Doron Nissim

Columbia University - Columbia Business School

Ernst & Young Professor of Accounting and Finance

NY

United States

  • Columbia University - Columbia Business School

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    • Tel: 212-854-4249
SCHOLARLY PAPERS

37

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in Total Papers Citations

180

Scholarly Papers (37)

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1.

Ratio Analysis and Equity Valuation

Number of pages: 68 Posted: 11 May 1999
Doron Nissim and Stephen H. Penman
Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 20,059 (361)
Citation 15

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2.

Financial Statement Analysis of Leverage and How it Informs About Profitability and Price-to-Book Ratios

Number of pages: 45 Posted: 08 Dec 2001
Doron Nissim and Stephen H. Penman
Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 8,505 (1,618)
Citation 17

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Financing leverage; Operating liability leverage; Rate of return on equity; Price-to-book ratio

3.

Earnings Quality, Fundamental Analysis and Valuation

Columbia Business School Research Paper
Number of pages: 725 Posted: 01 Mar 2021 Last Revised: 22 Nov 2024
Doron Nissim
Columbia University - Columbia Business School
Downloads 8,455 (1,640)
Citation 10

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JEL Classification: G11, G12, G14, G15, G17, G20, G31, G32, G38, G41, M40, M41, M42, financial reporting, earnings quality, earnings management, accruals, fraud, irregularities, earnings persistence, earnings sustainability, forecasting, valuation, stock return anomalies, proxies, GAAP, IFRS, review, survey, misconduct, misreporting, misrepresentation

4.

EBITDA, EBITA or EBIT?

Columbia Business School Research Paper No. 17-71
Number of pages: 47 Posted: 17 Jul 2017 Last Revised: 05 Jul 2024
Doron Nissim
Columbia University - Columbia Business School
Downloads 6,132 (2,802)
Citation 4

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JEL Classification: G12, G14, G30, M41 EBITDA, EBITA, EBIT, valuation, price multiples, industry multiples, comparable company analysis, stock return predictability, non-GAAP earnings, enterprise value, earnings management, earnings quality, operating income, depreciation, amortization, intangible assets

5.

Equity Valuation Using Multiples

Number of pages: 51 Posted: 18 Oct 2000
Jing Liu, Doron Nissim and Jacob K. Thomas
The Cheung Kong Graduate School of Business, Columbia University - Columbia Business School and Yale School of Management
Downloads 5,362 (3,557)
Citation 30

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6.

Analysis and Valuation of Insurance Companies

CE|ASA (Center for Excellence in Accounting and Security Analysis) Industry Study No. 2
Number of pages: 182 Posted: 13 Jan 2011 Last Revised: 14 Aug 2011
Doron Nissim
Columbia University - Columbia Business School
Downloads 4,318 (5,141)
Citation 16

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Insurance, valuation, accounting, earnings quality, risk management

7.

Profitability Analysis

Number of pages: 62 Posted: 06 Apr 2022 Last Revised: 25 Oct 2023
Doron Nissim
Columbia University - Columbia Business School
Downloads 3,622 (6,858)

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Profitability, financial statement analysis, DuPont analysis, earnings persistence, special items, recurring earnings, core earnings, earnings quality, free cash flow, forecasting, valuation

8.

Cash Flow is King? Comparing Valuations Based on Cash Flow Versus Earnings Multiples

Number of pages: 19 Posted: 25 Aug 2006
Jing Liu, Jacob K. Thomas and Doron Nissim
The Cheung Kong Graduate School of Business, Yale School of Management and Columbia University - Columbia Business School
Downloads 2,920 (9,610)
Citation 10

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cash flows, earnings, valuation, multiples

9.

The Persistence of the Accruals Anomaly

Downloads 2,756 (10,564)
Citation 20

The Persistence of the Accruals Anomaly

Number of pages: 37 Posted: 15 May 2004
Baruch Lev and Doron Nissim
New York University - Stern School of Business and Columbia University - Columbia Business School
Downloads 2,380 (13,098)
Citation 5

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The Persistence of the Accruals Anomaly

NYU Working Paper No. 2451/27466
Number of pages: 37 Posted: 08 Oct 2008
Baruch Lev and Doron Nissim
New York University - Stern School of Business and Columbia University - Columbia Business School
Downloads 376 (169,403)
Citation 15

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10.

