VITA

Paul Zarowin
New York University
Leonard N. Stern School of Business
Associate Professor
Accounting Department
pzarowin@stern.nyu.edu
212-998-0015

B.A. 1977 - University of Pennsylvania, Faculty of Arts and Sciences
M.B.A 1981 - University of Chicago, Graduate School of Business
Ph.D. 1985 - University of Chicago, Graduate School of Business

Dissertation: "Empirical Evidence on the Tax Effects of Inflation"

I. Academic Experience

1985 - 1989 Assistant Professor, New York University, Leonard N. Stern Graduate School of Business Administration

1989 - Present Associate Professor, New York University, Leonard N. Stern Graduate School of Business Administration

Spring, 1991 granted tenure by New York University

II. Publications

1. “Non-Linearities And Nominal Contracting Effects: The Case of The Depreciation Tax Shield”, Journal of Accounting and Economics, April, 1988, 89-110.

2. “Short-Run Stock Market Overreaction: Evidence of Size and Seasonality Effects”, Journal of Portfolio Management Spring, 1989 26-29.

3. “The Mode of Corporate Diversification: Internal Ventures vs. Acquisitions” (with R. Amit and J. Livnat) Managerial and Decision Economics, June 1989, 89-100.

4. “Does the Stock Market Overreact To Corporate Earnings Information?” Journal of Finance, December 1989,1385-1399.

5. “A Classification Of Mergers and Acquisitions By Motives: Analyses Of Market Responses” (with R. Amit and J. Livnat). Contemporary Accounting Research, Fall 1989, 143-158.

6. “What Determines Earnings - Price Ratios: Revisited” Journal of Accounting, Auditing, and Finance,Summer 1990, 439-457.

7. “Size, Seasonality and Stock Market Overreaction” Journal of Financial and Quantitative Analysis, March 1990, 113-124.

8. “The Incremental Information Content of Cash Flow Components” (with J. Livnat) Journal of Accounting and Economics, May 1990, 25-46.

9. “Accounting Implications of Corporate Diversification” (with R. Amit and J. Livnat) Management Science,May 1991, 532-545.

10. “The Role of Earnings Levels in Annual Earnings-Returns Studies” (with Ashiq Ali) Journal of Accounting Research, Autumn 1992, 286-296.

11. “Permanent Versus Transitory Components of Annual Earnings and Estimation Error in Earnings Response Coefficients” (with Ashiq Ali) Journal of Accounting and Economics, 1992, 249-264.

12. “On the Ability of the Classical Errors in Variables Approach to Explain Earnings Response Coefficients and R2's in Alternative Valuation Models”, (with Stephen Ryan), Journal of Accounting, Auditing, and Finance, Fall, 1995, pgs. 767-786

13. “Dividend Policy and Permanence of Earnings”, (with Roger Kormendi), Review of Accounting Studies, 1, 141-160, 1996

14. “The Boundaries of Financial Reporting and How to Extend Them” (with Baruch Lev), Journal of Accounting Research, Autumn, 1999, 353-385

15. “Discussion of ‘Intangible Assets and Equity Valuation in the Pre-SEC Era’ ”, Journal of Accounting Research, Supplement,1999

16. “Corporate Disclosure Policy and the Informativeness of Stock Prices” (with David Gelb) Review of Accounting Studies, 2002, 33-52

17. “Why Has the Contemporaneous Linear Returns-Earnings Relation Declined?” (with Stephen Ryan) Accounting Review, April, 2003, 523-553

18. “Does Greater Firm-specific Return Variation Mean More or Less Informed Stock Pricing?” (with Artyom Durnev, Randall Morck, and Bernard Yeung), Journal of Accounting Research, December, 2003, 797-836

Chapter in Book: Intangible Assets (Oxford University Press), edited by John Hand and Baruch Lev, includes a condensed version of Lev & Zarowin, Journal of Accounting Research, 1999

Chapter in Monograph: “Financial Reporting for Intangibles” (paper prepared for Brookings Institution Task Force on Intangibles)

III. Working Papers

1. “Does Income Smoothing Make Stock Prices More Informative?”

2. “The Impact of SFAS No. 131 Business Segment Data on the Market’s Ability to Anticipate Future Earnings” (with Michael Ettredge, Soo Young Kwon, and David Smith)

3. “Capitalization of R&D and the Informativeness of Stock Prices” (with Dennis Oswald)

4. “The Classification and Market Pricing of Banks’ Cash Flows and Accruals” (with Stephen Ryan and Jenny Tucker)

IV. Research in Progress

1. “The Impact of Analyst Coverage Initiation on the Market’s Ability to Anticipate Future Earnings” (with Nont Dhiensiri and Akin Sayrak)

V. Awards
New York University Presidential Fellowship, 1987-1988.
Peat Marwick National Research Fellowship 1988-1989
Glucksman Institute Fellowship 1989-1990
Peat Marwick Faculty Fellow 1990-1993

VI. Courses Taught
Financial Reporting and Analysis
Financial Accounting - MBA Core
Financial Accounting - Introductory, Intermediate, Ph.D. Seminar
Financial Statement Analysis
Accounting for Lawyers (NYU Law School)

VII. Service

1. Department
Member of Numerous Doctoral Dissertation Committees
Member of Department's Chairman Search Committee
Organized Department's Research Seminar Series 1988-89,1989-90
Department Recruitment Committee, 1991-1994
2. Stern School
Stern School Ph.D. Committee, 1994-1996
Chair, Stern School Undergraduate Program Committee, 1996-1999
Ross Institute Board, 1997-present

3. Profession
Editorial Boards: Contemporary Accounting Research, Journal of Accounting, Auditing, and Finance, Review of Quantitative Finance and Accounting, International Journal of Accounting

Anonymous Reviewer for:
The Accounting Review
American Accounting Association
Contemporary Accounting Research
Journal of Accounting and Economics
Journal of Accounting, Auditing, and Finance
Journal of Accounting and Public Policy
Journal of Accounting Research
Journal of Finance
Journal of Financial Statement Analysis
Journal of Financial and Quantitative Analysis
Review of Accounting Studies

VIII. Professional Activities: Brookings Institution Task Force on Intangibles