Department of Accounting and Information Systems

E-mail: pfeiffer@acctg.umass.edu      

Isenberg School of Management

URL: http://intra.som.umass.edu/pfeiffer      

University of Massachusetts

Phone: 413 545 5653      

Amherst, Massachusetts 01003-4915

Fax: 413 545 3858      

Academic Positions Held:

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Associate Professor of Accounting, Isenberg School of Management, University of Massachusetts, September 2000 to present.

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Assistant Professor of Accounting, Isenberg School of Management, University of Massachusetts, September 1994 to August 2000.

Education:

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Ph.D., The University of North Carolina at Chapel Hill, December 1994. 

Major field: Accounting.  Minor fields: Economics and Finance.

Dissertation: "Valuation of Mortgage Servicing Rights and Implications for Equity Values of Mortgage Banks," Wayne R. Landsman, chair.

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B.A., Cum Laude, Moravian College, Bethlehem, Pennsylvania; May 1987.  Major field: Accounting.

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Stroudsburg High School, Stroudsburg, Pennsylvania, June 1983

Research:

Research Expertise:

The impact of financial accounting information on the decisions made by capital market participants.

Publications in Refereed Journals:

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Elgers, P., M. Lo, and R. Pfeiffer, Jr.  "Analysts' vs. Investors' Weightings of Accruals in Forecasting Annual Earnings."  Journal of Accounting and Public Policy 22(3), May-June 2003: 255-280.

Elgers, P., R. Pfeiffer, Jr., and S. Porter.  "Anticipatory Income Smoothing: A Re-examination."  Journal of Accounting and Economics 35(3), August 2003: 405-422.

Christophe, S., and R. Pfeiffer, Jr.  "The Valuation of MNC International Operations During the 1990s."  Review of Quantitative Finance and Accounting 18(2) (March 2002):119-138.

Machuga, S., R. Pfeiffer, Jr., and K. Verma.  "EVA, Future Accounting Earnings, and Financial Analysts' Earnings Forecasts."  Review of Quantitative Finance and Accounting 18(1) (January 2002): 59-73.

Elgers, P., M. Lo, and R. Pfeiffer, Jr. " Delayed Security Price Adjustments to Financial Analysts' Forecasts of Annual Earnings."  The Accounting Review 76 (October 2001): 613-632.

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Machuga, S. and R. Pfeiffer, Jr.  "A Comparison of Financial-Statement-Analysis-Based and Price-Based Earnings Forecasts."  Journal of Business and Economic Studies 6(1) Spring 2000: 21-41.

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Machuga, S., R. Pfeiffer, Jr., and B. Morzuch.  "Measurement Error and Simultaneity in the Returns/Earnings Relation."   Advances in Quantitative Analysis in Finance and Accounting 8 (2000): 139-160.

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Pfeiffer, Jr., R., and P. Elgers.  "Controlling for Lagged Stock Price Responses in Pricing Regressions: An Application to the Pricing of Cash Flows and Accruals."   Journal of Accounting Research 37(1) Spring 1999: 239-247.

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Pfeiffer, Jr., R.  "The Implications of Accounting Research for Accounting-Based Investment Strategies."   Journal of Alternative Investments 1(3) Winter 1998: 68-77.

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Pfeiffer, Jr., R.  "Market Value and Accounting Implications of Off-Balance-Sheet Items."  Journal of Accounting and Public Policy 17(3) Autumn 1998: 185-207.

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Pfeiffer, Jr., R., P. Elgers, M. Lo, and L. Rees.  "Additional Evidence on the Incremental Information Content of Cash Flows and Accruals: The Impact of Errors in Measuring Market Expectations."  The Accounting Review 73(3) July 1998: 373-385.

Other Publications:

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Pfeiffer, Jr., R. "Do Investors Price Off-Balance-Sheet Assets?  Some Evidence From Mortgage Bank Share Prices"  Financial Accounting Series Status Report, Fall 1999.

Working Papers Under Review:

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Brown, Jr., W., and R. Pfeiffer, Jr. "Do Investors Under-React to Information in Analysts’ Earnings Forecasts?"  Under 2nd round review at the Journal of Business Finance and Accounting.

