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Doron Nissim: Relative Valuation in the Financial Sector

Biography

Columbia Business School
Ernst & Young Professor of Accounting & Finance

Biography

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Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. In 2014, he was reappointed as the Chair of the Accounting Division, after previously serving as the chair from 2006 to 2009.

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Professor Nissim’s research is primarily in the areas of equity valuation, fundamental analysis, and earnings quality. His studies investigate various issues related to fundamental and relative (price multiple) valuation, corporate and personal taxes, market efficiency, reliability and relevance of financial disclosures, corporate finance, and financial institutions. Professor Nissim’s research has 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.

At Columbia Business School, Professor Nissim teaches MBA, EMBA and PhD courses in financial accounting, earnings quality, fundamental analyses, valuation, and research methods. In 2009 professor Nissim developed a class titled “Earnings Quality and Fundamental Analysis,” which has become one of the most highly attended courses at Columbia Business School and has been recognized by the school’s Teaching Curriculum Committee as “an excellent, carefully constructed course which provides students with valuable insights and lasting concepts.”

Professor Nissim serves as the director of two executive education programs: Financial Analysis and Valuation for Strategic Decision Making, and Finance and Accounting for the Non-financial Executive. He also teaches in other open enrollment as well as 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;” 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 2018

Earnings Quality & Fundamental Analysis (MBA)

Spring 2017

Fundamental Analysis (EMBA)

Fall 2016

Earnings Quality & Fundamental Analysis (MBA)
Earnings Quality & Fundamental Analysis (EMBA)

Spring 2016

Fundamental Analysis (EMBA)

Fall 2015

Earnings Quality & Fundamental Analysis (MBA)
Earnings Quality & Fundamental Analysis (EMBA)
Earnings Quality & Fundamental Analysis (MBA)

Fall 2014

Earnings Quality & Fundamental Analysis (MBA)
Earnings Quality & Fundamental Analysis (EMBA)

Fall 2013

Earnings Quality & Fundamental Analysis (MBA)
Earnings Quality & Fundamental Analysis (EMBA)

Spring 2013

Earnings Quality & Fundamental Analysis (EMBA)

Fall 2012

Earnings Quality & Fundamental Analysis (EMBA)
Earnings Quality & Fundamental Analysis (MBA)

Research

Journal articles

Crisis-Related Shifts in the Market Valuation of Banking Activities In Journal of Financial Intermediation (2014)
Coauthor(s): Charles Calomiris, Doron Nissim

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Regulatory Uncertainty Hurts Bank Stocks, Stifles Economy? In American Banker (2013)
Coauthor(s): Charles Calomiris, Doron Nissim

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Implied Cost of Equity Capital in the U.S. Insurance Industry In The Journal of Financial Perspectives (2013)
Coauthor(s): Doron Nissim

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Relative Valuation of U.S. Insurance Companies In Review of Accounting Studies (2013)
Coauthor(s): Doron Nissim

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Line-item Analysis of Earnings Quality In Foundations and Trends in Accounting (2008)
Coauthor(s): Doron Nissim

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Is Cash Flow King in Valuations? In Financial Analysts Journal (2007)
Coauthor(s): Doron Nissim, Jing Liu, Jacob Thomas

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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

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Issue Costs in the Eurobond Market: The Effects of Market Integration In Journal of Banking and Finance (2006)
Coauthor(s): Doron Nissim, Arie Melnik

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The Persistence of the Accruals Anomaly In Contemporary Accounting Research (2006)
Coauthor(s): Baruch Lev, Doron Nissim

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Taxable Income, Future Earnings, and Equity Values In Accounting Review (2004)
Coauthor(s): Baruch Lev, Doron Nissim

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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

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Reliability of Banks'' Fair Value Disclosure for Loans In Review of Quantitative Finance and Accounting (2003)
Coauthor(s): Doron Nissim

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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

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Discussion of Reactions to Dividend Changes Conditional on Earnings Quality In Journal of Accounting, Auditing, and Finance (2003)
Coauthor(s): Doron Nissim

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The Association Between Changes in Interest Rates, Earnings, and Equity Values In Contemporary Accounting Research (2003)
Coauthor(s): Doron Nissim, Stephen Penman

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Valuation of the Debt-Tax Shield In Journal of Finance (2002)
Coauthor(s): Deen Kemsley, Doron Nissim

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Equity Valuation Using Multiples In Journal of Accounting Research (2002)
Coauthor(s): Jing Liu, Doron Nissim, Jacob Thomas

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Discussion of the ''Role of Volatility in Forecasting'' In Review of Accounting Studies (2002)
Coauthor(s): Doron Nissim

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Dividend Changes and Future Profitability In Journal of Finance (2001)
Coauthor(s): Doron Nissim, Amir Ziv

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Ratio Analysis and Equity Valuation: From Research to Practice In Review of Accounting Studies (2001)
Coauthor(s): Doron Nissim, Stephen Penman

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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

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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

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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

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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

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Working papers

The expected rate of credit losses on banks'' loan portfolios In Columbia Business School Research Paper No. 15-21 (2017)
Coauthor(s): Trevor Harris, Urooj Khan, Doron Nissim

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Accounting for Marketing Activities: Implications for Marketing Research and Practice (2011)
Coauthor(s): Doron Nissim

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Analysis and Valuation of Insurance Companies In CEASA White Paper Series (2010)
Coauthor(s): Doron Nissim

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Analysis and Forecasting of Operating Profitability (2010)
Coauthor(s): Doron Nissim

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Interest Rates and the Postretirement Benefit Expense (2010)
Coauthor(s): Doron Nissim

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Operating Profit Variation Analysis: Implications for Future Earnings and Equity Values (2010)
Coauthor(s): Marc Badia, Doron Nissim

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The Share Price Effects of Personal Capital Gains Taxes: Evidence from Dividend Increase Announcements (2010)
Coauthor(s): Doron Nissim, Deen Kemsley, Michael Williams

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The Value Implications of the Correlation between Growth and Profitability (2010)
Coauthor(s): Doron Nissim, Bugra Ozel

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Principles for the Application of Fair Value Accounting In CEASA White Paper Series (2008)
Coauthor(s): Doron Nissim, Stephen Penman

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Activity-Based Valuation of Bank Holding Companies In Working Paper No. 12918 (2007)
Coauthor(s): Charles Calomiris, Doron Nissim

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Fair Value Accounting in the Banking Industry In CEASA White Paper Series (2007)
Coauthor(s): Doron Nissim

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Ideas and Insights

As the Market Buildup Continues, Horizons Grow Longer (2016)

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