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

Faculty Directory Profile

Professor Harris' research and practical experience has covered most areas of the use of accounting information for valuation, investment and management decisions, with a particular focus on global aspects. He originally joined the Columbia Business School faculty in 1983, and was the Jerome A. Chazen Professor of International Business, Director of the Chazen Institute of International Business and Chair of the Accounting Department, prior to joining Morgan Stanley as a Managing Director and Head of the Global Valuation and Accounting Team in 2000. He rejoined the faculty of Columbia Business School in July 2008 and was appointed as The Arthur J. Samberg Professor of Professional Practice. He is co-Director of Columbia's Center for Excellence in Accounting and Security Analysis. He has published widely on valuation and accounting issues, in both academic and practitioner journals. He has made presentations at over 200 conferences, institutes and universities around the world.

Through September 2008, Professor Harris was a Managing Director and Vice Chairman at Morgan Stanley, working on special projects for Firm Management in all business areas. He became a Senior Advisor to Morgan Stanley in October 2008. In his time in Equity Research he was the primary author of the Apples-to-Apples research series focusing on global sector valuations and earnings quality issues, and led the creation and initial development of Morgan Stanley's ModelWare project and its Risk-Reward valuation application, that is used in all its current published research. He wrote extensively on earnings quality, company-specific investment ideas and global pension and retiree benefit issues. While in Equity Research he was an early sponsor of the XBRL initiative. He has also worked with corporate and investor clients on disclosure and valuation issues, and capital raising situations. Working with senior management, he was responsible for developing strategic solutions, and enhancing the management information systems of the firm. He has served on the Standards Advisory Council to the International Accounting Standards Board (until November 2008), the Users' Advisory Council to the Financial Accounting Standards Board (current) and was a member of the International Capital Markets Advisory Committee at the New York Stock Exchange until its dissolution.

Professor Harris has also provided advice on international accounting, controllership, valuation and investor relations issues to many large, international corporations and organizations.

Stephen H. Penman
The George O. May Professor of Accounting
Co-Director, Center for Excellence in Accounting and Security Analysis
Columbia Business School

Faculty Directory Profile

Stephen H. Penman is the George O. May Professor and the Morgan Stanley Research Scholar in the Graduate School of Business, Columbia University. Prior to his appointment at Columbia in 1999 he was the L.H. Penney Professor in the Walter A. Haas School of Business at the University of California at Berkeley. From 1990-95 he served as Chairman of the Professional Accounting Program and Chairman of the Accounting Faculty at Berkeley where he initiated and chaired the Haas School's Annual Conference on Financial Reporting. He has served as a Visiting Professor at Columbia University and the London Business School, and as the Jan Wallander Visiting Professor at the Stockholm School of Economics.

Professor Penman received a first-class honors degree in Commerce from the University of Queensland, Australia, and M.B.A. and Ph.D. degrees from the University of Chicago. His research is concerned with the valuation of equity and the role of accounting information in security analysis. He has published widely in finance and accounting journals and has conducted seminars on fundamental analysis and equity evaluation for academic and professional audiences. In 1991, he was awarded the notable Contribution to Accounting Literature Award by the American Accounting Association and the American Institute of Certified Public Accountants, and in 2002 was awarded the American Accounting Association and Deloitte & Touche Wildman Medal for his book, Financial Statement Analysis and Security Valuation, published by McGraw-Hill/Irwin. He is managing editor of the Review of Accounting Studies and is on the editorial board of the Schmalenbach Business Review. In 2009, Professor Penman was awarded an Honorary Doctorate by the Stockholm School of Economics at the School centenary celebration ceremony, which took place in Stockholm Cathedral in the presence of the King and Queen of Sweden.

Arthur Levitt, Jr.
Senior Advisor
The Carlyle Group
www.thecarlylegroup.com

Arthur Levitt was the 25th Chairman of the United States Securities and Exchange Commission. First appointed by President Clinton in July 1993, the President reappointed Chairman Levitt to a second five-year term in May 1998. On September 9, 1999, he became the longest serving Chairman of the Commission. He left the Commission on February 9, 2001.

