2008 CARE Conference

Financial Statement Analysis and Valuation: Cross-Border Issues

Included in each speaker's biography, you will find a link to his/her paper(s), session slides, and session streaming video.

Eli Amir
Professor of Accounting
London Business School

Do companies change their pension asset allocation following new accounting standards? Evidence from the UK and the US

Conference Slides
Video

Related readings:
The Effect of Pension Accounting on Corporate Pension Asset Allocation: A Comparative Study of UK and US
The Expected Rate of Return on Pension Funds and Asset Allocation as Predictors of Portfolio Performance

Research interests:
Amir's research concentrates on the value-relevance of accounting information in capital markets and on the economic consequences of accounting choices. His recent projects focus on corporate pension asset allocation and on equity valuation in the presence of reporting biases.

Eli Amir is currently a Professor of Accounting at London Business School. Before he joined London Business School in 2003, he was an Associate Professor of Accounting at Tel Aviv University and Columbia University.

Amir received his B.A. degree in Accounting and Economics from Tel Aviv University and his Ph.D. in Business Administration from the University of California, Berkeley.

Between May 2000 and April 2003, Amir was the Chairman of the Israel Accounting Standards Board, the regulatory body in charge of setting financial accounting standards in Israel. As Chairman, Amir led a reform in financial reporting in Israel introducing International Accounting Standards.

Dr Leonie Bell
Managing Consultant
Oxera

The Cost of Capital: An International Comparison

The London Markets and Private Equity Backed IPOs

Conference Slides
Video

Related Readings:
The Cost of Capital: An International Comparison
Executive Summary

Leonie specialises in the economics of the financial services sector and corporate finance. Examples of her recent financial services work include an assessment of insurance guarantee schemes in EU Member States; analysis of the impact of investment restrictions for EU pension schemes; an evaluation of the risks and advantages of the shift to defined-contribution pensions; a methodology for measuring the benefits of financial services regulation; analysis of the comparative cost of raising capital in the EU and US equity markets; and a study of the competitive position of the UK asset management industry.

Leonie also works on a variety of finance issues in other industry sectors, including capital structure, asset valuation, cost of capital, and profitability, and for example conducted a study for the European Commission on the impact of golden shares held by governments in EU privatised companies. She has managed projects for the European Commission, FSA, European Fund and Asset Management Association, London Stock Exchange, City of London Corporation, and other clients.

Leonie has a DPhil in Economics and a MPhil in Economics from the University of Oxford.

Dr. Christof Beuselinck
Assistant Professor in Accounting
University of Tilburg

Firm structure, reporting incentives and international accounting research

Conference Slides
Video

Related Readings:
International Earnings Comparability

Research interests:
Christof's research interests cover various topics in financial accounting research, with a special focus on international  accounting and reporting behavior of SMEs. His current research projects include economic consequences of IFRS introduction, taxation and reporting behavior of EU multinational firms and the use of accounting information by private investors.

Christof's teaching experience includes management/financial accounting as well as research methods in financial accounting research.

Christof attended Sint-Leocollege Brugge, Universiteit Gent, and the Manchester Business School.

Hans Christensen
Visiting PhD student
University of Chicago Graduate School of Business

What determines the impact of mandatory IFRS adoption?

Conference Slides
Video

Related Readings:
Incentives or standards: What determines accounting quality changes around IFRS adoption?
Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in the UK


Research interests:
Hans' research focuses on international financial reporting issues. His dissertation examines some implications of mandatory IFRS. Current projects include the impact of reporting incentives on changes in accounting quality around IFRS adoption.

Hans is close to completing his PhD at Manchester Business School at the University of Manchester, United Kingdom. He also holds a master degree from Aarhus University, Denmark. Hans will join the Chicago Graduate School of Business faculty in July 2008.