Working Papers and Research in Progress:

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Moore, E., and R. Pfeiffer, Jr. "The Effects of Financial Statement Restatements on Firms' Financial Reporting Strategies."  September 2004.  In preparation for re-submission.

Desir, R., and R. Pfeiffer, Jr. "Do Cross-Listed Firms Get More Than They Deserve From Listing in US Markets?"  September 2006.  In preparation for submission.

Brown, W., K. Tucker, and R. Pfeiffer, Jr.  "A Prospective Look at the Usefulness of Separately Reporting Goodwill Charges: An Evaluation of 'Cash Earnings'."  March 2001.

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Pfeiffer, Jr., R. and P. Elgers. " Pr-Estimates for Predicting and Evaluating Earnings Changes: A Re-assessment."   June 1998.

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Tucker, K. and R. Pfeiffer, Jr.  " An Analysis of Systematic Patterns in Financial Analysts' Earnings Forecast Errors."   January 1998.

Invited Presentations:

Presentations at Professional Meetings:

Served as Senior Faculty Mentor in the New Scholars Session at the American Accounting Association National Meeting, August 2006.

"The Effects of Financial Statement Restatements on Firms' Financial Reporting Strategies."  (with E. Moore).  Presented at the Northeast Region American Accounting Association Annual Meeting, 2005.

"Causes and Consequences of the Relation Between Split-Adjusted Share Prices and Subsequent Stock Returns" (With W. Brown.) Presented at the American Accounting Association National Meeting Research Forum, August 2004.

"Empirical Consequences of the Price Effect for Share Price Deflators in Market-Based Accounting Research."  Presented at the American Accounting Association National Meeting Research Forum, August 2004.

"Delayed Security Price Adjustments to the Information in Financial Analysts' Forecasts of Annual Earnings." (With P. Elgers and M. Lo.)  Presented at the Annual Meeting of the Eastern Finance Association, Spring, 2001.

"A Prospective Look at the Usefulness of Separately Reporting Goodwill Charges: An Evaluation of 'Cash Earnings'." (With W. Brown and K. Teitel). Presented at the Northeast Region American Accounting Association Annual Meeting, April 2001.

"Delayed Security Price Adjustments to the Information in Financial Analysts' Forecasts of Annual Earnings."  (With P. Elgers and M. Lo.)  Presented at the Financial Economics and Accounting Conference, November 2000.

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"Anticipatory Income Smoothing: A Re-examination."  (With P. Elgers, and S. Porter.)  Presented at the American Accounting Association Annual Meeting Forum, August 2000.

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"Anticipatory Income Smoothing: A Re-examination."  (With P. Elgers, and S. Porter.)  Presented at the Northeast Region American Accounting Association Annual Meeting, April 2000.

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"Economic Value Added, Future Accounting Earnings, and Financial Analysts' Earnings Forecasts."  (With S. Machuga and K. Verma). Presented at the European Financial Management Association Annual Meeting, June 1999.

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"Analysts' Incorporation of the Differential Persistence of Cash and Accrual Earnings Components in Forecasting Annual Earnings." (With P. Elgers and M. Lo). Presented at the Northeast Region American Accounting Association Annual Meeting, April 1999.

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"The Information Content of Geographic Segment Disclosures." (With S. Christophe.) Presented at the Financial Management Association National Annual Meeting, Fall 1998.

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"An Empirical Evaluation of the Role of Historical Funds-Based Earnings Components in the Formation of Earnings Expectations." (With P. Elgers, M. Lo, and L. Rees.) Presented at the 1998 International Conference of Pacific Rim Management, August 1998.

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"The Information Content of Geographic Segment Disclosures." (With S. Christophe).  Accepted for the Eastern Finance Association Annual Meeting, Summer 1998.

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"Additional Evidence on the Incremental Information Content of Cash Flows and Accruals: the Impact of Measuring Market Expectations."   (With P. Elgers, M. Lo, and L. Rees.) Presented at the Northeast Decision Sciences Annual Meeting, Spring 1998.

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"Controlling for Lagged Stock Price Responses in Pricing Regressions: An Application to the Pricing of Cash Flows and Accruals." (With P. Elgers.)  Presented at the 1998 Northeast Regional American Accounting Association Annual Meeting, Spring 1998.