Investor protection was Chairman Levitt's top priority. Throughout his tenure at the Commission, Chairman Levitt has worked to educate, empower, and protect America's investors - now more than 50 million strong. Early in his tenure, Chairman Levitt created the Office of Investor Education and Assistance and established a website (www.sec.gov), which allows the public free and easy access to corporate filings and investor education materials. In the past seven years Chairman Levitt has conducted more than forty investor town meetings throughout the country to listen to the concerns of investors and to give them tips on safe and wise participation in the securities markets.

Other hallmarks of Chairman Levitt's tenure include, improving the quality of the financial reporting process, maintaining the independence of auditors, saving investors billions of dollars by reducing spreads in the Nasdaq market, promoting the use of plain English, requiring that important information be released to all investors simultaneously, fighting Internet fraud, and cleaning up the municipal bond market.

Key policy successes include:

  • strengthening the independence of auditors and the profession's self-regulatory functions;
  • improving the quality of financial reporting, including strengthening the oversight role of corporate audit committees;
  • leveling the information playing field through Regulation Fair Disclosure, which requires companies to release important information to all investors at the same time;
  • creating a regulatory framework that embraces new technology and promotes competition through the order handling rules, which dramatically reduced the cost of buying and selling in the Nasdaq market, and Regulation ATS, which provided regulatory flexibility for electronic markets to innovate;
  • reforming the municipal debt markets by eliminating pay-to-play and improving price transparency;
  • requiring the use of plain English in mutual fund investment literature, public company communications with investors, and SEC communications with the public;
  • sanctioning the Nasdaq market for price manipulation and mandated improved self governance;
  • preserving the independence of the private sector standard setting process;
  • commencing vigorous Internet fraud detection and prosecution;
  • working closely with the criminal authorities to prosecute securities fraud; and
  • improving broker sales and pay practices.

Before joining the Commission, Mr. Levitt owned Roll Call, a newspaper that covers Capitol Hill. From 1989 to 1993, he served as the Chairman of the New York City Economic Development Corporation, and from 1978 to 1989 he was the Chairman of the American Stock Exchange. Prior to joining the Amex, Mr. Levitt worked for 16 years on Wall Street He is presently Senior Advisor to The Carlyle Group and on the boards of Neuberger Berman and Bloomberg as well as a member of the American Academy of Arts & Sciences. He graduated Phi Beta Kappa from Williams College in 1952 before serving for two years in the Air Force.

Levitt's best selling book, TAKE ON THE STREET: What Wall Street and Corporate America Don't Want You to Know/What You Can Do to Fight Back was published by Pantheon Books in October, 2002.

Philip D. Ameen
Vice President and Controller
General Electric Company
www.ge.com/en

Philip D. Ameen is a native of North Carolina and an alumnus of the University of NC-Chapel Hill. A Certified Public Accountant, Mr. Ameen was Sells medalist in the May 1972 CPA exam, and was a technical audit Partner in the Executive Office of Peat Marwick Mitchell & Co until 1985 when he joined GE Capital in Stamford.

Following three years of increasing responsibility in GECC's lending, leasing and mergers and acquisitions activities, Mr. Ameen was selected to join GE's headquarters staff in Fairfield, supporting Mr. Dammerman, then GE's CFO, during Mr. Dammerman's tenure on FASAC and FAF.

In his present position, Mr. Ameen is responsible for the accounting and financial reporting consequences of the various transactions of the diversified GE businesses, and is responsible for all of GE's external reporting, including accounting and reporting by GE's financial services businesses. He leads a distributed GE controllership team comprising approximately 2,000 Chartered or Certified Public Accountants.

Mr. Ameen's experience in accounting standards setting is extensive. He is a trustee of Financial Accounting Foundation, a member of the International Financial Reporting Interpretations Committee of the International Accounting Standards Board, the Chairman of the Financial Executives Institute's Committee on Corporate Reporting, a member of the FASB's Emerging Issues Task Force (11 years, then the longest service period of any EITF member), and a member of the AICPA's Accounting Standards Executive Committee, where he chaired the working group responsible for Statement of Position, "Internal Use Software."

