604UrisHallColumbiaBusinessSchool3022BroadwayNewYork,NY10027 DORONNISSIM Tel:212854-4249e-mail:dn75@columbia.eduhttp://www.columbia.edu/~dn75/ DEGREES Ph.D.,ounting,1998,HaasSchoolofBusiness,
U.C.BerkeleyM.S.,ounting,1995(4.0GPA),HaasSchoolofBusiness,
U.C.BerkeleyB.A.,ountingandEconomics,1991(MagnaCumLaude),Univ.ofHaifa,Israel EMPLOYMENT GraduateSchoolofBusiness,ColumbiaUniversityChairoftheountingDivision,2006-2009&2014DirectoroftheFinancialAnalysisandValuationprogram,ExecutiveEducation,2015Co-DirectoroftheFinanceandountingfortheNon-financialExecutiveprogram,ExecutiveEducation,2012DirectorofTheInitiativeonBankingandFinance,ProgramofFinancialStudies,2015Ernst&YoungProfessorofountingandFinance,2009Professorofounting,2007-2009AssociateProfessorofounting(withtenure),2005-2007GaryWinnickandMartinGranoffAssociateProfessorofounting,2002-2005AssociateProfessorofounting,2001-2002AssistantProfessorofounting,1997-2001 HaasSchoolofBusiness,
U.C.BerkeleyResearchandTeachingAssistant,1993-1997 UniversityofHaifa,IsraelInstructorandTeachingAssistant,1990-1993 HONORS ColumbiaBusinessSchoolDean’sAwardforTeachingExcellence,2011 anStanleyAwardforContributionstotheDevelopmentofModelWareCoreStrategies,2007 TheStanRossDepartmentofountancyAwardforOutstandingAcademicContributiontoPracticeforthe2004ountingReviewArticle“Taxablee,FutureEarningsandEquityValues,”selectedbyFinancialExecutiveInternationalasthemostusefultopractice,2005 Nominationof“ValuationoftheDebt-TaxShield”fortheBrattlePrizeattheJournalofFinance(outstandingpaperincorporatefinance),2002 Nominationof“DividendChangesandFutureProfitability”fortheBrattlePrizeattheJournalofFinance(outstandingpaperincorporatefinance),2002 ColumbiaBusinessSchoolDean’sAwardforTeachingExcellenceinaCoreCourse,2002 RunnerupforDean’sAwardforTeachingExcellenceinaCoreCourse,2001 DoronNissim:CV,October2015,Page1outof7 HONORS(CONTINUED) BestDiscussionAwardforthepaper“DiscussionofTheRoleofVolatilityinForecasting,”ReviewofountingStudiesConference,2001 Deloitte&ToucheFoundationDoctoralFellowship,1995-1996 PAC10DoctoralConsortiumFellow,1995 RecognitionofAcademicExcellence,theIsraeliParliament,1993 RecognitionofAcademicExcellence,InstituteofCPAinIsrael(highestaward,grantedannuallytotwoountingstudentsinIsrael),1990 PUBLICATIONSINREFEREEDJOURNALS “RatioAnalysisandEquityValuation:FromResearchtoPractice”(withStephenH.Penman),ReviewofountingStudies6,109-154(2001). -ReprintedinICFAIJournalofountingResearch(bytheInstituteofCharteredFinancialAnalystsofIndia) -MostdownloadedpaperpublishedattheReviewofountingStudies “DividendChangesandFutureProfitability”(withAmirZiv),JournalofFinance56,2111-2134(2001). -NominatedfortheBrattlePrizeattheJournalofFinance,2002-AbstractedinTheCFADigest,vol.32,no.3(August2002):70-71 “EquityValuationUsingMultiples”(withJingLiuandJacobThomas),JournalofountingResearch40,135-172(2002). -AbstractedinTheCFADigest,vol.32,no.4(November2002):34-36-ReprintedinFinancialountingandInvestmentManagement(editor:WernerDe Bondt),partoftheseriesTheInternationalLibraryofCriticalWritinginFinancialEconomics(senioreditor:RichardRoll),EdwardElgarPublishing(2009). “ValuationoftheDebt-TaxShield”(withDeenKemsley),JournalofFinance57,2045-2074(2002). -NominatedfortheBrattlePrizeattheJournalofFinance,2002-AbstractedintheAmericanTaxationAssociation,vol.49,no.2(Summer2003),