Reformulated Financial Statements

Number of pages: 60 Posted: 19 Apr 2022 Last Revised: 19 Oct 2023
Doron Nissim
Columbia University - Columbia Business School
Downloads 2,359 (13,551)
Citation 1

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Financial statements, profitability, financial statement analysis, earnings persistence, special items, recurring earnings, core earnings, earnings quality, free cash flow, forecasting, valuation

11.

An Empirical Analysis of the Effect of Changes in Interest Rates on Accounting Rates of Return, Growth, and Equity Values

Number of pages: 51 Posted: 26 Apr 2001
Doron Nissim and Stephen H. Penman
Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 2,082 (16,563)
Citation 1

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12.

Terminal Value

Columbia Business School Research Paper No. 18-12
Number of pages: 56 Posted: 04 Jan 2018 Last Revised: 25 Apr 2019
Doron Nissim
Columbia University - Columbia Business School
Downloads 1,931 (18,712)
Citation 1

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DCF; terminal value; EBITDA; valuation; exit multiples; continuing value multiples; price multiples; steady-state; profitability; growth; WACC; accounting conservatism

13.

The Association between Changes in Interest Rates, Earnings, and Equity Values

Number of pages: 41 Posted: 14 Jul 2003
Doron Nissim and Stephen H. Penman
Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 1,573 (25,679)
Citation 5

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interest rates, expected inflation, earnings, equity valuation

14.

Accounting for Marketing Activities: Implications for Marketing Research and Practice

Number of pages: 50 Posted: 25 Feb 2011 Last Revised: 14 Aug 2011
Natalie Mizik, Natalie Mizik and Doron Nissim
University of North Carolina (UNC) at Chapel HillUniversity of Washington and Columbia University - Columbia Business School
Downloads 909 (56,687)
Citation 5

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Internally Developed Intangible Assets, Acquired Intangible Assets, Marketing Accounting, Marketing Practice

15.

Relative Valuation of U.S. Insurance Companies

Review of Accounting Studies, Forthcoming, Columbia Business School Research Paper No. 12-3
Number of pages: 57 Posted: 07 Jan 2012
Doron Nissim
Columbia University - Columbia Business School
Downloads 815 (65,821)
Citation 5

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insurance, valuation, accounting

16.

Big Data, Accounting Information, and Valuation

Number of pages: 41 Posted: 04 Apr 2022 Last Revised: 04 Mar 2024
Doron Nissim
Columbia University - Columbia Business School
Downloads 768 (71,173)

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Big data; Machine learning; Valuation; Financial misstatements; Earnings forecasts; Stock return predictability; XBRL; Survey

17.

Stock Option Expense, Forward-Looking Information, and Implied Volatilities of Traded Options

Downloads 767 (71,313)
Citation 10

Stock Option Expense, Forward-Looking Information, and Implied Volatilities of Traded Options

Number of pages: 37 Posted: 03 May 2004
Eli Bartov, Partha S. Mohanram and Doron Nissim
NYU Stern School of Business, Rotman School of Management, University of Toronto and Columbia University - Columbia Business School
Downloads 578 (101,192)
Citation 10

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Executive Stock Options, Forward-looking Information, SFAS No. 123, Call option, Implied Volatility

Stock Option Expense, Forward-Looking Information, and Implied Volatilities of Traded Options

NYU Working Paper No. 2451/27569
Number of pages: 37 Posted: 08 Oct 2008
Eli Bartov, Partha S. Mohanram and Doron Nissim
NYU Stern School of Business, Rotman School of Management, University of Toronto and Columbia University - Columbia Business School
Downloads 189 (343,461)

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executive stock options, forward-looking information, SFAS No. 123, implied volatility

18.

The Valuation Implications of Overproduction

Columbia Business School Research Paper No. 17-102
Number of pages: 28 Posted: 17 Oct 2017 Last Revised: 24 Sep 2019
Doron Nissim
Columbia University - Columbia Business School
Downloads 637 (90,595)
Citation 3

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overproduction, earnings quality, earnings management, EBITDA, EBIT, market efficiency, forecasting, valuation, inventory

19.

Profitability Decomposition and Operating Risk

Columbia Business School Research Paper Forthcoming
Number of pages: 46 Posted: 18 Mar 2021
Meng Li, Doron Nissim and Stephen H. Penman
Blackrock Factor Based Strategies Group, Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 616 (94,514)
Citation 2

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20.