Mark J.P. Anson
Managing Partner and Chair of the Investment Committee
Oak Hill Investment Management

Mark Anson is a Managing Partner and Chair of the Investment Committee at Oak Hill Investment Management. Previously, Mark was the President and Executive Director of Investment Services at Nuveen Investments. Founded in 1898, the Nuveen organization began as a municipal bond underwriting specialist. Today, Nuveen Asset Management oversees $ 64.1 billion of municipal bonds, with $ 12.7 billion of municipal separate accounts. Prior to that, Mark was the Chief Executive Officer of Hermes Pensions Management Ltd. In London Hermes (www.hermes.co.uk) manages over £60 billion for pension funds and other institutional clients across the asset classes of international equity, emerging markets, global bonds, real estate, private equity, commodities and hedge funds. He was responsible for a staff of 300 and a budget of £60 million.

Mark was also formerly the Chief Investment Officer for the California Public Employees' Retirement System (CalPERS) where he oversaw the growth in assets from $127 billion to $201 billion. At CalPERS, Mark had full responsibility for the strategic plan for CalPERS' Investment Office including tactical and strategic asset allocation, risk management, business development, budget authority, new investment programs, trading technology, staffing, and back office operations. His responsibilities included an operating budget of $410 million and the generation of $7 billion in annual benefit payments.

Mark received a scholarship to attend the Northwestern University School of Law in Chicago where he received his law degree and graduated with honors as the Executive/Production Editor of the Northwestern University Law Review. Mark also received a scholarship to attend the Columbia University Graduate School of Business in New York City where he received both his Ph.D. and Masters in Finance, again with honors, as Beta Gamma Sigma. Mark graduated With Distinction from St. Olaf College in Minnesota with a double major in Economics and Chemistry. Mark has also been honored with the Distinguished Scholar Award from the Institute of International Education and Fulbright Foundation as well as the 2004 Best Paper award from the Journal of Portfolio Management.

Mark is a licensed attorney and a member of the New York and Illinois State Bar Associations. He has also earned the Chartered Financial Analyst, Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant, and Certified Internal Auditor professional degrees. Last, Mark has received the Series 3, 4, 7, 8, 24, and 63 NASD securities industry licenses.

Mark is the author of the Handbook of Alternative Assets as well as three other financial textbooks and has published over 80 research articles on the topics of corporate governance, hedge funds, real estate, currency overlay, credit risk, private equity, risk management, and asset allocation. Mark is CalPERS' primary speaker at investment conferences around the world on these topics. Further, Mark sits on editorial and advisory boards for The Journal of Portfolio Management, The Journal of Alternative Investments, The Journal of Private Equity, The Journal of Investment Consulting, and The Journal of Derivatives Accounting.

John H. Biggs
Former Chairman and Chief Executive Officer
TIAA-CREF
www.tiaa-cref.org

John H. Biggs is former Chairman, President and Chief Executive Officer of TIAA-CREF. Mr. Biggs became Chairman and Chief Executive Officer in January 1993. Previously, he served as President and Chief Operating Officer from 1989-1993.

Mr. Biggs began his professional career with the General American Life Insurance Company in 1958. He served in various actuarial management positions for the company and in 1970 was appointed Vice President and Controller. In 1977, Mr. Biggs became Vice Chancellor for Administration and Finance at Washington University in St. Louis. He was named President and CEO of Centerre Trust Company, St. Louis, in 1985.

A native of St. Louis, Mr. Biggs earned an A.B. degree in classics from Harvard University, and a Ph.D. in economics from Washington University, St. Louis. He is a fellow of the Society of Actuaries.

Mr. Biggs is a Director of the Boeing Company, past Director of JP Morgan Chase Co., and a Trustee of the International Accounting Standards Committee Foundation, Washington University, The Danforth Foundation in St. Louis, and The Santa Fe Opera. He is past Chairman of the Board of the J. Paul Getty Trust and current Chairman of the Board of Emeriti (a non-profit company offering post-retirement medical benefits to college faculty) and the Washington University Investment Management Company. He is also a Director and former Chairman of the United Way of New York City, the National Bureau of Economic Research and a Director of the Foreign Policy Association. He is a member of the American Academy of Arts and Sciences, and the Council on Foreign Relations. He is Treasurer of the New York City Investment Fund. Mr. Biggs has published a number of papers on variable annuities, social security, regulation and taxation of pension plans, and demographic effects on pensions.