7 “DiscussionoftheRoleofVolatilityinForecasting,”ReviewofountingStudies7,217-227(2002). -BestDiscussionAward,ReviewofountingStudiesConference,2001 “ReliabilityofBanks’FairValueDisclosureforLoans,”ReviewofQuantitativeFinanceandounting20,355-384(2003). “DebtIssueCostsandIssueCharacteristicsintheMarketforU.S.DollarDenominatedInternationalBonds”(withArieMelnik),EuropeanFinanceReview7,277-296(2003). “FinancialStatementAnalysisofLeverageandHowItInformsAboutProfitabilityandPrice-toBookRatios”(withStephenPenman),ReviewofountingStudies8,531-560(2003). “DiscussionofReactionstoDividendChangesConditionalonEarningsQuality,”Journalofounting,AuditingandFinance,153-161(Winter2003). “TheAssociationbetweenChangesinInterestRates,EarningsandEquityValues”(withStephenPenman),ContemporaryountingResearch20,775-804(2003). “Taxablee,FutureEarnings,andEquityValues”(withBaruchLev),TheountingReview79
(4),1039-1074(2004). -BestPaperAward,TheountingReview,2004 DoronNissim:CV,October2015,Page2outof7 PUBLICATIONSINREFEREEDJOURNALS(CONTINUED) “IssueCostsintheEurobondMarket:TheEffectsofMarketIntegration”(withArieMelnik),JournalofBankingandFinance30,157-177(2006). “ThePersistenceoftherualsAnomaly”(withBaruchLev),ContemporaryountingResearch23
(1),193-226(2006). “IsCashFlowKinginValuations?
”(withJingLiuandJacobThomas),FinancialAnalystsJournal63
(2),56-68(2007). -ReprintedinValuationTechniques:DiscountedCashFlow,EarningsQuality,MeasuresofValueAdded,andRealOptions,editedbyDavidT.LarrabeeandJasonA.Voss,Chapter19,CFAInstitute’sInvestmentPerspectiveSeries,publishedbyJohnWiley(2013) “ManagerialDiscretionandtheEconomicDeterminantsoftheDisclosedVolatilityParameterforValuingESOs”(withEliBartovandParthaMohanram),ReviewofountingStudies12,155179(2007). “Line-ItemAnalysisofEarningsQuality”(withNahumMelumad),inFoundationsandTrendsinounting3(2-3),87-221(2009). -ReviewedinTheountingReview85
(3),1121-1122(2010) “RelativeValuationofU.S.InsuranceCompanies,”ReviewofountingStudies18
(2),324-359(2013). “ImpliedCostofEquityCapitalintheU.S.InsuranceIndustry,”TheJournalofFinancialPerspectives1,1-17(2013). “Crisis-RelatedShiftsintheMarketValuationofBankingActivities”(withCharlesCalomiris),JournalofFinancialIntermediation23
(3),400-435(2014). BOOKS “PrinciplesfortheApplicationofFairValueounting”(withStephenPenman;translationbyTsunogayaNoriyukiandAkagiSatosbi),inJapanese,publishedbyChuo-KeizaiCo.(2012). FinancialReporting,FundamentalAnalysis,andValuation(inprogress). MAJORNONREFEREEDPUBLICATIONS “FairValueountingintheBankingIndustry”(coordinatedbyStephenPenman),CenterforExcellenceinountingandSecurityAnalysis,1-75,(2007).Availableathttp://www.columbia.edu/~dn75/. “OntheInformationalUsefulnessofR&DCapitalizationandAmortization”(withBaruchLevandJacobThomas),inVisualisingIntangibles:MeasuringandReportingintheKnowledgeEconomy,Chapter5,97-128,AshgatePublishing(2008). “PrinciplesfortheApplicationofFairValueounting”(withStephenPenman),CenterforExcellenceinountingandSecurityAnalysis,1-80,(2008).Availableathttp://www.columbia.edu/~dn75/. “ModelWare’sApproachtoIntrinsicValue:FocusingonRisk-RewardTrade-offs”(withTrevorHarrisandJulietEstridge),inEquityValuation:ModelsfromLeadingInvestmentBanks,editedbyJanViebig,ThorstenPoddigandArminVarmaz,PartIV,193-252,WileyPublishing(2009). “AnalysisandValuationofInsuranceCompanies,”CenterforExcellenceinountingandSecurityAnalysis,1-178,(2010).Availableathttp://www.columbia.edu/~dn75/. “ounting’sRoleintheReporting,Creation,andAvoidanceofSystemicRiskinFinancialInstitutions”(withTrevorHarrisandRobertHerz),inHandbookofSystemicRisk,Chapter32,918-964,CambridgeUniversityPress(2013). DoronNissim:CV,October2015,Page3outof7 OTHERPUBLICATIONS “IsCashReallyKinginValuations,orDoEarningsTrumpAll?