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"An Empirical Evaluation of the Role of Historical Funds-Based Earnings Components in the Formation of Earnings Expectations."   (With P. Elgers, M. Lo, and L. Rees.)  Accepted at the 1998 Mid-Atlantic American Accounting Association Annual Meetings.

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"Pr-Estimates for Predicting and Evaluating Earnings Changes: A Re-assessment." (With P. Elgers).  Presented at 1996 American Accounting Association Northeast Region Annual Meeting.

Presentations at Academic Institutions:

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"The Effects of Financial Statement Restatements on Firms' Financial Reporting Strategies."  (with E. Moore).  Presented at Syracuse University's Accounting Workshop, March 2005.

"Empirical Consequences of the Price Effect for Share Price Deflators in Market-Based Accounting Research."  (With W. Brown.)  Presented at the University of Kentucky's Accounting Workshop, October 2002.

"The Forecast-to-Price Anomaly: A Reflection of the Market's Extrapolation of Recent Growth." (With W. Brown.) Presented at Lehigh University's Accounting Workshop, April 2002.

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"Delayed Security Price Adjustments to the Information in Financial Analysts' Forecasts of Annual Earnings." (With P. Elgers and M. Lo.)  Presented at the University of Connecticut's Accounting Workshop, October 2000.

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"Delayed Security Price Adjustments to the Information in Financial Analysts' Forecasts of Annual Earnings." (With P. Elgers and M. Lo.)  Presented at the University of Utah's Accounting Workshop, November 1999.

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"Analysts' Incorporation of the Differential Persistence of Cash and Accrual Earnings Components in Forecasting Annual Earnings." (With P. Elgers and M. Lo).   Presented at the Boston Accounting Research Colloquium at Northeastern University, March, 1999.

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"Controlling for Lagged Stock Price Responses in Pricing Regressions: An Application to the Pricing of Cash Flows and Accruals." (With P. Elgers.) Presented at Boston University's Accounting Workshop, May 1998.

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"Controlling for Lagged Stock Price Responses in Pricing Regressions: An Application to the Pricing of Cash Flows and Accruals." (With P. Elgers.) Presented at the University of Massachusetts Boston's Accounting Workshop, April 1998.

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"The Comparative Performance of Financial-Statement-Analysis-Based and Price-Based Earnings Forecasts," (With S. Machuga).  Presented at George Washington University's Accounting Workshop, September 1996

"The Comparative Performance of Financial-Statement-Analysis-Based and Price-Based Earnings Forecasts." (With S. Machuga).  Presented at Boston College's Accounting Workshop, September 1996.

Other presentations:

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"From the Armchair to the Archive: Accounting Research for Policy Decisions.  (With P. Elgers).  Presented at the 1999 Isenberg School of Management Faculty Research Mini-Conference at the University of Massachusetts.

"Controlling for Lagged Stock Price Responses in Pricing Regressions: An Application to the Pricing of Cash Flows and Accruals." (With P. Elgers.) Presented at the American Accounting Association Annual Meeting Forum, August 1998.

"Measurement Error and Simultaneity in the Returns-Earnings Relation." (With S. Machuga and B. Morzuch). Presented at the American Accounting Association Annual Meeting Forum, August 1998.

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"Beyond Counting Beans: How and Why Accounting is Important." Presented at the University of Massachusetts Isenberg School of Management Faculty Seminar Series, December 1997.

Grants received:

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Department of Accounting and Information Systems Summer Research Grant received Summer 2002, Summer 2006.

Isenberg School of Management Summer Research Grant received 1997, 1998, 1999, 2000, 2001, and 2003.

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Arthur Andersen & Co. Foundation Doctoral Dissertation Fellowship, 1993.

Teaching:

Teaching Interests:

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Teaching focuses on external financial reporting by business enterprises, including the study of financial accounting practice, financial reporting policy and regulation, the use of financial accounting information in security valuation, and empirical research about the effects of financial reporting on capital markets.