Richard Carroll
Chief Accountant
IBM
www.ibm.us

Rich Carroll joined IBM in 1974 from the University of Rhode Island with a BS in Business Administration.

He held various accounting positions in the Field Engineering and Office Products Division until 1979 when he was named the Balance Sheet Manager of OPD. Since that time, Mr. Carroll has held a number of accounting and planning management positions in both marketing and manufacturing divisions. In December 1987, he became Worldwide Income and Expense/Consolidation Manager in Corporate Headquarters and later was Manager of Accounting - Consolidation and Analysis for IBM U.S.

In October 1989, Mr. Carroll became Director of Financial Planning - U.S. for Corporate Finance, responsible for the overall budget operations in the U.S. In February 1991, he was named Director of Financial Data Management as part of the CHQ Reengineering Project whose objective was to restructure the I/T infrastructure and data delivery processes with IBM Finance. In September 1996, he returned to Accounting as the Director of CHQ Accounting Analysis and Operations with prime responsibility for the consolidation of IBM financial results. In May 2002, Mr. Carroll assumed his current assignment as Assistant Controller responsible for accounting. In 1978, while with IBM, Mr. Carroll received his MBA in Accounting from Fairleigh Dickinson University in New Jersey.

J. Michael Cook
Retired Chairman & CEO
Deloitte & Touche LLP
www.deloitte.com/dtt

J. Michael Cook is the retired chairman and chief executive officer of Deloitte & Touche LLP. He is a board member of The Dow Chemical Company, Comcast Corporation, International Flavors & Fragrances, Rockwell Automation, and an independent trustee and member of the board of The Fidelity Group of Mutual Funds.

Mr. Cook joined Haskins & Sells in 1964, becoming a partner in 1974. He was named national managing partner of Deloitte, Haskins & Sells in 1983; he became chairman and CEO of the firm in 1986. In 1989, Mr. Cook directed the merger of Deloitte, Haskins & Sells and Touche Ross and was named chairman and CEO of Deloitte & Touche LLP. He also served as chairman of the Deloitte & Touche Foundation and a member of the Board of Deloitte Touche Tohmatsu. Under his leadership, the firm received the prestigious Catalyst Award and the United Way "Spirit of America" Award and was recognized as one of the best companies to work for in America.

Known as a strong and effective spokesperson on tough professional issues, he has written and spoken extensively on international accounting standards, the globalization of business, auditor independence, corporate governance, gender equality in the workplace, tort and securities law reform, and has often testified before Congress on professional issues. He led the profession's effort that resulted in the enactment of the Private Securities Litigation Act of 1995 and its counterpart Uniform Standards legislation in 1998; this legislation significantly changed the standards for business litigation.

Mr. Cook's many honors and awards include the Columbia School of Business Botwinick Prize in Business Ethics, Yeshiva University's Distinguished Leadership Award and Monmouth College's Distinguished Business Leader. In 1986, he was named Distinguished Alumnus by his alma mater, the University of Florida, and is a Distinguished Alumnus of its Beta Alpha Psi and Fisher School of Accounting. Mr. Cook was named the 62nd member of the Accounting Hall of Fame in August of 1999 and received the AICPA Public Oversight Board's John J. McCloy Award in December of 2001.

Sir Howard J. Davies
Director
The London School of Economics and Political Science

www.lse.ac.uk

Sir Howard Davies is the Director of the London School of Economics, a post he took up in Sept. 2003.

From 1997-2003 he was Chairman of the Financial Services Authority, the single regulator for the UK financial sector, which was created under his leadership from nine separate regulatory agencies. From 1995-1997 he was Deputy Governor of the Bank of England. Before that, from 1992-95 he was Director-General of the Confederation of British Industry and, from 1987-92, Controller of the Audit Commission. He was also, for six years, a director of GKN plc and a member of the International Advisory Board of Natwest.