Steve Crawford
Assistant Professor
Jesse H. Jones Graduate School of Management
Rice University

International Cross-Listings and Analyst Coverage

Conference Slides
Video

Related Readings:
The Role of Market Forces and Legal Institutions in Bonding Cross-listed Firms

Research interests:
Steve's research focuses on financial reporting issues in both domestic and international settings. His dissertation examined how legal institutions and market forces affect cross-listed firms. His research also focuses on the role of financial analysts.

Crawford earned his PhD in accounting from the Graduate School of Business at the University of Chicago. He also holds bachelors and masters degrees from Brigham Young University. Steve joined the Rice faculty in 2007 and teaches financial statement analysis in the MBA program.

Craig Doidge
Assistant Professor of Finance
Rotman School of Management
University of Toronto

Panel Discussion: A critical summary of current cross-border research at the interface of accounting and finance

Conference Slides
Video

Research interests:
Corporate Finance, International Finance

Doidge received his Ph.D. at Ohio State University, an M.Sc. and B.Comm at University of Saskatchewan.

David Gascoigne
Partner, Transaction Services
KPMG U.K.

Cross Border Mergers & Acquisitions: 
A practitioner's perspective

Conference Slides
Streaming Video is not available for this session

David Gascoigne has been a partner in KPMG LLP for the last 12 years having joined KPMG in 1984.  He has specialised in advising on mergers and acquisitions for the last 9 years and prior to that was an audit partner for 3 years.  He is currently the Head of Sales & Marketing in the Transaction Services group of KPMG Europe LLP and also leads the Transaction Services business in the UK outside of London.  He works mainly in London, Manchester, Frankfurt, Zurich and Amsterdam and regularly speaks at conferences and seminars.  He is a Chartered Accountant.

David has worked on many cross border deals and has advised both buyers and sellers of businesses and both corporate and private equity clients.   He will draw on these experiences, and other examples from the wider KPMG Transaction Services group, when speaking at the CARE conference

Luzi Hail
Assistant Professor of Accounting
The Wharton School
University of Pennsylvania

Conference Slides
Video

Panel Discussion: A critical summary of current cross-border research at the interface of accounting and finance

Research interests:
International accounting; financial disclosure and capital markets; cost of capital; accounting harmonization; law and finance.

Current projects include reporting incentives and quality of acounting numbers. Disclosure regulation and firms' cost of capital. Cost of capital effects of U.S. cross-listings. Effects of taxes on asset pricing.

Hail received his PhD from University of Zurich, Switzerland, in 1996 and his MS from University of Zurich in 1992.

Rachel Hayes
Professor
David Eccles Scholar
School of Accounting
University of Utah


The Sarbanes-Oxley Act and Firms' Going-Private Decisions

Conference Slides
Video

Related Readings:
The Sarbanes-Oxley Act and Firms' Going-Private Decisions

Research interests:
Disclosure and the use of accounting information in compensation and other governance settings.

Hayes' research has been published in a number of scholarly journals, including the Journal of Accounting Research, the Journal of Accounting and Economics, and the Rand Journal of Economics. Dr. Hayes currently serves on the editorial boards of the Journal of Accounting Research and The Accounting Review. She teaches financial accounting electives at the Undergraduate and Masters levels, as well as a Ph.D.-level seminar in Information Economics.

Rachel M. Hayes earned her undergraduate degree from Oberlin College and her MBA from the University of Colorado. After receiving her Ph.D. at the Stanford University Graduate School of Business, she taught at Northwestern University and the University of Chicago before moving to the University of Utah.

Kenneth Lee
Managing Director
Accounting and Valuation Team
Citi Investment Research


The use of IFRS information by analysts and investors - the experience so far

Video

Please contact Lorie Marsh at lmarsh1@nd.edu to request a copy of the session slides.
Streaming Video is not available for this session.

Kenneth began his career at Arthur Andersen's Dublin office. He then spent over 7 years in professional training in the City where he specialised in consultancy and training for investment analysts in the major investment banks. In particular his focus was on international accounting differences and strategies for effective analysis of accounting information and consequent valuation implications. He is the author of Accounting for Investment Analysts: An International Perspective, a BG publication and a co-author of Company Valuation under IFRS (Harriman House).

