Address: Stern School of Business
New York University
40 West 4
th Street, Suite 433
New York, NY 10012-1118
(212) 998-0065
1150 Park Avenue
Apt. # 7E
New York, N.Y. 10128
(212) 987-8682
Personal Information: Born August 23, 1943
U.S. Citizen



Ph.D. 1972 University of California, Berkeley, Business Admin.

M.B.A. 1968 University of California, Berkeley, Business Admin.


 Academic Interests

Financial Accounting Theory; Financial Statement Analysis; Equity Valuation; Capital Market Theory.

Teaching Experience

Primarily in financial accounting, all levels: undergraduate, M.B.A. level, Ph.D. level, professionals. Ph.D. level has involved both theory (with emphasis on the economics of information in partial and general equilibrium) and empiricism (with emphasis on statistical/econometric methods).

Administrative Experience

Field Advisor, Ph.D. Program in Accounting, University of California, Berkeley, 1976-1980.
Chairman of the Accounting Group, University of California, Berkeley, 1984 - 1987.
Chairman, Doctoral Program, Graduate School of Business, Columbia University, 1992-1998.
Chairman of the Accounting Group, Columbia University, 1994 - 1996.

Academic Activities

Referee work for numerous academic journals in Accounting, Finance, Economics and Management Science:

Journal of Economic Theory, International Economic Review, Management Science, Journal of Financial and Quantitative Analysis, The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Contemporary Accounting Research, Journal of Finance, Journal of Financial Management, Journal of American Statistical Association, Decision Sciences, Journal of Mathematical Programming, International Economic Review, California Management Review, Contemporary Accounting Research, Journal of Econometrics, Journal of Political Economy, Review of Accounting Studies, Journal of Accounting, Auditing and Finance, Journal of Financial Statement Analysis.

Editorial Board Member:

The Accounting Review (1977-1980); Journal of Accounting and Economics, 1979-1992; Journal of Accounting Research, 1982-present; Contemporary Accounting Research, 1985-present; Journal of Accounting, Auditing, and Finance, 1986-1996; The Accounting Review (1990-1991); Review of Quantitative Finance and Accounting (1990-present); Review of Accounting Studies (1994-present); The British Accounting Review (1995-present).

Distinguished Visiting Faculty Appointments:

American Accounting Association's Doctoral Consortium, August 1981, Chicago. American Accounting Association's Doctoral Consortium, August 1986, New Brunswick. London School of Economics, June 1988. American Accounting Association's Doctoral Consortium, Lake Tahoe, August 1990. American Accounting Associations Big - 10 Doctoral Consortium, Columbus, May 1993. London School of Economics, B.P. - L.S.E. Centenial Visiting Professor, Fall 1993. American Accounting Association Big - 10 Doctoral Consortium, May 1994, Minneapolis

Prizes and Awards:

American Accounting Association's Notable Contribution to the Literature Award, 1995.

Honorary Doctorate Degree, Stockholm School of Economics, October 1996.

American Accounting Association=s Educator of the Year Award, 1998.

American Accounting Association=s Wildman Award, 1998.

AICPA/AAA Notable Contributions Award for 2000.

Distinguished Visiting Lectures:

"Information and Asset-Valuation"
University of Michigan, Ann Arbor, May 26-28, 1982.

"The Stock Market's Valuation of Oil and Gas Properties"
olumbia University's Energy Forum, April 6-8, 1984, Arden House, New York.

"On the Nature of Income Measurement"
First International Accounting Conference, December 12-18, 1984, Kuwait City, Kuwait.

"Accounting Disclosures and the Market's Valuation of Oil and Gas Stocks"
Berkeley Finance Program, Silverado, CA, September 22, 1986.

"The Theory of Security Valuation"
University of Florida, May 1988.

"The Theory of Security Valuation and Accounting Data"
McMaster University, February 1989.

"The Theory of Security Valuation and Accounting"
University of Southern California, February 1990.

"The Theory of Security Valuation and Accounting"
University of Waterloo, October 1990.

"The Role and Relevance of Accounting Data in Security Valuation"
Texas Christian University, February 1991.

