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  1. Directory
  2. Faculty
  3. Doron Nissim

Doron Nissim

Ernst & Young Professor of Accounting & Finance
Accounting Division
Doron Nissim
Areas of Expertise
Asset Management, Corporate Finance, Financial Accounting & Auditing, Financial Institutions, Fundamental Investment Analysis
Contact
Office: 1112 Kravis
Phone: (212) 8544249
E-mail: [email protected]
Links
Personal Website
Curriculum Vitae

Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. He was granted tenure in 2005, and full professorship in 2007. He served as the Chair of the Accounting Division during the years 2006–2009 and 2014–2016.

Professor Nissim’s research is primarily in the areas of earnings quality, fundamental analysis, equity valuation, financial institutions, and corporate finance. His studies have been published in such internationally acclaimed accounting and finance journals as the Journal of Finance, the Journal of Accounting Research, the Accounting Review, the Review of Accounting Studies, Contemporary Accounting Research, and Journal of Banking and Finance, as well as in practitioner-oriented journals such as the Financial Analysts Journal and the Journal of Financial Perspectives. Professor Nissim’s research is frequently cited in the popular press, including the Wall Street Journal, Time, the New York Times, Bloomberg, Chief Executive magazine, the Economist, and the International Herald Tribune. Professor Nissim served as an editor of the Review of Accounting Studies from 2006 to 2013, and as the director of the Initiative on Banking and Insurance in the Program for Financial Studies at Columbia Business School from 2015 to 2017.

At Columbia Business School, Professor Nissim teaches MBA, EMBA, MS, and PhD courses in financial accounting, earnings quality, fundamental analyses, valuation, investment management, financial institutions, and research methods. He also serves as the director of two executive education programs—Financial Analysis and Valuation, and Finance and Accounting for the Non-financial Executive—and he teaches in several other open enrollment and custom executive education programs.

Professor Nissim consults extensively, both to buy- and sell-side firms as well as to other entities. His consulting focuses on equity valuation, fundamental analysis, earnings quality, investment management, and financial institutions.

Professor Nissim has received several honors and awards, including a prize from the Financial Executive Research Foundation for “the article from those published in the Accounting Review, which had the greatest import for users and preparers of financial reports,” the Morgan Stanley Award for Contributions to the Development of ModelWare Core Strategies, two nominations for the Brattle Prize at the Journal of Finance (outstanding paper in corporate finance), and two teaching awards: Columbia Business School Dean’s Award for Teaching Excellence in a Core Course, and Columbia Business School Dean’s Award for Teaching Excellence.

Education
BA, University of Haifa, 1991; MS, University of California, Berkeley, 1995; PhD, 1998
Joined CBS
1997

