EDUCATION
·  Ph.D. (Finance) - Columbia University, May 1981
·  M.B.A. (Finance) - Columbia University, May 1977
·  M.S. (Industrial Engr.) - Columbia University, May 1976
·  B.S. (Industrial Engr.) - Columbia University, January 1975

WORK EXPERIENCE
Professor of Accounting, Anderson Graduate School of Management, UCLA, 2003-Present
Donald and Ruth Seiler Professor of Public Accounting, Haas School of Business,
    University of California, Berkeley, 1999-2003
Professor, Haas School of Business, University of California, Berkeley, 1996-1999
Associate Professor, Haas School of Business, University of California, Berkeley, 1988-1996
Assistant Professor, Graduate School of Management, UCLA, 1981-1988

RESEARCH INTERESTS
Performance of analysts' earnings forecasts and stock recommendations
The valuation of Internet stocks
Herding behavior of analysts and investors
Investors' private information collection decisions
Managerial disclosure decisions and shareholder litigation

TEACHING
Management 220 - Corporate Financial Reporting

EDITORIAL BOARD MEMBERSHIP
Contemporary Accounting Research
Journal of Accounting and Public Policy
Journal of Accounting, Auditing, and Finance
Journal of Investment Management
Review of Accounting Studies

RADIO/TELEVISION APPEARANCES
BBC
CBSMarketWatch Weekend
CNBC
CNNfn
KGO-TV
KQED-TV
KRON-TV
KTVU-TV
National Public Radio
Newshour with Jim Lehrer

SELECTED NEWSPAPER/MAGAZINE/INTERNET MENTIONS
Associated Press
Business Week
CBSMarketWatch.com
cnnfn.com
Denver Post
Fidelity Outlook
Financial Times
Forbes
forbes.com
Fortune
Los Angeles Times
New York Times
San Francisco Chronicle
San Jose Mercury News
Smart Money
USA Today
Wall Street Journal

SELECTED PAPERS & PUBLICATIONS
“Prophets and Losses: Reassessing the Returns to Analysts’ Stock Recommendations”, Financial Analysts Journal, March/April 2003 (with Brad Barber, Reuven Lehavy, and Maureen McNichols).
“Anomalous Stock Returns Around Internet Firms’ Earnings Announcements”, Journal of Accounting and Economics, January 2003 (with Franco Wong and Xiao-Jun Zhang).
“The Interpretation of Information and Corporate Disclosure Strategies”, Review of Accounting Studies, volume 7, number 1, 2002 (with Sunil Dutta).
“Back to Basics: Forecasting the Revenues of Internet Firms”, Review of Accounting Studies, volume 6, numbers 2-3, 2001 (with Franco Wong and Xiao-Jun Zhang).
“Can Investors Profit from the Prophets? Consensus Analyst Recommendations and Stock Returns,” Journal of Finance, April 2001 (with Brad   Barber, Roby Lehavy, and Maureen McNichols).
“The Eyeballs Have It: Searching for the Value in Internet Stocks”, Journal of Accounting Research, Supplement 2000 (with Franco Wong and Xiao-Jun Zhang).
“Managerial Disclosures and Shareholder Litigation”, Review of Accounting Studies, number 2, 1997.
“The Strategic Timing of Corporate Disclosures”, Review of Financial Studies, Summer 1996 (with Gerard Gennotte).
“The Impact of Analyst Following on Stock Prices and the Implications for Firms’ Disclosure Policies”, Journal of Accounting, Auditing, and Finance, Summer 1996.
“Analyst Forecasts and Herding Behavior”, Review of Financial Studies, Spring 1994.
“Public Disclosure, Private Information Collection and Short-term Trading”, Journal of Accounting and Economics, January 1994 (with Maureen McNichols).
“Theories of Earnings-Announcement Timing”, Journal of Accounting and Economics, October 1990.
“On the Incentives for Security Analysts to Revise Their Earnings Forecasts”, Contemporary Accounting Research, Fall 1990.
“Corporate Investment and Dividend Decisions Under Differential Personal Taxation”, Journal of Financial and Quantitative Analysis, December 1988 (with Ron Masulis).
“An Explanation For Accounting Income Smoothing”, Journal of Accounting Research, Supplement 1988 (with Sheridan Titman).
“A Theory of Noise Trading in Securities Markets”, Journal of Finance, March 1988.
“Information Quality and the Valuation of New Issues”, Journal of Accounting and Economics, June 1986 (with Sheridan Titman).
“The Relationship Between the Level of Capital Expenditures and Firm Value”, Journal of Financial and Quantitative Analysis, June 1986.
“Why Do Managers Voluntarily Release Earnings Forecasts?”, Journal of Accounting and Economics, March 1986.
“Motivating Management to Reveal Inside Information”, Journal of Finance, September 1983.
“Optimality of the Disclosure of Private Information in a Production-Exchange Economy”, Journal of Finance, June 1983.

WORKING PAPERS
“Buys, Holds, and Sells: The Distribution of Investment Banks’ Stock Ratings and the Implications for the Profitability of Analysts’ Recommendations” (with Brad Barber, Reuven Lehavy, and Maureen McNichols).
"Are All Brokerage Houses Created Equal? Testing for Systematic Differences in the Performance of Brokerage House Stock Recommendations" (with Brad Barber and Reuven Lehavy).
"The Impact of Soft Dollars on Market Equilibrium and Investors' Profits" (with Gilad Livne).