Special Items: Implications for Forecasting

Number of pages: 53 Posted: 18 Apr 2022 Last Revised: 19 Oct 2023
Doron Nissim
Columbia University - Columbia Business School
Downloads 552 (108,601)

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Special items, restructuring, impairment, goodwill, write-down, M&A, profitability, forecasting, financial statement analysis, earnings persistence, earnings quality, valuation

21.

Accounting’s Role in the Reporting, Creation, and Avoidance of Systemic Risk in Financial Institutions

THE HANDBOOK OF SYSTEMIC RISK, J-P. Fouque & J. Langsam, eds., Cambridge University Press, 2012
Number of pages: 55 Posted: 19 Jan 2012
Trevor S. Harris, Robert H. Herz and Doron Nissim
Columbia University - Columbia Business School, Columbia University - Columbia Business School and Columbia University - Columbia Business School
Downloads 530 (114,315)
Citation 2

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Accounting, Systemic Risk, Banks, Fair Value, Procyclicality

22.

Valuing Minority Interests

Columbia Business School Research Paper Forthcoming
Number of pages: 51 Posted: 29 Oct 2019 Last Revised: 31 Aug 2021
Doron Nissim
Columbia University - Columbia Business School
Downloads 463 (134,691)
Citation 1

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equity method investments, non-controlling interests, minority interests, investments in associates, valuation, industry multiples

23.

Implied Cost of Equity Capital in the U.S. Insurance Industry

Journal of Financial Perspectives, Forthcoming, Columbia Business School Research Paper No. 13-20
Number of pages: 18 Posted: 31 Mar 2013
Doron Nissim
Columbia University - Columbia Business School
Downloads 450 (139,397)
Citation 1

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insurance, valuation, accounting, cost of capital

24.

Steady-state Growth

Columbia Business School Research Paper
Number of pages: 46 Posted: 09 Aug 2021 Last Revised: 11 Apr 2023
Doron Nissim
Columbia University - Columbia Business School
Downloads 399 (160,025)
Citation 1

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Steady-state growth, long-term growth, growth, terminal value, continuing value, DCF, valuation, economic forecast, interest rate, real interest rate, expected inflation, GDP forecast, inflation, GDP

25.

Crisis-Related Shifts in the Market Valuation of Banking Activities

Downloads 376 (171,035)
Citation 12

Crisis-Related Shifts in the Market Valuation of Banking Activities

Columbia Business School Research Paper No. 13-31
Number of pages: 61 Posted: 18 Apr 2013
Charles W. Calomiris and Doron Nissim
Columbia University - Columbia Business School and Columbia University - Columbia Business School
Downloads 241 (271,677)
Citation 1

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bank holding companies, valuation, financial crisis

Crisis-Related Shifts in the Market Valuation of Banking Activities

NBER Working Paper No. w17868
Number of pages: 53 Posted: 24 Feb 2012 Last Revised: 29 Apr 2023
Charles W. Calomiris and Doron Nissim
Columbia University - Columbia Business School and Columbia University - Columbia Business School
Downloads 135 (459,984)
Citation 11

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26.

Right-of-Use Assets and the Prediction of Revenue

Number of pages: 40 Posted: 24 Jul 2023 Last Revised: 27 Dec 2024
Doron Nissim
Columbia University - Columbia Business School
Downloads 364 (177,339)
Citation 5

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Leases, forecasting, financial statement analysis, valuation, off-balance sheet, lease accounting, operating capacity

27.

Mandatory Disclosure and Takeovers: Evidence from Private Banks

Number of pages: 52 Posted: 18 Oct 2022 Last Revised: 26 Oct 2023
Urooj Khan, Doron Nissim and Jing Wen
University of Texas at Austin - McCombs School of Business, Columbia University - Columbia Business School and City University of Hong Kong
Downloads 286 (230,780)

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Mandatory Disclosure, Mergers and Acquisitions, Private Banks, Regulatory Reports, Takeovers

28.

Activity-Based Valuation of Bank Holding Companies

NBER Working Paper No. w12918
Number of pages: 64 Posted: 23 Feb 2007 Last Revised: 26 Oct 2022
Charles W. Calomiris and Doron Nissim
Columbia University - Columbia Business School and Columbia University - Columbia Business School
Downloads 285 (230,780)
Citation 1

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29.

Normal Tax Rate

Number of pages: 34 Posted: 26 Jul 2023
Doron Nissim
Columbia University - Columbia Business School
Downloads 218 (301,360)
Citation 2

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Income taxes, effective tax rate, statutory tax rate, earnings quality, forecasting, financial statement analysis, valuation

30.