All Activities

  • Research
  • Teaching
  • Awards and Honors
  • Press
  • CaseWorks
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Journal Article
Nissim, Doron
. “Right-of-Use Assets and the Prediction of Revenue.”
Accounting Horizons
(July 16, 2023).
Explore Further about Right-of-Use Assets and the Prediction of Revenue
Journal Article
Harris, Trevor, Urooj Khan , and Doron Nissim
. “The expected rate of credit losses on banks' loan portfolios.”
The Accounting Review
vol.
93
, (January 01, 2018):
245
-
271
.
Explore Further about The expected rate of credit losses on banks' loan portfolios
Journal Article
Calomiris, Charles and Doron Nissim
. “Crisis-Related Shifts in the Market Valuation of Banking Activities.”
Journal of Financial Intermediation
vol.
23
, (January 01, 2014):
400
-
435
.
Explore Further about Crisis-Related Shifts in the Market Valuation of Banking Activities
Download PDF on Crisis-Related Shifts in the Market Valuation of Banking Activities
Journal Article
Calomiris, Charles and Doron Nissim
. “Regulatory Uncertainty Hurts Bank Stocks, Stifles Economy?”
American Banker
vol.
123
, (April 23, 2013):
8
.
Explore Further about Regulatory Uncertainty Hurts Bank Stocks, Stifles Economy?
Journal Article
Nissim, Doron
. “Implied Cost of Equity Capital in the U.S. Insurance Industry.”
The Journal of Financial Perspectives
vol.
1
, (January 01, 2013):
87
-
104
.
Explore Further about Implied Cost of Equity Capital in the U.S. Insurance Industry
Download PDF on Implied Cost of Equity Capital in the U.S. Insurance Industry
Journal Article
Nissim, Doron
. “Relative Valuation of U.S. Insurance Companies.”
Review of Accounting Studies
vol.
18
, (January 01, 2013):
324
-
359
.
Explore Further about Relative Valuation of U.S. Insurance Companies
Journal Article
Nissim, Doron and Nahum Melumad
. “Line-item Analysis of Earnings Quality.”
Foundations and Trends in Accounting
vol.
3
, (January 01, 2008):
87
-
221
.
Explore Further about Line-item Analysis of Earnings Quality
Download PDF on Line-item Analysis of Earnings Quality
Journal Article
Nissim, Doron, Jing Liu, and Jacob Thomas
. “Is Cash Flow King in Valuations?”
Financial Analysts Journal
vol.
63
, (March 01, 2007):
56
-
68
.
Explore Further about Is Cash Flow King in Valuations?
Download PDF on Is Cash Flow King in Valuations?
Journal Article
Bartov, Eli, Partha Mohanram, and Doron Nissim
. “Managerial Discretion and the Economic Determinants of the Disclosed Volatility Parameter for Valuing ESOs.”
Review of Accounting Studies
vol.
12
, (March 01, 2007):
155
-
179
.
Explore Further about Managerial Discretion and the Economic Determinants of the Disclosed Volatility Parameter for Valuing ESOs
Download PDF on Managerial Discretion and the Economic Determinants of the Disclosed Volatility Parameter for Valuing ESOs
Journal Article
Lev, Baruch and Doron Nissim
. “The Persistence of the Accruals Anomaly.”
Contemporary Accounting Research
vol.
23
, (January 01, 2006):
193
-
226
.
Explore Further about The Persistence of the Accruals Anomaly
Download PDF on The Persistence of the Accruals Anomaly
Journal Article
Nissim, Doron and Arie Melnik
. “Issue Costs in the Eurobond Market: The Effects of Market Integration.”
Journal of Banking and Finance
vol.
30
, (January 01, 2006):
157
-
177
.
Explore Further about Issue Costs in the Eurobond Market: The Effects of Market Integration
Download PDF on Issue Costs in the Eurobond Market: The Effects of Market Integration
Journal Article
Lev, Baruch and Doron Nissim
. “Taxable Income, Future Earnings, and Equity Values.”
Accounting Review
vol.
79
, (October 01, 2004):
1039
-
74
.
Explore Further about Taxable Income, Future Earnings, and Equity Values
Download PDF on Taxable Income, Future Earnings, and Equity Values
Journal Article
Nissim, Doron and Stephen Penman
. “Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios.”
Review of Accounting Studies
vol.
8
, (December 01, 2003):
531
-
60
.
Explore Further about Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios
Download PDF on Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios
Journal Article
Nissim, Doron
. “Reliability of Banks' Fair Value Disclosure for Loans.”
Review of Quantitative Finance and Accounting
vol.
20
, (June 01, 2003):
355
-
84
.
Explore Further about Reliability of Banks' Fair Value Disclosure for Loans
Download PDF on Reliability of Banks' Fair Value Disclosure for Loans
Journal Article
Melnik, Arie and Doron Nissim
. “Debt Issue Costs and Issue Characteristics in the Market for U.S. Dollar Denominated International Bonds.”
