Doron Nissim
Ernst & Young Professor of Accounting & Finance
Accounting
BA, University of Haifa, 1991; MS, University of California, Berkeley, 1995; PhD, 1998
Joined CBS in 1997
Office:
1112
Kravis
Phone:
212-854-4249
E-mail:
[email protected]
Fax:
212-316-9219
Personal Website
Curriculum Vitae
Biography
Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. He was granted tenure in 2005, and full professorship in 2007. He served as the Chair of the Accounting Division during the years 2006–2009 and 2014–2016.
Professor Nissim’s research is primarily in the areas of earnings quality, fundamental analysis, equity valuation, financial institutions, and corporate finance. His studies have been published in such internationally acclaimed accounting and finance journals as the Journal of Finance, the Journal of Accounting Research, the Accounting Review, the Review of Accounting Studies, Contemporary Accounting Research, and Journal of Banking and Finance, as well as in practitioner-oriented journals such as the Financial Analysts Journal and the Journal of Financial Perspectives. Professor Nissim’s research is frequently cited in the popular press, including the Wall Street Journal, Time, the New York Times, Bloomberg, Chief Executive magazine, the Economist, and the International Herald Tribune. Professor Nissim served as an editor of the Review of Accounting Studies from 2006 to 2013, and as the director of the Initiative on Banking and Insurance in the Program for Financial Studies at Columbia Business School from 2015 to 2017.
At Columbia Business School, Professor Nissim teaches MBA, EMBA, MS, and PhD courses in financial accounting, earnings quality, fundamental analyses, valuation, investment management, financial institutions, and research methods. He also serves as the director of two executive education programs—Financial Analysis and Valuation, and Finance and Accounting for the Non-financial Executive—and he teaches in several other open enrollment and custom executive education programs.
Professor Nissim consults extensively, both to buy- and sell-side firms as well as to other entities. His consulting focuses on equity valuation, fundamental analysis, earnings quality, investment management, and financial institutions.
Professor Nissim has received several honors and awards, including a prize from the Financial Executive Research Foundation for “the article from those published in the Accounting Review, which had the greatest import for users and preparers of financial reports,” the Morgan Stanley Award for Contributions to the Development of ModelWare Core Strategies, two nominations for the Brattle Prize at the Journal of Finance (outstanding paper in corporate finance), and two teaching awards: Columbia Business School Dean’s Award for Teaching Excellence in a Core Course, and Columbia Business School Dean’s Award for Teaching Excellence.
Teaching
Spring 2021
Earnings Quality & Fundamental Analysis
(MBA)
Fall 2021
(PhD) Valuation and Financial Statement Analysis
(PHD)
Spring 2020
Earnings Quality & Fundamental Analysis
(MBA)
Earnings Quality & Fundamental Analysis
(EMBA)
Fall 2020
(PhD) Valuation and Financial Statement Analysis
(PHD)
Spring 2019
Earnings Quality & Fundamental Analysis
(MBA)
Earnings Quality & Fundamental Analysis
(EMBA)
Research on Investing with Fundamental Analysis
(PHD)
Fall 2019
(PhD) Valuation and Financial Statement Analysis
(PHD)
Spring 2018
Earnings Quality & Fundamental Analysis
(MBA)
Spring 2017
Research
Journal articles
The expected rate of credit losses on banks' loan portfolios
In The Accounting Review
(2018)
Coauthor(s): Trevor Harris, Urooj Khan, Doron Nissim
Crisis-Related Shifts in the Market Valuation of Banking Activities
In Journal of Financial Intermediation
(2014)
Coauthor(s): Charles Calomiris, Doron Nissim
Regulatory Uncertainty Hurts Bank Stocks, Stifles Economy?
In American Banker
(2013)
Coauthor(s): Charles Calomiris, Doron Nissim
Implied Cost of Equity Capital in the U.S. Insurance Industry
In The Journal of Financial Perspectives
(2013)
Coauthor(s): Doron Nissim
Relative Valuation of U.S. Insurance Companies
In Review of Accounting Studies
(2013)
Coauthor(s): Doron Nissim
Line-item Analysis of Earnings Quality
In Foundations and Trends in Accounting
(2008)
Coauthor(s): Doron Nissim
Is Cash Flow King in Valuations?