In his earlier career he worked in the Foreign and Commonwealth Office and H M Treasury, both as an official and as special adviser to the Chancellor of the Exchequer. And for five years he worked as a management consultant for McKinsey and Co. Inc.

Sir Howard Davies was educated at Manchester Grammar School and Merton College, where he took an MA in History and French. In 1979 he was awarded a Harkness Fellowship and in 1980 gained an MSc in management science at Stanford Graduate School of Business.

Throughout his career he has written widely for publication, reviewing fiction for the Literary Review and The Times, historical and economics books for the Economist, The Times, the TLS and the Times Higher, among other publications. He has lectured extensively at home and overseas and is a regular participant in the World Economic Forum in Davos.

In 1993 he was Deputy Chairman of the Rowntree Committee Enquiry into the distribution of income and wealth, working with John Hills of the LSE.

He is Chairman of the Employers Forum on Age, a charity committed to fighting age discrimination in the workplace, and since 2002 he has been a Trustee of the Tate.

Aged 52, he is married to Prue Keely, the Editor of the World Tonight on BBC Radio 4. They have two sons and live in London and Dorset.

Peter Fisher
Managing Director
BlackRock Corp.

Peter R. Fisher, Managing Director, is chairman of BlackRock's business in Asia and is a member of BlackRock's Management Committee. He is responsible for coordinating development and execution of the firm's business strategies in Asia. He also serves as a member of the firm's Investment Strategy Group.

Prior to joining BlackRock, Mr. Fisher served as Under Secretary of the U.S. Treasury for Domestic Finance from August 2001 to October 2003. Mr. Fisher served as the Treasury Board representative to the Pension Benefit Guaranty Corporation (PBGC), as a member of the Board of the Securities Investor Protection Corporation (SIPC) and had responsibility for the offices of Financial Markets, Financial Institutions and Fiscal Services.

Before joining the Treasury, Mr. Fisher spent 15 years at the Federal Reserve Bank of New York, concluding his service there as Executive Vice President and Manager of the System Open Market Account with responsibilities for domestic money market and bond market operations, discount window lending, foreign currency trading, and the investment of foreign currency reserves. Mr. Fisher earned a BA degree in history from Harvard College in 1980 and a JD degree from Harvard Law School in 1985.

Sallie L. Krawcheck
President of Global Wealth Management and Investments
Bank of America

www.bankofamerica.com

In August of 2009, Sallie L. Krawcheck joined Bank of America as President of Global Wealth Management and Investments. 

In 2007, Sallie L. Krawcheck assumed the role of Chairman and Chief Executive Officer at Citi Gobal Wealth Management. She was responsible for the Citi Private Bank, Citi Investment Research and Citi Smith Barney which comprise one of the largest research and wealth management businesses in the world with nearly $1.4 trillion in client assets. As former Chief Financial Officer and Head of Strategy for Citigroup Inc., she was responsible for Financial Reporting, Treasury, Tax, Investor Relations, Mergers and Acquisitions and Strategic Planning. Ms. Krawcheck joined Citigroup in October 2002 as Chairman and Chief Executive Officer of Smith Barney, where she oversaw the global management of both its Global Private Client and Global Equity Research businesses. In her two years with Smith Barney, Ms. Krawcheck successfully guided one of the leading private wealth management organizations in the United States. She also restructured Smith Barney's Equity Research business to operate independently, while strengthening the quality and transparency of its research. Ms. Krawcheck is a member of the Citigroup Management and Business Heads Committees and the Citigroup Foundation Board, as well as the Firm's Business Practices Committee.