European Finance Review
vol.
7
, (January 01, 2003):
277
-
96
.
Explore Further about Debt Issue Costs and Issue Characteristics in the Market for U.S. Dollar Denominated International Bonds
Journal Article
Nissim, Doron
. “Discussion of Reactions to Dividend Changes Conditional on Earnings Quality.”
Journal of Accounting, Auditing, and Finance
vol.
18
, (January 01, 2003):
153
-
61
.
Explore Further about Discussion of Reactions to Dividend Changes Conditional on Earnings Quality
Download PDF on Discussion of Reactions to Dividend Changes Conditional on Earnings Quality
Journal Article
Nissim, Doron and Stephen Penman
. “The Association Between Changes in Interest Rates, Earnings, and Equity Values.”
Contemporary Accounting Research
vol.
20
, (January 01, 2003):
775
-
804
.
Explore Further about The Association Between Changes in Interest Rates, Earnings, and Equity Values
Download PDF on The Association Between Changes in Interest Rates, Earnings, and Equity Values
Journal Article
Kemsley, Deen and Doron Nissim
. “Valuation of the Debt-Tax Shield.”
Journal of Finance
vol.
57
, (October 01, 2002):
2045
-
74
.
Explore Further about Valuation of the Debt-Tax Shield
Download PDF on Valuation of the Debt-Tax Shield
Journal Article
Liu, Jing, Doron Nissim , and Jacob Thomas
. “Equity Valuation Using Multiples.”
Journal of Accounting Research
vol.
40
, (March 01, 2002):
135
-
72
.
Explore Further about Equity Valuation Using Multiples
Download PDF on Equity Valuation Using Multiples
Journal Article
Nissim, Doron
. “Discussion of the 'Role of Volatility in Forecasting'.”
Review of Accounting Studies
vol.
7
, (January 01, 2002):
217
-
27
.
Explore Further about Discussion of the 'Role of Volatility in Forecasting'
Download PDF on Discussion of the 'Role of Volatility in Forecasting'
Journal Article
Nissim, Doron and Amir Ziv
. “Dividend Changes and Future Profitability.”
Journal of Finance
vol.
56
, (December 01, 2001):
2111
-
34
.
Explore Further about Dividend Changes and Future Profitability
Download PDF on Dividend Changes and Future Profitability
Journal Article
Nissim, Doron and Stephen Penman
. “Ratio Analysis and Equity Valuation: From Research to Practice.”
Review of Accounting Studies
vol.
6
, (March 01, 2001):
109
-
54
.
Explore Further about Ratio Analysis and Equity Valuation: From Research to Practice
Download PDF on Ratio Analysis and Equity Valuation: From Research to Practice
Working Paper
Kim, Sehwa, Doron Nissim , and Min Jun Song
. Interest Rate Sensitivities, Firm Growth Rates, and Stock Returns. November 01, 2024.
Explore Further about Interest Rate Sensitivities, Firm Growth Rates, and Stock Returns
Download PDF on Interest Rate Sensitivities, Firm Growth Rates, and Stock Returns
Working Paper
Mizik, Natalie and Doron Nissim
. Accounting for Marketing Activities: Implications for Marketing Research and Practice. January 01, 2011.
Explore Further about Accounting for Marketing Activities: Implications for Marketing Research and Practice
Download PDF on Accounting for Marketing Activities: Implications for Marketing Research and Practice
Working Paper
Nissim, Doron
. Interest Rates and the Postretirement Benefit Expense. December 31, 2010.
Explore Further about Interest Rates and the Postretirement Benefit Expense
Working Paper
Nissim, Doron
. Analysis and Forecasting of Operating Profitability. December 01, 2010.
Explore Further about Analysis and Forecasting of Operating Profitability
Working Paper
Badia, Marc, Nahum Melumad, and Doron Nissim
. Operating Profit Variation Analysis: Implications for Future Earnings and Equity Values. December 01, 2010.
Explore Further about Operating Profit Variation Analysis: Implications for Future Earnings and Equity Values
Working Paper
Nissim, Doron
. Analysis and Valuation of Insurance Companies. December 01, 2010.
Explore Further about Analysis and Valuation of Insurance Companies
Working Paper
Nissim, Doron and Bugra Ozel
. The Value Implications of the Correlation between Growth and Profitability. January 01, 2010.
Explore Further about The Value Implications of the Correlation between Growth and Profitability
Working Paper
Nissim, Doron, Deen Kemsley, and Michael Williams
. The Share Price Effects of Personal Capital Gains Taxes: Evidence from Dividend Increase Announcements. January 01, 2010.
Explore Further about The Share Price Effects of Personal Capital Gains Taxes: Evidence from Dividend Increase Announcements
Working Paper
Nissim, Doron and Stephen Penman
