2018 CARE Conference - Firm-Level Information 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.


Friday, may 18, 2018


6:30-8:00 am Breakfast in the Riverside Hearth Restaurant at your convenience
8:00-8:15 am Opening Remarks
  • Peter Easton - Academic Director, Center for Accounting Research and Education at the University of Notre Dame
  • Ryan Ball - Coopers and Lybrand, Norman E. Auerbach Assistant Professor of Accounting, University of Michigan Ross School of Business
8:15-9:00 am


Former Director, U.S. Treasury Office of Financial Research

9:00-10:00 am

panel I: MEASURING macroeconomic activity

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



  • Mary Barth, Joan E. Horngren Professor of Accounting, Stanford Graduate School of Business | (Slides)
  • Dennis Fixler, Chief Economist, Bureau of Economic Analysis | (Slides)
10:00-10:30 am Break
10:30-11:45 am


panel 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



  • Gabriel Ehrlich, Director of Research Seminar in Quantitative Economics, University of Michigan Ross School of Business | (Slides)
  • Domenico Giannone, Assistant Vice President, Federal Reserve Bank of New York  | (Slides)
  • Eric Ghysels, Bernstein Distinguished Professor of Economics and Professor of Finance, University of North Carolina Kenan-Flagler Business School | (Slides)
  • Claudia Sahm, Section Chief, Consumer and Community Development Research Section, Board of Governors of the Federal Reserve | (Slides)
11:45-Noon Break
Noon-1:00 pm




Moderator:  Ryan Ball, University of Michigan Ross School of Business


Panelists: Note - all slides in one file | (Slides)

  • Maria Ogneva, Associate Professor of Accounting, University of Southern California Marshall School of Business
  • Gil Sadka, Associate Professor of Accounting, University of Texas at Dallas Naveen Jindal School of Management
  • Lakshmanan Shivakumar, Lord David Sainsbury of Turville Professor, Professor of Accounting, London Business School
1:00-2:15 pm Lunch in the Riverside Hearth Restaurant and Technology Break
2:15-3:00 pm


The Adams Distinguished Professor of Management, Professor of Economics, Susan Ford Dorsey Faculty Fellow, Stanford Graduate School of Business | (Slides)


3:00-4:15 pm


panel IV: 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 | (Slides)
  • Daniel Davies, Head of Research, Frontline Analysts
  • Roger O'Donnell, Global Audit D&A Initiative Lead, KPMG
  • Nicolas Veron, Senior Fellow, Bruegel and Peterson Institute for International Economics
4:15-4:45 pm Break
4:45-5:45 pm




Moderator:  Trevor Harris, Trevor Harris, Arthur J. Samberg Professor of Professional Practice, Columbia Business School, co-Director Center for Excellence in Accounting and Security Analysis


Panelists: Please note, panel in one set of slides | (Slides)

  • Richard Berner, Former Director, U.S. Treasury Office of Financial Research
  • Richard Foster, Founder, LifeScale Ltd. and former Managing Director, Morgan Stanley 
5:45-7:00 pm Reception in the Clubhouse
7:00-9:30 pm

Dinner and Evening Speaker in the Clubhouse Ballroom


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




SATURday, may 19, 2018 - Please Note: Due to technical difficulties, video from Saturday's panels are not available

6:30-8:00 am Breakfast in the Riverside Hearth at your convenience
8:00-8:45 am

Professor Emeritus of Finance, New York University Stern School of Business | (Slides)      

8:45-10:00 am

panel Vi: macroeconomic information, INVESTOR HORIZON, 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 | (Slides)
  • Jose Carabias-Palmeiro, Assistant Professor of Accounting, London School of Economics | (Slides)
  • Gerben De Zwart, Head of Quant Equities, APG Asset Management | (Slides)
  • Matthew Rothman, Managing Director, Goldman Sachs | (Slides)
10:00-10:30 am     Break
10:30-11:15 am

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

11:15-11:30 am Break
11:30-12:45 pm

Panel vii: firm-level Exposure to macroeconomic risks


Moderator:  Atif Ellahie, Assistant Professor, University of Utah David Eccles School of Business | (Slides)



  • Turan Bali, Robert Parker Chair, Professor of Finance, Georgetown University McDonough School of Business | (Slides)
  • Matthew Carpenter, Vice President and CFO, Audi of America | (Slides)
  • Bjorn Jorgensen, Professor, London School of Economics | (Slides)
12:45-1:00 pm Closing Remarks by Peter Easton and Ryan Ball
1:00 pm Lunch in the Riverside Hearth


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.


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