Previously, Ms. Krawcheck was Chairman and Chief Executive Officer of research firm Sanford C. Bernstein & Company, where she became one of the most influential voices for research quality and integrity. Ms. Krawcheck was responsible for managing that firm's research, brokerage and trading operations, as well as its business development and planning. She also served as an Executive Vice President of Bernstein's parent company, Alliance Capital Management, from 1999 to 2001. Prior to her most recent post, Ms. Krawcheck was Bernstein's Director of Research, and appreciably grew the firm's profit base by expanding industry-sector coverage. From 1994 to 1999 she was a senior equity research analyst responsible for the coverage of life insurance and securities brokerage companies. For each year Ms. Krawcheck covered the securities brokerage sector she was ranked the number-one analyst in Institutional Investor magazine's annual poll.

Prior to joining Sanford C. Bernstein & Company, Ms. Krawcheck worked as a financial analyst at Salomon Brothers, and later at Donaldson, Lufkin & Jenrette as an associate in the Corporate Finance department.

A native of Charleston, South Carolina, Ms. Krawcheck attended the University of North Carolina at Chapel Hill on the prestigious Morehead Scholarship, and graduated in 1987 with academic honors and a Bachelor of Arts degree. In 1992, she received a Master of Business degree from Columbia University. An active participant in the affairs of her alma maters, Ms. Krawcheck has endowed her former secondary school, The Porter Gaud School, with the Krawcheck Scholarship, a needs-based scholarship awarding full tuition to students of exceptional aptitude. She is also a member of the Board of Directors of The University of North Carolina at Chapel Hill Foundations, Inc., Carnegie Hall, and Dell Inc.; the Board of Overseers of Columbia Business School; and the Board of Trustees for The Economic Club of New York. In 2002, she was recognized as one of Time magazine's "Global Business Influentials", and in 2003, Fortune Magazine named her the "Most Influential Person Under the Age of 40". In 2003, the World Economic Forum designated Ms. Krawcheck one of its "Global Leaders for Tomorrow". For five straight years, from 2002 to 2006, Fortune also recognized Sallie as one of the "Most Powerful Women" in business. Forbes Magazine, in 2006, listed her as #6 in the rank of the "World's 100 Most Powerful Women".

David F. Larcker
Professor of Accounting
The Graduate School of Business, Stanford University
www.gsb.stanford.edu

David F. Larcker is a Professor of Accounting at the Graduate School of Business, Stanford University. Prior to joining Stanford in 2005, he was the Ernst & Young Professor of Accounting at the Wharton School at the University of Pennsylvania. Before Wharton, he was a Professor of Accounting and Information Systems at the J. L. Kellogg Graduate School of Management at Northwestern University. He received undergraduate and masters degrees in engineering from the University of Missouri - Rolla and a doctorate in business from the University of Kansas.

Dr. Larcker has published many articles and book chapters on topics such as design of executive compensation contracts, corporate governance, measurement of intangible assets, and strategic business models. He is currently a member of the editorial boards of the Journal of Accounting Research, Journal of Accounting and Economics, Journal of Accounting and Public Policy, and Accounting, Organizations and Society. In 2001, Dr. Larcker received the award for notable contribution to managerial accounting research.

Dr. Larcker was the 1993 American Accounting Association Distinguished Visiting International Lecturer. He was a member of the Financial Accounting Standards Board Task Force on accounting for executive stock options from 1993 to 1996, Steering Committee for the Business Reporting Research Project of the Financial Accounting Standards Board from 1999 to 2000, and the Option Valuation Group Task Force of the Financial Accounting Standards Board in 2003.

He has served as a consultant to numerous organizations such as Compaq Computer, Ernst & Young, General Electric Capital, Guardsmark, Hilton Hotels, and PricewaterhouseCoopers. His consulting focuses on the identification of strategic performance measures and the design of executive compensation contracts.

Carol J. Loomis
Senior Editor at Large
FORTUNE Magazine
www.fortune.com/fortune

Mrs. Carol J. Loomis grew up in Cole Camp, Missouri, and attended Drury College in Springfield, Missouri, 1947-49, then the University of Missouri 1949-1951, graduating in 1951 with a Bachelor in Journalism degree.

Mrs. Loomis began her career with the Maytag Co. in Newton, Iowa, as editor of a house organ. Since 1954, she has been with FORTUNE, first as a research associate. She became an associate editor in 1958, a member of the Board of Editors in 1968, Editor at Large in 2001, and Senior Editor at Large in 2007.