In Financial Analysts Journal
(2007)
Coauthor(s): Doron Nissim, Jing Liu, Jacob Thomas
Managerial Discretion and the Economic Determinants of the Disclosed Volatility Parameter for Valuing ESOs
In Review of Accounting Studies
(2007)
Coauthor(s): Eli Bartov, Partha Mohanram, Doron Nissim
Issue Costs in the Eurobond Market: The Effects of Market Integration
In Journal of Banking and Finance
(2006)
Coauthor(s): Doron Nissim, Arie Melnik
The Persistence of the Accruals Anomaly
In Contemporary Accounting Research
(2006)
Coauthor(s): Baruch Lev, Doron Nissim
Taxable Income, Future Earnings, and Equity Values
In Accounting Review
(2004)
Coauthor(s): Baruch Lev, Doron Nissim
Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios
In Review of Accounting Studies
(2003)
Coauthor(s): Doron Nissim, Stephen Penman
Reliability of Banks' Fair Value Disclosure for Loans
In Review of Quantitative Finance and Accounting
(2003)
Coauthor(s): Doron Nissim
Debt Issue Costs and Issue Characteristics in the Market for U.S. Dollar Denominated International Bonds
In European Finance Review
(2003)
Coauthor(s): Arie Melnik, Doron Nissim
Discussion of Reactions to Dividend Changes Conditional on Earnings Quality
In Journal of Accounting, Auditing, and Finance
(2003)
Coauthor(s): Doron Nissim
The Association Between Changes in Interest Rates, Earnings, and Equity Values
In Contemporary Accounting Research
(2003)
Coauthor(s): Doron Nissim, Stephen Penman
Valuation of the Debt-Tax Shield
In Journal of Finance
(2002)
Coauthor(s): Deen Kemsley, Doron Nissim
Equity Valuation Using Multiples
In Journal of Accounting Research
(2002)
Coauthor(s): Jing Liu, Doron Nissim, Jacob Thomas
Discussion of the 'Role of Volatility in Forecasting'
In Review of Accounting Studies
(2002)
Coauthor(s): Doron Nissim
Dividend Changes and Future Profitability
In Journal of Finance
(2001)
Coauthor(s): Doron Nissim, Amir Ziv
Ratio Analysis and Equity Valuation: From Research to Practice
In Review of Accounting Studies
(2001)
Coauthor(s): Doron Nissim, Stephen Penman
Chapters
Accounting's Role in the Reporting, Creation, and Avoidance of Systemic Risk in Financial Institutions
In The Handbook of Systemic Risk
(2013)
Coauthor(s): Trevor Harris, Robert Herz, Doron Nissim
Accounting's Role in the Reporting, Creation, and Avoidance of Systemic Risk in Financial Institutions
In Handbook on Systemic Risk
(2013)
Coauthor(s): Trevor Harris, Robert Herz, Doron Nissim
Morgan Stanley ModelWare's Approach to Intrinsic Value: Focusing on Risk-Reward Trade-offs
In Equity Valuation: Models from Leading Investments
(2009)
Coauthor(s): Juliet Estridge, Trevor Harris, Doron Nissim
On the Informational Usefulness of R&D Capitalization and Amortization
In Visualising Intangibles: Measuring and Reporting in the Knowledge Economy
(2008)
Coauthor(s): Baruch Lev, Doron Nissim, Jacob Thomas
Working papers
Accounting for Marketing Activities: Implications for Marketing Research and Practice
(2011)
Coauthor(s): Doron Nissim
Analysis and Valuation of Insurance Companies
In CEASA White Paper Series
(2010)
Coauthor(s): Doron Nissim
Analysis and Forecasting of Operating Profitability
(2010)
Coauthor(s): Doron Nissim
Interest Rates and the Postretirement Benefit Expense
(2010)
Coauthor(s): Doron Nissim
Operating Profit Variation Analysis: Implications for Future Earnings and Equity Values
(2010)
Coauthor(s): Marc Badia, Doron Nissim
The Share Price Effects of Personal Capital Gains Taxes: Evidence from Dividend Increase Announcements
(2010)
Coauthor(s): Doron Nissim, Deen Kemsley, Michael Williams
The Value Implications of the Correlation between Growth and Profitability
(2010)
Coauthor(s): Doron Nissim, Bugra Ozel
Principles for the Application of Fair Value Accounting
In CEASA White Paper Series
(2008)
Coauthor(s): Doron Nissim, Stephen Penman
Activity-Based Valuation of Bank Holding Companies
In Working Paper No. 12918
(2007)
Coauthor(s): Charles Calomiris, Doron Nissim
Fair Value Accounting in the Banking Industry
In CEASA White Paper Series
(2007)
Coauthor(s): Doron Nissim