”ColumbiaBusinessSchoolIdeas@Work(August2007). “UsingFairValueounting,Fairly”(withStephenPenman),ColumbiaBusinessSchoolIdeas@Work(April2008). “ValuingInsuranceCompanies”ColumbiaBusinessSchoolIdeas@Work(March2012). “ountingandSystemicRisk”(withTrevorHarrisandRobertHerz),ColumbiaBusinessSchoolIdeas@Work(April2012). “RegulatoryUncertaintyHurtsBankStocks,StiflesEconomy”(withCharlesW.Calomiris),AmericanBanker178(64),8(April25,2013). “ABetterStandardforCreditRisk”(withTrevorHarrisandUroojKhan),ColumbiaBusinessSchoolIdeas@Work(April2013,Winter2014). UNPUBLISHEDMANUSCRIPTS “R&DCostsandountingProfits”(withJacobThomas),ColumbiaUniversity(2000).Availableathttp://www.columbia.edu/~dn75/. “InstitutionalOwnership,CostofCapital,andCorporateInvestment”(withBaruchLev),ColumbiaUniversity(2003).Availableat:http://www.columbia.edu/~dn75/. “FairValueountingandItsApplicationtoFinancialInstitutions”(withStephenPenman),monographpreparedattherequestofanStanley(2003). “PersonalDividendsandCapitalGainsTaxes:FurtherExaminationoftheSignalingBangfortheBuck”(withDeenKemsleyandMichaelWilliams),ColumbiaUniversity(2004).Availableat:http://www.columbia.edu/~dn75/. “ConvergenceTrendsforProfitabilityandPayout”(withTrevorHarris),ColumbiaUniversity(2004).Availableat:http://www.columbia.edu/~dn75/. “TheInformationContentofDividendDecreases:EarningsorRiskNews?
”ColumbiaUniversity(2005).Availableat:http://www.columbia.edu/~dn75/. “TheDifferentialValueImplicationsoftheProfitabilityandInvestmentComponentsofEarnings”(withTrevorHarris),ColumbiaUniversity(2006).Availableat:http://www.columbia.edu/~dn75/. “Activity-basedValuationofBankHoldingCompanies”(withCharlesCalomiris),NBERWorkingPaper12918(2007).Availableat:http://www.columbia.edu/~dn75/. “ountingforMarketingActivities:ImplicationsforMarketingResearchandPractice”(withNatalieMizik),MarketingScienceInstituteWorkingPaperSeries11-103(2011).Availableat:http://www.columbia.edu/~dn75/. “ThePersistenceofPrice,Volume,CostandProductivityEffects:Industry-LevelAnalysis”(withNahumMelumadandMarcBadia),ColumbiaUniversity(2013).Availableat:http://www.columbia.edu/~dn75/. DoronNissim:CV,October2015,Page4outof7 WORKINGPAPERS TEACHINGEXPERIENCE “TheExpectedRateofCreditLossesonBanks’LoanPortfolios”(withTrevorHarrisandUroojKahn)“SelectingPeersintheFinancialSector”“UnderstandingandForecastingtheFinancialStatementsofInsuranceCompanies”“LeasesandOperatingCapacity”(withMengLi)“ProfitabilitypositionandOperatingRisk”(withMengLiandStephenPenman)“Growth,ProfitabilityandEquityValue”(withMengLi)“Analysts’ForecastsandStockReturnPredictabilityintheFinancialSector” GraduateSchoolofBusiness,ColumbiaUniversityInstructorof“EarningsQualityandFundamentalAnalysis,”anMBAandEMBAelective:Summer2009,Fall2009,andFall2010,Fall2011,Fall2012,Spring2013,Fall2013,andFall2014.Averageteachingevaluations(20sections):4.5outof5.Instructorof“Fundamentals-basedInvestmentManagement,”anMBAelective:Fall2008.Teachingevaluations(1section):4.3outof5.Instructorof“Financialounting,”acoreMBAcourse:Fall1997,Fall1998,Fall1999,Spring2001,Spring2002,Spring2003,Fall2003,Fall2005,Spring2006,Fall