The no-arbitrage principle implies that expected real cash flows — not earnings estimates — should determine asset prices. So why do earnings announcements move markets, while cash flow news is all but ignored?
Donald Lehmann discusses Managing Customers as Investments, a new book in which he and coauthor Sunil Gupta explain how to calculate and apply customer lifetime value.
Doron Nissim and Stephen Penman explain why a new market-based approach to valuation may not be the best one for all industries.
Business academics must train the next generation of managers, financial analysts and investment bankers to understand the critical difference between profit and profitability.
After conducting a survey of very large corporations around the world, I discovered that a standard of best practices for employing risk management within a governance structure does not yet exist.
By bringing transparency into the underlying fundamentals and risk characteristics of a business, regulators will be able to provide a more accurate and complete assessment of the related fundamentals and risks, says Professor Trevor Harris.
Stephen Penman explains how shareholder value accounting, an approach designed to accurately track the value of shareholders’ assets and liabilities, differs from traditional accounting methods.
What are some of the basic assumptions made in financial reporting? A new paper from the Center for Excellence in Accounting and Security Analysis challenges the existing model.
Do laws or the marketplace motivate firms to release information about their behavior?
Forecast U.S. earnings are the closest proxy for share price when compared with actual financial statement variables. But do earnings beat forecast cash flows and dividends in an international sample?
Heightened disclosure requirements and increased corporate scrutiny are making it less likely for senior executives of poorly performing companies to receive handsome compensation packages.
Fallout from the financial crisis has assumed complex proportions, but its origins, Trevor Harris argues, are far less complicated.
Giving shareholders a say may not have as much impact on executive compensation as investors would like.
Satyam's auditors were responsible for proactive audit work which they, by their own admission, did not conduct. A close look at the company's balance sheet shows why.
Differentiating between productivity-driven growth and investment-driven growth leads to a profitable trading strategy.
The accounting scandal of Satyam, one of India's largest outsourcing companies, seriously hurts investor confidence, not only for India but worldwide, says Professor Sudhakar V. Balachandran.
By adding quantitative discipline to their number crunching, financial analysts may avoid the psychological biases that can lead to judgment errors.
Investors can look to a firm's effective tax rate to yield clues to future earnings.
The SEC's vote for international accounting standards could make it easier for investors to compare companies.
At Friday's community forum, Professors Paul Glasserman, Trevor Harris and Hitendra Wadhwa discussed how the crisis should shape future policy measures and how a positive outlook can allow us to make better decisions.
Internal discounts for buying divisions within companies may enhance the efficiency of market-based transfer pricing.
When the stock market heads south do you ignore your bank account balance? Professor Nachum Sicherman discusses his research on the links between the ups and downs of the market and consumer behavior.
“Did you know Alan Greenspan was a great saxophone player?” said Professor Julian Yeo. “He toured with Henry Jerome and his orchestra after high school.”
As many companies file their financial results this year, they will face the challenge of implementing FASB’s new 800-pound gorilla: recording assets and liabilities at fair value.
This is a test.
Risk disclosure decisions can have a direct impact on a firm’s cost of capital. When is it in managers’ best interests to voluntarily reveal information about firm-specific risk?
The Treasury has appointed a new overseer for executive compensation. How does this affect the debate on CEO pay? Accounting professor Sudhakar V. Balachandran shares his thoughts.
Professors Ray Fisman and Sudhakar Balachandran share their thoughts on the practice of using peer comparison to set executive compensation packages.
Will the new credit card legislation fundamentally change the way consumers use credit or the way lenders dole it out? Assistant finance professor Enrichetta Ravina discusses the behavior of credit cardholders.
Today, capturing and delivering customer value requires a laser-effective marketing strategy. Strategic Marketing Management focuses on the nimble...
In today's economy, it has become more important than ever to be able to identify red flags in financial statements. Every executive needs to be able...
“We are optimistic that in the wake of the worst financial crisis in our lifetime, policymakers will embrace bold reform,” Dean Glenn Hubbard said, speaking on behalf of the committee. Read more...
Doron Nissim, associate professor of accounting, has won Baruch College’s Stan Ross Department of Accountancy Prize for Outstanding Academic Contribution to Practice. Read more...
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Columbia Business School is pleased to announce eight new members have joined the faculty for the 2009-10 academic year. Read more...
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Prof. Trevor Harris weighs in on the rules governing how banks value securities. Read more...
Prof. Partha Mohanram explains how leverage looks on a balance sheet. Read more...
In this op-ed, Prof. Sudhakar V. Balachandran takes a critical look at executive compensation. Read more...
In this op-ed Prof. Partha Mohanram explains why the balance sheet deserves more attention. Read more...
“The core is essential to preparing our students to analyze, decide and lead in an increasingly complex and global business environment,” said Dean Glenn Hubbard. Read more...
Professor Julian Yeo was chosen by the graduating EMBA Class of 08 to be the faculty keynote speaker for their recognition ceremony on Saturday, May 17th, 2008. He was also the recipient of the 2008 EMBA Commitment to Excellence award for Excellence in Teaching. Read more...
Download the article. Read more...
On Thursday, October 11, 2007, the Center on Japanese Economy and Business and the Japan Business Association of Columbia Business School cosponsored a zadankai (roundtable discussion) entitled “Issues in Japanese Pension Fund Management” Read more...
In October, Columbia Business School launched the Center for Excellence in Accounting and Security Analysis (CEASA) Read more...
Prof Julian Yeo was selected as one of the finalists for the 2007 Presidential Awards for Outstanding Teaching. Read more...
Professor Bjorn Jorgensen was recipient of the 2005-2006 Faculty Mentoring Award for the affiliated schools in the Graduate School of Arts and Sciences, representing the best in PhD sponsorship. Read more...
Professor Sudhakar Balachandran was recipient of the 2006 Dean’s Award for Teaching Excellence in a Core Course. Read more...
Professor Andrew Schmidt wins Outstanding Tax Dissertation Award Read more...
Prof. Doron Nissim has won the Stan Ross Department of Accountancy Prize Read more...
Professor Mohanram's work discussed Read more...
Fair Value Project Roundtable Discussion Read more...
Dean Glenn Hubbard examines effects of the corporate tax on the economy. Read more...
Roundtable Discussion: Fair Value and the Banking Industry Read more...
Academic Roundtable Discussion: Fair Value Project Read more...
Ethical Corporation conference in New York, May 2006 Read more...
The Center for Excellence in Accounting and Security Analysis (CEASA) released its inaugural white paper on accounting for employee stock options and stock-related claims. Read more...
Commissioners Paul Atkins and Harvey Goldschmid of the Securities and Exchange Commission (SEC) join Dean Hubbard in a panel discussion. Read more...
A number of organizations presented CBS faculty members with awards in recognition of achievement within their fields. Read more...
To learn more about the Center's activities, please reference our annual reports. Read more...
Read the paper online. Read more...