"Market Based Accounting Research - Issues and Directions"
Ulun Germany, February 1992.

"Accounting Theory and Value"
University of Michigan, June 1992.

"Accounting Theory and Security Valuation"
University of Wisconsin, July 1992.

"Accounting Theory and Security Valuation"
Manchester University, United Kingdom, July 1992.

"The Value of a Firm's Equity and Anticipated Realizations of Accounting Data"
Norwegian School of Business Administration, Bergen, October 1993.

"The Economics of Accrual Accounting versus Cash Flows in Financial Analysis"
London School of Economics, BP Lectures, November 1993.

"Financial Statements and the Economics of a Firm's Equity Value"
London School of Economics, BP Lectures, November 1993.

"Accounting Data and Equity Value"
Hong Kong University of Science and Technology, July 1995.

"Accounting Data and Equity Value"
National Chengchi University, Taipei, Taiwan, July 1995.

AThe Theoretical Defense of Historical Cost Accounting@
London School of Economics, P.D. Leake Public Lecture, March 1997.

AAccounting Data and Equity Valuation@
Oxford University, P.D. Leake Lecture, March 1997.

AHistorical Cost Accounting and Its Relevance for Equity Valuation,@
Tsinghua University, Beijing, China, July 1997.

AThe Expected Earnings Payback Criterion: The Virtue of Simplicity@
Norweigan School of Economics, Bergen, Norway, January 1998.

"Fundamental Values and Stock Prices - When do they Converge"
Stockholm School of Economics, October 1998.

"Can Finance Really do Without Accounting?"
Keynote Speaker, German Finance Association, Aachen, Germany, July 1999.

Invited State-of-the-Art Lecture: "Market-Based Empirical Research in Accounting: Review, Interpretation and Extension." April 30, 1982, University of Chicago, Chicago (with Baruch Lev).

Chairman (and Organizer) Berkeley Finance Program, Seminar on "Recent Evidence on the Efficient Market Hypothesis," Monterey, CA, March 22-24, 1982. Speakers included leading academic experts and three panelists from the professional community; participants were professionals from major investment-advisory institutions.

Papers have been presented at major universities across the U.S., Canada, Europe, Australia, and Asia M.I.T.; McGill; Chicago; Duke; Ohio State; Minnesota; Iowa; Carnegie-Mellon; U.C.L.A.; British Columbia; Stanford; Alberta; Michigan State; Washington University (St.Louis); Arizona; Alabama; Vanderbilt; SUNY at Buffalo; Texas at Austin; Northwestern; Stockholm School of Economics (Sweden); New York University; U.C. Santa Barbara; Purdue University; Michigan; Texas at Dallas; Harvard; Yale; Rochester; Florida (Gainesville); Baruch College; Columbia; Pennsylvania (Wharton); Southern California; Oregon; Washington (Seattle); McMaster; Illinois (Champaign); Drexel; Tulane; Temple; Rutgers (Newark); London School of Economics; Boston College; Strathclyde (Glasgow); Georgetown; Tel Aviv; Texas Christian; Wisconsin (Madison); The Hebrew University (Jerusalem); Macquarie (Sydney); Waterloo; Nebraska; Manchester (U.K.); Calgary; INSEAD (France); Odense (Denmark), Bergen (Norway), Imperial (U.K.), Essex (U.K.), Lancaster, (U.K.), Manchester Institute of Science and Technology, (U.K.); Gothenberg (Sweden); Lund (Sweden); Orebro (Sweden); Helsinki (Finland); Hitotsubashi (Japan); Tokyo (Japan); Osaka (Japan); Hong Kong University of Science and Technology; Chengchi (Taiwan); Houston; Rutgers (Camden); Oxford (U.K.); Tsinghua (China); Oklahoma; American Finance Association Meetings; American Accounting Association Meetings.

Doctoral courses taught at U.C. Berkeley, University of British Columbia, Columbia University, University of Florida, University of Texas (Austin), and Stockholm School of Economics.

Dissertation Committees

As Chairperson:

As Member:

Professional Activities

Consulting work involving equity valuation.



Supplied upon request.