At Citigroup, Ken is a Managing Director in equity research and the Head of Accounting and Valuation research for Europe with particular responsibility for our IFRS conversion product and valuation issues. Kenneth was ranked first for accounting and valuation research in both of the most recent Institutional Investor and Extel surveys of European analysts.

Lee is a fellow of the Institute of Chartered accountants, a qualified accountant, a member of the Institution of Taxation, a member of the Securities Institute, and a CFA charterholder.

Susanne Leitterstorf
Senior Associate
The Financial Services Authority (FSA)

The UK Listing Rules and Firm Valuation

Conference Slides
Video

Related Reading:
The UK Listing Rules and Firm Valuation

Susanne works at the interface of law and economics, in areas such as financial regulation, competition economics, and environmental regulation. 

At the FSA, Susanne has taken a particular interest in enforcement-related topics and contributed to published research on market cleanliness before and after the UK Financial Services and Markets Act 2000.  She also co-authored research on the valuation effects of super-equivalent Listing Rules while providing advice to the Primary Markets Policy Department on the possible economic impacts of their proposed changes to the UK Listing Rules for trading companies and investment entities.  More recently, Susanne has worked on issues relating to FSCS deposit insurance arrangements.  

Prior to moving to the FSA, Susanne worked at NERA Economic Consulting, a unit of the Oliver Wyman Group.  At NERA, she carried out economic and financial analysis and drafted NERA reports on regulatory issues in the water, energy, telecommunications and postal sectors.  Her experience encompasses different aspects of economic regulation, including cost of capital estimation, the design of regulatory risk-mitigation mechanisms, competition issues in network industries, and environmental policy assessment.

Susanne holds a BA (First Class Honours) in Philosophy, Politics and Economics from the University of Oxford, an MSc in Economics from the University of Warwick, and an MPhil in Philosophy from the University of Oxford.  Susanne also holds an unconditional offer to study part-time for an LLM at the London School of Economics. 

Darius Miller
Caruth Chair in Finance
and Finance Department Chair
Southern Methodist University

Conference Slides
Video

Panel Discussion: A critical summary of current cross-border research at the interface of accounting and finance

Research interests:
International financial markets, corporate governance, financial disclosure, and securities offerings.

Dr. Miller has published numerous papers in leading academic journals, including the Journal of Finance, Journal of Financial Economics, Journal of Accounting Research, and the Journal of Financial and Quantitative Analysis. His work has been featured in business publications, such as the CFA Digest and the Bownes Review for CFOs & Investment Bankers, and has influenced important policy debates, including the mandatory auditor rotation provision of the 2002 Sarbanes-Oxley Act.

Professor Miller has presented his work to numerous conferences, universities, and industry groups and has received awards for both teaching and research. Dr. Miller is active in executive education, delivering numerous programs here and abroad; most recently to executives from Wuhan and Beijing in the PRC.

Miller holds the Caruth Chair in Finance at Southern Methodist University, where he joined the faculty in 2005. Professor Miller previously held appointments at Indiana University and Texas A&M University. Professor Miller holds a B.S. in Electrical Engineering from Tulane University, a MBA from Loyola University, and a Ph.D. in Finance from the University of California, Irvine.

Gregory S. Miller
Associate Professor of Business Administration
Harvard Business School

Conference Slides
Video

Panel Discussion: A critical summary of current cross-border research at the interface of accounting and finance

Research interests:
Financial communication. Financial communication is the process through which managers explain the firm to the external stakeholders. While capital providers are the primary audience for this information, effective financial communication should also consider other stakeholders, such as customers, employees and regulators. In addition to considering the audience, effective financial communication is designed to consider the information intermediaries that follow the firm, the impact of the firm's visibility and the importance of managerial credibility.