. Principles for the Application of Fair Value Accounting. July 01, 2008.
Explore Further about Principles for the Application of Fair Value Accounting
Download PDF on Principles for the Application of Fair Value Accounting
Working Paper
Calomiris, Charles and Doron Nissim
. Activity-Based Valuation of Bank Holding Companies. February 01, 2007.
Explore Further about Activity-Based Valuation of Bank Holding Companies
Download PDF on Activity-Based Valuation of Bank Holding Companies
Working Paper
Nissim, Doron
. Fair Value Accounting in the Banking Industry. January 01, 2007.
Explore Further about Fair Value Accounting in the Banking Industry
Download PDF on Fair Value Accounting in the Banking Industry
Working Paper
Nissim, Doron and Stephen Penman
. Ratio Analysis and Equity Valuation. January 01, 2005.
Explore Further about Ratio Analysis and Equity Valuation
Download PDF on Ratio Analysis and Equity Valuation
Newspaper/Magazine Article
Nissim, Doron and Stephen Penman
. “Principles for the Application of Fair Value Accounting.”
Center for Excellence in Accounting & Security Analysis
. July 01, 2008.
Explore Further about Principles for the Application of Fair Value Accounting
Download PDF on Principles for the Application of Fair Value Accounting
Newspaper/Magazine Article
Nissim, Doron and Stephen Penman
. “Fair Value Accounting in the Banking Industry.”
Center for Excellence in Accounting & Security Analysis
. May 01, 2007.
Explore Further about Fair Value Accounting in the Banking Industry
Download PDF on Fair Value Accounting in the Banking Industry
Chapter
Nissim, Doron and Kalash Jain
. “Managers' Tools to Meet Earnings Management Incentives.” In
Handbook on the Financial Reporting Environment
, edited by
W. Ge, A. Koester, and S. McVay
,
Edward Elgar Publishing Ltd.
, Forthcoming.
Explore Further about Managers' Tools to Meet Earnings Management Incentives
Chapter
Harris, Trevor, Robert Herz , and Doron Nissim
. “Accounting’s Role in the Reporting, Creation, and Avoidance of Systemic Risk in Financial Institutions.” In
The Handbook of Systemic Risk
, edited by
J-P. Fouque and J. Langsam
,
915
-
964
.
Cambridge
:
Cambridge University Press
, 2013.
Explore Further about Accounting’s Role in the Reporting, Creation, and Avoidance of Systemic Risk in Financial Institutions
Chapter
Estridge, Juliet, Trevor Harris , and Doron Nissim
. “Morgan Stanley ModelWare's Approach to Intrinsic Value: Focusing on Risk-Reward Trade-offs.” In
Equity Valuation: Models from Leading Investments
, edited by
Jan Viebig, Thorsten Poddig, and Armin Varmaz
,
193
-
236
.
Chichester, England
:
John Wiley & Sons
, 2009.
Explore Further about Morgan Stanley ModelWare's Approach to Intrinsic Value: Focusing on Risk-Reward Trade-offs
Chapter
Lev, Baruch, Doron Nissim , and Jacob Thomas
. “On the Informational Usefulness of R&D Capitalization and Amortization.” In
Visualising Intangibles: Measuring and Reporting in the Knowledge Economy
, edited by
Stefano Zambon and Giuseppe Marzo
,
97
-
128
.
Burlinton, VT
:
Ashgate Publishing
, 2008.
Explore Further about On the Informational Usefulness of R&D Capitalization and Amortization
Download PDF on On the Informational Usefulness of R&D Capitalization and Amortization
  • Courses
  • Case Studies
Course
B9010: (PhD) Valuation and Financial Statement Analysis
View Course on (PhD) Valuation and Financial Statement Analysis
Course
B8008: Earnings Quality & Fundamental Analysis
View Course on Earnings Quality & Fundamental Analysis
  • Awards & Honors
  • In the Media
  • Articles
Article

Inflated Outlook: Sensitivity to Inflation Negatively Predicts Business Growth

Read More about Inflated Outlook: Sensitivity to Inflation Negatively Predicts Business Growth
Article

Ratings Reimagined: How Synthetic Credit Ratings Can Compete with Agencies

Read More about Ratings Reimagined: How Synthetic Credit Ratings Can Compete with Agencies
Article

New Metric Makes it Possible to Identify Banks’ Expected Losses Using Public Documents

Read More about New Metric Makes it Possible to Identify Banks’ Expected Losses Using Public Documents
Article

Study Compares the Accuracy of Valuation Methods of Insurance Companies

Read More about Study Compares the Accuracy of Valuation Methods of Insurance Companies
Article

Professor Nissim Recognized for Practical Implications of Research

Read More about Professor Nissim Recognized for Practical Implications of Research
  • CaseWorks
This faculty member has no associated CaseWorks cases currently.

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