Doron Nissim

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)"
• "Advanced Management Program"
• "New York-Presbyterian Finance and Accounting" (custom program)
• "U.S. Army Finance and Accounting" (custom program)

Webinars

• "Basics of Financial Accounting"
• "A Deep Dive Into Earnings Quality"

Working Papers & Monographs

• "Earnings Quality, Fundamental Analysis and Valuation"
• "EBITDA, EBITA, or EBIT?"
• "The Valuation Implications of Overproduction"
• "Terminal Value"
• "Valuing Minority Interests"
• "Mandatory Disclosure and Takeovers: Evidence from Private Banks" (with Urooj Khan and Jing Wen)
• "Steady-state Growth"
• "Special Items: Implications for Forecasting"
• "Reformulated Financial Statements"
• "Profitability Analysis"
• "Right-of-Use Assets"
• "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 , 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 (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), in 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 (forthcoming 2023).

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).