2006,andSpring2008(32sections).Averageteachingevaluations(last20sections):4.7outof5.Instructorof“EmpiricalResearchinFinancialounting,”aPh.D.course:Fall2001,Spring2004andSpring2005.Averageteachingevaluations(3sections):4.9outof5.Instructorof“MethodologicalIssuesinEmpiricalResearch,”aPh.D.course:Fall1999andFall2000.Averageteachingevaluations(2sections):5outof5.Instructorof“AnalysisandValuationofInsuranceCompanies,”anMSFEcourse:Summer2015(noteachingevaluation).InstructorinvariousExecutiveEducationprograms,coveringfinancialounting,financialstatementanalysis,analysisoffinancialinstitutions,andequityvaluation. HaasSchoolofBusiness,
U.C.BerkeleyGraduateStudentInstructorofIntermediateFinancialounting:Fall1995,Spring1996andFall1996 UniversityofHaifa,IsraelInstructorofMacroeconomics,IntroductiontoEconomics,andMathematics,1991-1993TeachingAssistantforFinancialounting,Econometrics,Macroeconomics,andMicroeconomics,1990-1993 DoronNissim:CV,October2015,Page5outof7 CONSULTING anStanley(2002-2008)Asovereignwealthfund(2013-)OliverWyman(2014)Focusonearningsquality,fundamentals-basedanalyses,valuation,investmentmanagement,andfinancialinstitutions MEDIAMENTIONOFRESEARCH(EXAMPLES) CNNMoneyMorning(February13,2002),TimeMagazine(February18,2002),TheNewYorkTimes(November17,2002),InternationalHeraldTribune(November18,2002),FinancialExecutive(March/April2003),ChiefExecutiveMagazine(April2003),TheEconomist(May10,2003;May14,2013),TheWallStreetJournal’sMarketWatch(March17,2004;September15,2010;February24,2012;November30,2012),GuruFocus(January20,2010),BloombergBusinessWeek(February29,2012),TheWallStreetJournal’s(March20,2012),BloombergTV(March7,2013),TheWallStreetJournal(May30,2014),NZZ(August17,2015),… INVITEDPRESENTATIONS BaruchCollege-AcademeMeetsPracticeConference(2005);BaruchCollege(2009);CARE/CEASA-ountingforUncertaintyandRiskConference(2011);CarnegieMellonUniversity(1997);CUNYGraduateCenter(2014);ColumbiaUniversity(1997,1998,2002,2011[2]);ColumbiaUniversity-Financeseminar(1998,1999,2002,2006,2011);ColumbiaUniversityBurtonWorkshop(1998,2000,2001,2002,2004,2012);ColumbiaUniversity-ChazenInternationalValuationConference(2001);ColumbiaUniversity-FacultyResearchShowcase(2011);CornellUniversity(1997);CornellUniversity-ReviewofountingStudiesConference(2001);DanishCenterforountingandFinance-FifthInterdisciplinaryountingConference(2011);DukeUniversity(1997);FinancialountingStandardsBoard(2011);FinancialountingStandardsResearchInitiative(2011);etownUniversity(2004);HarvardUniversity(2000,2010);HebrewUniversity(2000);IESE(2011);Insead(2008,2014);LondonBusinessSchool(2003);TheInterdisciplinaryCenter(2002)MassachusettsInstituteofTechnology(2000);NewYorkUniversity-JointColumbia/NYUworkshop(2000);NewYorkUniversity(2001);NewYorkUniversity-Journalofounting,AuditingandFinanceConference(2002);NorthwesternUniversity(1997,2008);OhioStateUniversity(1997);OhioStateUniversity-ConferenceonFinancialInformationandValuation(2000);PennStateUniversity(2001);RutgersUniversity(2001);StanfordUniversity(2011);TelAvivUniversity(2000,2001);UniversityofCaliforniaatBerkeley(1996,1997,2001);UniversityofCaliforniaatBerkeley-BerkeleyountingResearchTalksConference(2000);UniversityofCaliforniaatLosAngeles(1997,2002,2011);UniversityofChicago(1997);UniversityofChicago-JournalofountingResearchConference(2004);UniversityofFlorence(2012);UniversityofMichigan(1997,2001);UniversityofMichigan-SharePriceuracyandTransitionEconomiesConference(2003);UniversityofMinnesota(1997);UniversityofMinnesota-EmpiricalountingConference(2003,2014);UniversityofNorthCarolina(1997,2001,2004);UniversityofNotreDame(2004);UniversityofNotreDame-CenterforountingResearchandEducationConference(2006);UniversityofPennsylvania(1997,1999);UniversityofRochester(1997);UniversityofSouthernCalifornia(2004);UniversityofTexasatDallas(2015);UniversityofWashington(1997,2010);WashingtonUniversity(1997);YaleUniversity(2000,2006) DoronNissim:CV,October2015,Page6outof7 PROFESSIONALACTIVITIES Editor,ReviewofountingStudies,2006-2013 EditorialBoard,ReviewofountingStudies,2003-2006 EditorialBoard,TheountingReview,2005-2008 AdvisoryBoard,CenterforountingResearchandEducation,2006- Reviewerfor:AAAannualmeetings;ountingHorizons;ContemporaryountingResearch;EuropeanountingReview;FinancialManagement;IsraelScienceFoundation;Journalofounting,AuditingandFinance;JournalofountingandEconomics;JournalofountingResearch;JournalofBankingandFinance;JournalofBusiness;JournalofEconomicsandFinance;JournalofFinance;JournalofFinancialEconomics;JournalofFinancialResearch; JournalofRiskandInsurance;ManagementScience;ReviewofountingStudies;Reviewof EconomicStudies;andTheountingReview Reviewerforexternaldissertations,tenure,fullprofessor,andendowedprofessorshipappointments SERVICE ChairoftheountingDivision,2006-2009&2014- DirectoroftheFinancialAnalysisandValuationprogram,ExecutiveEducation,2015- Co-DirectoroftheFinanceandountingfortheNon-financialExecutiveprogram,ExecutiveEducation,2012- DirectorofTheInitiativeonBankingandFinance,ProgramofFinancialStudies,2015- CoreCourseCoordinatorforFinancialounting,2004-2006 PhDCoordinator,ountingDivision,2001-2004 Variousbusinessmittees,includingtheExecutiveCommittee,theStrategicPlanningCommitteefortheBusinessSchool,thePromotionandmittee,theCommitteeonIntellectualCapital,theCommitteeonFinanceCurriculum,theExecutiveEducationAdvisoryCommittee,theCentersReviewCommittee,facultymittees(ounting,Finance,RealEstate),ResearchandDatabaseCommittee,andmanymittees MentorforSixfacultymembersundertheprogramoftheSambergInstituteforTeachingExcellence Sponsor/chair/memberofthePhDmitteesofJingLiu(UCLA),HuaiZhang(UniversityofIllinoisatChicago),TomerRegev(anStanley),RohitMathur(SalomonSmithBarney),AndrewAnabila(PaceUniversity),SiyiLi(UniversityofIllinoisatUrbanaChampaign),YooYongKeun(SingaporeManagementUniversity),GeneKovacs(AnalysisGroup),NirYehuda(CornellUniversity),SharonKatz(HarvardBusinessSchool),JimmyYee(BaruchCollege),JaywonLee,RonShalev(WashingtonUniversity),MarcBadia(IESE),JulieLeiZhu(BostonUniversity),BugraOzel(UCLA),HannaLee(UniversityofMaryland),HelenHurwitz(SaintLouisUniversity),MengLi(eMasonUniversity),andAyungTseng(IndianaUniversity) DoronNissim:CV,October2015,Page7outof7