Courses Taught:

Doctoral:

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Introduction to Capital Markets Research in Accounting (11 sections)

Masters:

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Accounting Theory and Policy (2 sections)

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Accounting for Decision Making and Reporting II (one section)

Undergraduate:

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Intermediate Financial Accounting I (12 sections)

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Intermediate Financial Accounting II (9 sections)

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Introductory Financial Accounting (4 sections)

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Doing Business in Germany (including short-term study abroad in Germany) (4 sections)

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Introductory Managerial Accounting (1 section)

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Semester in the Profession Seminar (3 sections)

Students Supervised:

Ph.D. Students:

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Erin Moore, directed research project, Spring 2003.

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Karen Teitel, dissertation committee, Fall 1998 - Fall 2001.

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Karen Teitel, independent study, Spring 1996.

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Susan Machuga, dissertation committee, Spring 1996.

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Susan Machuga, independent study, Spring 1995.

Masters Students:

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Ritu Jajodia, independent study, Summer 1998.

Undergraduates:

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Erin Lavelle, chiar of honors thesis committee, 2005-2006.

Kyle Peterson, field study, Summer 2003.

Aaron Hodge, BDIC, Summer/Fall 2000.

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Kerri Dinan, field study, Summer 1999.

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Courtney Leary, field study, Summer 1999.

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Ann Marie Niejadlik, field study, Spring 1999.

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Regina Bok, University Without Walls sponsor, Fall 1998-Spring 2002.

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Sohyang Huh, BDIC, Fall 1998.

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Chris Denune, field study, Summer 1998.

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Alex Casas, honors thesis committee, Spring 1998.

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Christopher Cronin, field study, Summer 1997.

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Clara Camillo, field study, Fall 1997.

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James Blanchette, field study, Summer/Fall 1996.

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Anton DuPlessis, honors thesis committee, Spring 1996.

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Alison Ashworth, honors thesis committee, Spring 1996.

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Randy Harris, honors thesis committee, Spring 1996.

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William Kranz, honors thesis committee, Spring 1996.

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Cheryl DiGennaro, honors thesis committee, Spring 1996.

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Jennifer Scionti, honors thesis committee, Spring 1995.

  Other:

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Service:

Departmental, School, and University:

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Chair, Isenberg School Faculty Research and Scholarship Committee, Summer 2006-present.

Chair, Faculty Senate Undergraduate Education Council Textbook Subcommittee, 2004-2005.

Chair, Faculty Search Committee, Accounting and Information Systems, 2004-2005.

Chair, Faculty Distinguished Teaching Award Selection Committee, Spring 2004 and 2005.

Member, Isenberg School Dean Evaluation Committee, 2004-2005.

Member, Search Committee for Staff Position in the UMass Center for Teaching, 2004-2005.

Member, Ad Hoc Exploratory Work Group for Center for Business in Society, 2004-2005.

Chair, Isenberg School Committee to Institute Freshman Spring Seminar, 2004-present.

Member, Doctoral Program Curriculum and Assessment Workgroup, 2004-2005.

Member, Masters of Science in Accounting Program Curriculum and Assessment Workgroup, 2004-2005.

Representative,  Boston Accounting Research Colloquium, Fall 1994 to present.

Member, Faculty Senate Council for Undergraduate Education, Fall 2002 to present.

Member, ad hoc committee on critical thinking in the undergraduate curriculum, Fall 2003 to Spring 2005.

Chair, School of Management Associate Dean for Faculty Development and Research Evaluation Committee Committee, Spring 2001 to present

Member, School of Management Personnel Committee, Fall 2000 to Spring 2003.

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Faculty advisor to BAY, January 2000 to May 2003.

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Organizer, Departmental research workshop series, Fall 1994 to present.

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Member, Department Doctoral Program Admissions Committee, Fall 1994 to present.

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Member, Department Doctoral Program Committee (curriculum, writing and grading core examinations, writing and grading comprehensive examinations), Fall 1994 to present.

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Member, Department Personnel Committee, 1997-98, 1997-99, 2002-03, 2004-2005, 2005-2006.

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Faculty representative, Accounting Association field trip to Boston, Spring 1999.

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Participant, campus-wide effort to recruit top ALANA students, Spring 1998

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Alternate, Department Personnel Committee, 1994-95.

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Member, Department Faculty Search Committee, 1997-98 and 1996-97.