Managers' Tools to Meet Earnings Management Incentives

Forthcoming. Handbook on the Financial Reporting Environment (edited by W. Ge, A. Koester, and S. McVay, 2025), Edward Elgar Publishing Ltd., Columbia Business School Research Paper No. 5026346
Number of pages: 35 Posted: 13 Dec 2024 Last Revised: 23 Dec 2024
Kalash Jain and Doron Nissim
Columbia University - Columbia Business School and Columbia University - Columbia Business School
Downloads 159 (401,330)

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Earnings Management Tools, Accruals Management, Real Earnings Management, Expectations Management, Classification Shifting, Non-GAAP Reporting, Financial Reporting, Accounting Standards, Sarbanes-Oxley Act (SOX), Regulation G, Earnings Quality

31.

Interest Rate Sensitivities, Firm Growth Rates, and Stock Returns

Number of pages: 61 Posted: 14 May 2025
Sehwa Kim, Doron Nissim and Min Jun Song
Columbia University - Columbia Business School, Columbia University - Columbia Business School and Columbia University - Columbia Business School
Downloads 24

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JEL Classification: E43, G12, G17, G30, M41 firm growth prediction, analyst forecasts, interest rate, expected inflation, real interest rate, stock return, valuation ______________________

32.

The Expected Rate of Credit Losses on Banks' Loan Portfolios

Downloads 0 (1,339,792)

The Expected Rate of Credit Losses on Banks' Loan Portfolios

Posted: 09 Jan 2013
Trevor S. Harris, Urooj Khan and Doron Nissim
Columbia University - Columbia Business School, University of Texas at Austin - McCombs School of Business and Columbia University - Columbia Business School

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Credit Losses, Bank Performance, Standard Setting

The Expected Rate of Credit Losses on Banks' Loan Portfolios

Columbia Business School Research Paper No. 15-21
Posted: 12 Feb 2015 Last Revised: 18 Dec 2017
Trevor S. Harris, Urooj Khan and Doron Nissim
Columbia University - Columbia Business School, University of Texas at Austin - McCombs School of Business and Columbia University - Columbia Business School

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Banks, credit losses, loans, loan loss provisions, standard setting, bank failure, earnings surprise

The Expected Rate of Credit Losses on Banks' Loan Portfolios

The Accounting Review, Forthcoming, Columbia Business School Research Paper No. 18-6
Posted: 20 Dec 2017
Trevor S. Harris, Urooj Khan and Doron Nissim
Columbia University - Columbia Business School, University of Texas at Austin - McCombs School of Business and Columbia University - Columbia Business School

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Banks; Credit Loss; Loans; Loan Loss Provisions; Bank Failure; Analyst Forecast; Standard Setting

33.

Is Cash Flow King in Valuations?

Financial Analysts Journal, Vol. 63, No. 2, pp. 56-65, 2007
Posted: 19 Apr 2007
Jing Liu, Doron Nissim and Jacob K. Thomas
The Cheung Kong Graduate School of Business, Columbia University - Columbia Business School and Yale School of Management

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Equity Investments, Fundamental Analysis and Valuation Models, Industry Analysis

34.

Taxable Income, Future Earnings, and Equity Values

Accounting Review, Vol. 79, October 2004
Posted: 03 Jun 2004
Baruch Lev and Doron Nissim
New York University - Stern School of Business and Columbia University - Columbia Business School

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taxable income, deferred taxes, earnings quality, earnings management, market efficiency

35.

Reliability of Banks' Fair Value Disclosure for Loans

Posted: 20 Aug 2003
Doron Nissim
Columbia University - Columbia Business School

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fair value, financial instruments, loans, banks, disclosure management

36.

Valuation of the Debt-Tax Shield

Posted: 04 Dec 2001
Deen Kemsley and Doron Nissim
Tulane University - A.B. Freeman School of Business and Columbia University - Columbia Business School

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Capital Structure, Corporate Taxes, Personal Taxes, Debt-tax Shield

37.

Dividend Changes and Future Profitability

Downloads 0 (1,339,792)

Dividend Changes and Future Profitability

Posted: 10 May 1999
Doron Nissim and Amir Ziv
Columbia University - Columbia Business School and Columbia Business School

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Dividend Changes and Future Profitability

Posted: 13 Jun 2001
Doron Nissim and Amir Ziv
Columbia University - Columbia Business School and Columbia Business School

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