Her writing has covered a wide range of financial and stock market subjects, and she has won a number of awards for business and financial writing. She has received the Gerald M. Loeb Award twice (in 1974 and 1989), and in 1993 she was given the Gerald M. Loeb Lifetime Achievement Award. She has also received two other lifetime achievement awards: One, presented in 2000, came from the Women's Economic Round Table, which was making its first awards for women in financial journalism. The other was the first-ever Henry R. Luce Award for Lifetime Achievement, given to Mrs. Loomis at a Time Inc. presentation in March 2001.

In 1976, Mrs. Loomis wrote an article called "An Annual Report for the Federal Government" that led the U.S. Treasury to begin publication of such a report. After her article appeared she was appointed by the Secretary of the Treasury to an Advisory Committee on Federal Consolidated Financial Statements.

In September 1980, Mrs. Loomis served as one of the six panelists questioning presidential candidates Ronald Reagan and John Anderson on the nationally televised debate sponsored by the League of Women Voters.

Mrs. Loomis has been the editor of Warren Buffet's well-known letter in the Berkshire Hathaway annual report since 1977.

Mrs. Loomis's home is in Larchmont, New York. She is married to John R. Loomis, who is a partner of First Manhattan Co., and has two children, Barbara and Mark.

Robert J. Swieringa
Ann and Elmer Lindseth Dean Emeritus and Professor of Accounting
S.C. Johnson Graduate School of Management, Cornell University

www.johnson.cornell.edu

Robert J. Swieringa is the Anne and Elmer Lindseth Dean Emeritus and Professor of Accounting of Cornell University's Samuel Curtis Johnson Graduate School of Management. He became the ninth dean of the Johnson School on July 1, 1997.

Dean Swieringa served as a member of the Financial Accounting Standards Board (FASB) from 1986 to 1996. FASB is the key policy-making organization for accounting issues in the United States, and Dean Swieringa gained wide visibility and influence in the corporate community through his work with the group.

He was most recently a professor in the practice of accounting at the Yale School of Management, and was a member of the accounting faculty at the Stanford Graduate School of Management and at the Johnson School before he was appointed to the FASB. An outstanding teacher and lecturer, he won the Justice Foundation Award for Outstanding Teaching at Cornell, and has received numerous awards and honors in recognition of his scholarly and professional work. He is the author of several textbooks, including one co-authored with Professor Harold Bierman and another co-authored with Professor Thomas Dyckman. His current research interests are in behavioral accounting and corporate financial reporting.

Dean Swieringa is Chair of the Graduate Management Admission Council that provides the GMAT, the most widely used assessment test in graduate business studies. Dean Swieringa is a member of the Board of Directors of General Electric. He received his Ph.D. in 1969 from the University of Illinois.

James A. Ohlson
W.P. Carey Chair in Accountancy
W.P. Carey School of State University

Professor Jim Ohlson is currently the W. P. Chair in Accountancy at the W. P. Carey School of Business, Arizona State University. Prior to joining Arizona State University in 2004, Jim was the Leonard N. Stern Professor of Business and Chairperson of the Accounting Department at the Stern School of Business, New York University. Jim was also George O. May Professor of Accounting at the Graduate School of Business, Columbia University Columbia and the L.H. Penney Professor of Accounting at the University of California, Berkeley. At various times, he has also taught at Chicago University, Stanford University, University of British Columbia, University of Texas, London School of Economics and INSEAD.

Professor Ohlson received his M.B.A. and Ph.D. degrees at the University of California, Berkeley, in 1968 and 1971, respectively. He was also awarded an Honorary Doctorate degree by the Stockholm School of Economics in 1996.

Professor Ohlson's research has focused on accounting theory and the role of accounting data in equity valuation contexts. He has published extensively in the academic literature on both theoretical and empirical subjects. He has also lectured on equity valuation in America, Asia, Europe, and Australia at Universities and for professional audiences. In 1995, his research was recognized by the American Accounting Association who has several times awarded him The Notable Contribution to Accounting Literature Award.