Professor Miller's research focuses on examining the role of each of these components, as well as considering their complex interactions. His research has been published in peer reviewed journals such as Journal of Accounting Research, The Accounting Review and Journal of Accounting and Economics. His second year MBA elective "Accounting and Financial Communication" brings these issues into the classroom.

Miller has taught in the MBA, Doctoral and Executive education programs at Harvard Business School and in the Undergraduate program at the University of Michigan, Ann Arbor. Professor Miller received a B.S. in Accounting from Miami University (Oxford, Ohio) in 1990 and a Ph.D. in Business Administration from the University of Michigan (Ann Arbor, Michigan) in 1998 and is a CPA. Prior to returning to school for his Ph.D., Professor Miller worked for Arthur Andersen & Co. in the attestation services division.

Joseph Piotroski
Associate Professor of Accounting
Stanford University
Graduate School of Business

Conference Slides
Video

Valuation in Emerging Economies

Research interests:
Financial reporting issues. Within this broad area, Piotroski's research focuses on how capital market participants use financial accounting information for valuation and risk assessment purposes, how financial, legal, regulatory and political institutions shape capital market behavior (including financial reporting practices, governance practices, insider trading activity and foreign listing behavior) and the economic consequences of alternative financial reporting, information dissemination and governance practices around the world.

Professor Piotroski's research focuses on how capital market participants use financial accounting information for valuation and risk assessment purposes, and on the economic impact of different financial reporting and governance practices around the world. He has published research papers in numerous scholarly journals, including The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics and the Journal of Finance. He currently serves on the Editorial Advisory Boards of The Accounting Review, the Journal of Accounting Research and the Journal of Accounting and Economics. Professor Piotroski's research has been cited in the popular press, including Business Week, Smart Money Magazine and Investors Business Daily.

He teaches "Accounting-based Valuation," an elective course that emphasizes traditional financial statement analysis-based valuation techniques, and "Valuation in Emerging Markets," an elective course which examines financial reporting and valuation issues in a global context.

Professor Piotroski received his PhD in Accounting from the University of Michigan. He also attended the University of Illinois (BS) and Indiana University (MBA), and worked as a tax consultant for Coopers and Lybrand in Chicago.

Prior to this position, Piotroski was an Associate Professor of Accounting at the University of Chicago's Graduate School of Business (July 1999 to June 2007).

Agris Preimanis
Senior Consultant
Oxera

The Cost of Capital: An International Comparison

The London Markets and Private Equity Backed IPOs

Conference Slides
Video

Related Readings:
The Cost of Capital: An International Comparison
Executive Summary

Agris' areas of expertise are financial economics, capital markets, the financial services sector, and corporate and regulatory finance. He has advised clients at all levels of trade and post-trade services in Europe and the USA, including major stock exchanges, clearing houses and central depositories. He has analysed risks associated with alternative market structures, wider implications of horizontal integration between providers, and competition issues. In addition, his work has focused on the link between institutional structure and regulatory framework in the financial services industry, and the formation of security prices, liquidity and wider economic implications. For example, he has analysed the link between transaction taxes and firms' cost of capital, and the impact of the quality of corporate action-related information on the formation of securities prices.

His advice to firms in the financial services, corporate and regulatory sectors on corporate finance has covered optimal financing policies, regulatory capital requirements and merger synergies. In addition, he has worked with firms and regulators in the UK and Europe on all aspects of cost of capital estimation in the context of competition analysis and regulatory reviews. He has significant experience in financial modelling, including simulation of firms' behaviour in industries with high levels of R&D, and modelling of clearing houses' counterparty risks.

Agris has a DPhil Economics from University of Oxford, received his MSc Finance at Birkbeck College, University of London, and obtained a BSc Economics and Business Administration, at Stockholm School of Economics, Riga.

