2018 CARE Conference - Accounting and the Macroeconomy

May 18-19, 2018
Lansdowne Resort, Washington DC



The macroeconomic determinants and consequences of firm-level accounting information are becoming increasingly important in accounting research.  For example, recent studies provide evidence that earnings growth aggregated across individual firms can be a leading economic indicator. Thus, aggregate accounting information has the potential to be useful to macroeconomists and policymakers in measuring and forecasting macroeconomic activity, such as aggregate investment, inflation and GDP.  In turn, exposure to these aggregate factors can influence firm-level production, financing and investing activities, which has implications for future performance as measured through an accounting lens.


This conference will bring together leading experts, policymakers, and academics to provide a vibrant setting for discussing the role of accounting in providing a bilateral bridge between firm-level and macroeconomic issues and identifying key opportunities and challenges for cross-disciplinary research in this area.




Keynote Speakers

Richard Berner, New York University Stern School of Business; Former Director, Office of Financial Research

Arun Sundararajan, Professor of Information, Operations and Management Sciences and Robert L. & Dale Atkins Rosen Faculty Fellow, New York University Stern School of Business

Stephen Brown, Professor Emeritus of Finance, New York University Stern School of Business

Ray Ball, Sidney Davidson Distinguished Service Professor of Accounting, The University of Chicago Booth School of Business

Ken SingletonThe Adams Distinguished Professor of Management, Professor of Economics, Susan Ford Dorsey Faculty Fellow, Stanford Graduate School of Business



Session I: MEASURING macroeconomic activity


Moderator:  Rebecca Hann, Associate Professor and KPMG Faculty Fellow, University of Maryland Smith School of Business



  • Mary Barth, The Joan E. Horngren Professor of Accounting, Stanford Graduate School of Business
  • Dennis Fixler, Chief Economist, Bureau of Economic Analysis



Session II: macroeconomic forecasting and nowcasting


Moderator:  Lindsey Gallo, Coopers and Lybrand, Norman E. Auerbach Assistant Professor of Accounting, University of Michigan Ross School of Business



  • Domenico Giannone, Assistant Vice President, Federal Reserve Bank of New York
  • Eric Ghysels, Bernstein Distinguished Professor of Economics and Adjunct Professor of Finance, University of North Carolina Kenan-Flagler Business School
  • Maria Ogneva, Associate Professor of Accounting, University of Southern California Marshall School of Business
  • Claudia Sahm, Section Chief, Consumer and Community Development Research Section, Board of Governors of the Federal Reserve
  • Lakshmanan Shivakumar, Lord David Sainsbury of Turville Professor, Professor of Accounting, London Business School


Session Iii: FIRMS, NETWORKS, and economy-wide risks


Moderator:  Martien Lubberink, Associate Professor, Victoria University of Wellington School of Accounting and Commercial Law



  • Gaya Branderhorst,  Director, Dynamic Risk Assessment Lead for the Americas, KPMG
  • Anna Costello,  Paton and Drebin Faculty Fellow, Assistant Professor of Accounting, University of Michigan Ross School of Business
  • Emil Steffensen,  Director, Head of Banking and Insurance Supervision, Financial Supervisory Authority of Norway
  • Andries Terblanché,  Audit Partner, Global Lead of Dynamic Risk Assessment, KPMG
  • Nicolas Veron, Senior Fellow, Peterson Institute for International Economics



Session Iv: Planning for the future


Moderator:  Trevor Harris, Arthur J. Samberg Professor of Professional Practice, Columbia Business School



  • Richard Berner, New York University
  • Richard Foster, Cambridge University




Session V: macroeconomic information and firm-level forecasting


Moderator:  Scott Richardson, Principal, AQR and Professor of Management Practice in Accounting, London Business School



  • Gurvinder Brar, Quantitative Research Analyst, Macquarie Securities
  • Jose Carabias Palmeiro, Assistant Professor of Accounting, London School of Economics
  • Gerben De Zwart, Head of Quant Equities, APG Asset Management




Session vi: firm-level Exposure to macroeconomic risks


Moderator:  Gil Sadka, Associate Professor of Accounting, University of Texas at Dallas Naveen Jindal School of Management



  • Turan Bali, Robert Parker Chair, Professor of Finance, McDonough School of Business, Georgetown University
  • Matthew Carpenter, Vice President and CFO, Audi of America
  • Atif Ellahie, Assistant Professor, University of Utah David Eccles School of Business
  • Bjorn Jorgensen, Professor, London School of Economics



The conference is made possible by the gracious support from our sponsors:



                                                     Mendoza Mark Blue M




Conference Organizing Committee:

  • Ryan T. Ball (University of Michigan)
  • Peter Easton (University of Notre Dame)
  • Atif Ellahie (University of Utah)
  • Lindsey Gallo (University of Michigan)



Agenda subject to change.

Invitations will be sent in mid January 2018.

Please contact Ryan Ball (rtball@umich.edu) for additional information.