.

"How Naive is the Stock Market's Use of Earnings Information?" Journal of Accounting and Economics 21, June 1996, pp. 319 - 337, with Ray Ball.

"The Earnings Event-Time Seasonal and the Calendar-Time Seasonal in Stock Returns: Naive Use of Earnings Information or Announcement Timing Effect?" Journal of Accounting, Auditing and Finance 10, Fall 1995, pp. 677 - 698, with Ray Ball.

"Firm Valuation, Earnings Expectations, and the Exchange-Rate Exposure Effect," The Journal of Finance 49, December 1994, pp. 1755 - 1785, with Gordon M. Bodnar. Abstracted in The Journal of Finance 49, July 1994, p. 1049, and in The CFA Digest, Spring 1995, pp. 22 - 23.

"The Timing of Asset Sales and Earnings Manipulations," The Accounting Review 68, October 1993, pp. 840 - 855.

"Patterns in Unexpected Earnings as an Explanation for Post-Announcement Drift," The Accounting Review 67, July 1992, pp. 610 - 622.

"Open-Market Stock Repurchases as Signals for Earnings and Risk Changes," Journal of Accounting and Economics 14, September 1991, pp. 275 - 294. Abstracted in The CFA Digest, Winter 1992, pp. 26 - 27.

Comment Letters

to FASB:

"Response to FASB Exposure Draft on Share-Based Payment: An Amendment of FASB Statements No. 123 and No. 95," Accounting Horizons 19, June 2005, pp. 101 - 114.

"Response to FASB Exposure Draft: Accounting Changes and Errors Corrections," Accounting Horizons 18, December 2004, pp. 255 - 261.

"Evaluation of the IASB's Proposed Accounting and Disclosure Requirements for Share-Based Payment," Accounting Horizons 18, March 2004, pp. 65-76.

"Commentary on the IASB's Exposure Draft on Business Combinations," Accounting Horizons 18, March 2004, pp. 55-64.

"Implications of Accounting Research for the FASB's Initiatives on Disclosure of Information about Intangible Assets," Accounting Horizons 17, June 2003, pp. 175 - 185.

"Comments on the FASB’s Proposals on Consolidating Special-Purpose Entities and Related Standards-Setting Issues," Accounting Horizons 17, June 2003, pp. 161 - 173.

"Recommendations on the Disclosure of Nonfinancial Performance Measures," Accounting Horizons 16, December 2002, pp. 353 - 362.

"Evaluation of the FASB's Proposed Accounting and Disclosure Requirements for Guarantors," Accounting Horizons 17, March 2003, pp. 73 - 90.

"Evaluating Concepts-Based vs. Rules-Based Approaches to Standard Setting," Accounting Horizons 17, March 2003, pp. 51 - 58.