Edward Riedl
Associate Professor of Business Administration
Harvard Business School

Research on anticipated and actual effects of converged reporting: examining IFRS adoption in Europe

Conference Slides
Video

Related Readings:
Market Reaction to the Adoption of IFRS in Europe
Causes and Consequences of Choosing Historical Cost versus Fair Value

Research interests:
Riedl's research examines a number of financial reporting issues, with a primary focus on fair value accounting. He has published in the top accounting research journals, including the Accounting Review, Journal of Accounting Research, and Review of Accounting Studies. He has also authored cases on business valuation and fair value reporting, set within the following industries: real estate, chemical, and incarceration.

Professor Riedl currently teaches Business Analysis and Valuation in the second-year MBA, and has previously taught the first-year course, Financial Reporting and Control.

His work experience includes positions within business assurance and financial advisory services (Coopers and Lybrand), internal audit and corporate control (Amerada Hess Corporation), and corporate reporting (Insignia/ESG Corporation).

Eddie grew up in New York City, graduating from Regis High School, an all-scholarship Jesuit institution in Manhattan. He then attended Pace University on a full scholarship, graduating from the combined B.B.A. / M.B.A. program with highest honors in four and a half years. He received his Ph.D. in Business Administration (concentration in Accounting) from Penn State University. Over his career, he also attained the professional designations of Certified Public Accountant (New York), Certified Management Accountant, and Certified Internal Auditor.

Suraj Srinivasan
Assistant Professor of Accounting
University of Chicago Graduate School of Business

Globalization and Executive Compensation - An Analysis of Pay Practices in U.K. Companies

Conference Slides
Video

Related Reading:
Disclosure Practices of Foreign Companies Interacting with US Markets


Research interests:
Suraj Srinivasan's research examines corporate governance in the U.S and in an international context. Specifically, his research has examined the impact of regulation on cross listings, globalization and corporate disclosure, the role of corporate boards in corporate governance.

Srinivasan earned his doctoral degree in business administration from Harvard Business School, an MBA from the Indian Institute of Management, and a bachelor's degree in electrical and electronics engineering and a master's degree in physics from the Birla Institute of Technology and Sciences in India.

Christian Winkler
Senior Associate
Financial Services Authority

The UK Listing Rules and Firm Valuation

Conference Slides
Video

Related Reading:
The UK Listing Rules and Firm Valuation

Christian works in the Economics of Financial Regulation Department at the FSA.  He acts as an advisor to policy makers in a wide range of policy areas (e.g. disclosure of contracts for difference, collective investment schemes), ensuring that they use the disciplines of impact assessment appropriately.  He also co-authored research on the valuation effects of UK listing rules.

Before joining the FSA in 2007 Christian worked in several roles in the Corporate Finance Division of MAN Aktiengesellschaft, Munich/Germany.  This included posts in equity capital markets as well as pension and asset management.

Christian holds a doctorate in Economics from the University of Erlangen-Nuremberg in Germany.  He is also a CFA charterholder.

Jing Zhang
Managing Director
Head of Research
Moody's KMV

Valuation of Corporate Credit Instruments:  Lessons from the Recent Market Turmoil and Cross Border Issues

Conference Slides
Video

Related Readings:
Valuation of Corporate Loans: A Credit Migration Approach
The Economics of the Bank and of the Loan Book

Jing joined the former KMV in 1998 in the research team, eventually becoming a Director in the Research Group. In that role, besides managing day-to-day research operations, he made major contributions to a number of KMV quantitative models. Since then, Jing has held a number of additional senior roles at Moody's KMV  in Product Management, Client Solutions, more recently, Senior Director, Head of the Credit Risk Specialist Group.    

Jing obtained his  Ph.D. from the Wharton School of the University of Pennsylvania and a Master Degree from Tulane University. His prior experience includes being a Research Fellow at the Australian National University and a Research Scientist at Merck Research Lab.

We gratefully thank ours sponsors, without whom, this conference would not have been possible.

We want to extend our greatest thanks and deepest appreciation to the Chicago GSB for the use of the wonderful European Campus.  Without their generous support and the assistance of the London staff, this conference would not have been possible. Thank you.