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Member, Department Financial Reporting Curriculum Workgroup, 1997-98, 2004-2005.

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Member, Department Intellectual Contributions Workgroup, 1996-97.

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Member, Undergraduate Awards Committee, 1994-95, 1998-1999.

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Co-author of the Department's response regarding intellectual contributions to AACSB for accreditation continuing review, 1996-97.

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Recorder, minutes of all Department meetings, Fall 1994-present.

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Member, search committee for Isenberg School of Management Fiscal/Personnel Manager.

Professional:

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Ad hoc reviewer for The Accounting Review, Contemporary Accounting Research, Journal of Business Research, Issues in Accounting Education, and Advances in Accounting.

Member, Best Dissertation Award Committee, Financial Accounting and Reporting Section of the American Accounting Association, 2006

Reviewer for the American Accounting Association National Meeting, Spring 2005 and 2006.

Regional Meeting Coordinator for 2005 Northeast American Accounting Association, Financial Accounting and Reporting Section, 2004-2005.

Member, American Accounting Association's Financial Accounting and Reporting Section Nominating Committee, Spring-Summer 2005.

Member, Nominating Committee, Financial Accounting and Reporting Section of the American Accounting Association, 2005.

Facilitator at the 2002 and 2003 American Accounting Association's New Faculty Consortia.

Discussant for two papers at the 2002 Utah Winter Accounting Conference, March 2002.

Member, American Accounting Association's Notable Contributions to the Literature Award Committee, 2000-2001.

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Discussant at the American Accounting Association Annual Meeting, August 2000.

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Discussant for three papers at the American Accounting Association Annual Meeting, August 1999.

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Discussant at the Northeast Region American Accounting Association Annual Meeting, April 1999.

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Reviewer for the Accounting Education Section of the Northeast Region American Accounting Association Annual Meeting, Spring 1998.

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Discussant at the 1998 Northeast Region American Accounting Association Annual Meeting.

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Reviewer for the 1998 Accounting Behavior and Organizations Research Conference.

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Discussant at the 1997 American Accounting Association Northeast Region Meetings.

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Research session moderator at the 1997 American Accounting Association Annual Meeting.

Outreach:

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Informal advisor to the United States Treasury Department on Accounting for Mortgage Servicing Rights, Fall 1994.

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Informal advisor to the Director of Budget, City of Northampton, on accounting for long-term construction projects, Fall 1994.

Honors:

Research:

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Awarded the Mary Beth Pearson Gnagey Award at the 1999 Northeast Region Decision Sciences Institute Annual Meeting for the paper judged best in the contribution to theory (with P. Elgers and M. Lo).

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Awarded the Virginia Pearson Horner Award at the 1998 Northeast Region Decision Sciences Institute Annual Meeting for the paper judged as the best application of theory (with P. Elgers, M. Lo, and L. Rees).

Teaching:

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Awarded University-wide Distinguished Teaching Award, 2002-2003.

Awarded Isenberg School of Management Outstanding Teacher Award, 1998-1999.

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Nominated for the University-wide Distinguished Teaching Award, 1998, 2002, 2003, 2005.

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Selected as 1997-98 Lilly Teaching Fellow, University of Massachusetts.

Other:

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Sole U.S. student representative of the American Accounting Association at the 1993 DRT/EAA Doctoral Colloquium in Naantali, Finland.

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Selected to represent the University of North Carolina at the American Accounting Association's 1992 Doctoral Consortium.

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Received the Irving S. Amrhein Prize for highest achievement in Economics and Business at Moravian College, 1987.

Other:

Professional

Experience:

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Audit Staff of Deloitte & Touche, Allentown, Pennsylvania, 1987-1988; and Raleigh, North Carolina, 1988-1990. Supervised audit engagements for clients in the manufacturing, health care, and financial services industries.

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Accounting staff of Stone, Cyphers, McCoy, and DeAngelo, P.C., Stroudsburg, Pennsylvania, June-August, 1986; January 1987.  Performed compilation and payroll tax work for clients.

Professional Activities:

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Certification: Certified Public Accountant in North Carolina and Pennsylvania (inactive).

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Member, American Accounting Association (AAA).