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Mission Statement

Problems in financial analysis and accounting are inextricably linked. Equity analysis relies on sound financial reporting but also recognizes and adapts to poor accounting and reporting. Events of the past several years have caused many people to question the quality of financial reporting and equity analysis. The economic consequences of malpractice have been significant, leading to a clear call for reform.

Located in a leading business school with a mandate for independent research, CEASA is positioned to lead a discussion of issues with an emphasis on sound conceptual thinking and objectivity.

The mission of CEASA is to

  • Develop workable solutions to issues in financial reporting and accounting policy
  • Produce a core set of principles for equity analysis
  • Collect and synthesize best thinking and best practices
  • Disseminate ideas to regulators, analysts, investors and management
  • Promote and encourage sound research on relevant issues

An Independent Voice

An objective and independent research center, CEASA develops practical solutions for reflecting economic reality in accounting policy, financial reporting and fundamental security analysis.

Current players are too frequently perceived as compromised, whether correctly or not, with respect to their communication of financial data about their enterprises. An objective voice is needed to provide solutions to the most salient issues in accounting and security analysis. CEASA's founding mission is to fulfill this need.

Columbia Business School has a long history of leadership in this area because of both the faculty and the School's strong relationships in the business community. Morgan Stanley, IBM, and the General Electric Foundation are the lead underwriters in creating the Center for Excellence in Accounting and Security Analysis at Columbia Business School.

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Contact Us

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>