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CEASA's codirectors oversee the entire portfolio of center projects and provide ongoing leadership toward fulfilling the center's mission.

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.

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Columbia Business School
600 Uris Hall
3022 Broadway New York, NY 10027–6902

Phone: (212) 854-3832
Fax: (212) 316-9219


CEASA has recently received gifts of $125,000 each from Morgan Stanley and General Electric. In 2003, a founding gift from Morgan Stanley and GE was instrumental in creating the center, which has since produced a body of independent research for stakeholders across academia, industry, and government. With Morgan Stanley’s and GE's renewed pledge of support, CEASA is well-positioned to lead the next chapter of dialogue around security analysis and accounting issues and to generate practical policy solutions.


CEASA Director of Research, Suzanne Morsfield, awarded research grant from the SWIFT Institute to report on “The Future of Financial Data Standards” with co-authors Stephen Yang of Stevens Institute, and Susan Yount of Workiva.


CEASA co-founder, Stephen Penman, releases new Occasional Paper, “The Value Trap: Value Buys Risky Growth”, co-authored with Francesco Reggiani of Bocconi University.

Submit a Paper to CEASA

CEASA welcomes submissions for online publication of papers analyzing and proposing solutions to current issues surrounding accounting and/or security analysis policy.

Contact us to submit a paper>