CURRICULUM VITAE



CLIVE LENNOXLeventhal School of Accounting, Marshall School of BusinessUniversity of Southern CaliforniaEmail: clennox@usc.eduCAREER2015 - presentChair Professor, University of Southern California, United States.2009 - 2015Professor, Nanyang Technological University, Singapore.2006 - 2009Associate Professor, HKUST, Hong Kong.2001 - 2005Assistant Professor, HKUST, Hong Kong.1998 - 2001Reader, University of Bristol, United Kingdom.1992 - 1993Staff auditor at KPMG, United Kingdom.EDUCATIONPh. DUniversity of Oxford, 1998, Economics.M. Phil. University of Oxford, 1995, Economics.B. Sc.University of Warwick, 1991, Economics.PUBLICATIONSGender discrimination? Evidence from the Belgian public accounting profession (with Kris Hardies and Bing Li). Contemporary Accounting Research, conditional acceptance.Opening up the ‘black box’ of audit firms: The effects of audit partner ownership on audit adjustments (with Chunfei Wang and Xi Wu). Journal of Accounting Research, 2020, Volume 58, No. 5, 1299-1341. Are audit fees discounted in initial year audit engagements? (with Aneesh Raghunandan and Abhijit Barua). Journal of Accounting and Economics, 2020, Volume 69, Nos. 2-3.When are audit firms sued for financial reporting failures and what are the lawsuit outcomes? (with Bing Li). Contemporary Accounting Research, 2020, Volume 37, No. 3, 1370-1399. * Discussed in an interview with Forbes magazine on September 3, 2020. movements from audit firms to audit clients (with Andrew Finley, Mindy Kim, and Phillip Lamoreaux). Contemporary Accounting Research, 2019, Volume 36, No. 4, 1999-2034.Earnings management, audit adjustments, and the financing of corporate acquisitions: Evidence from China (with Xi Wu and Zitian Wang). Journal of Accounting and Economics, 2018, Volume 65, No. 1, 21-40.The primacy of fair presentation: Evidence from regulators and the courts (with Mark DeFond and Jieying Zhang). Accounting Horizons, 2018, Volume 32, No. 3, 91-100.A review of the archival literature on audit partners (with Xi Wu). Accounting Horizons, 2018, Volume 32, No. 2, 1-35. Winner of an award from the American Accounting Association for the Best Paper in Accounting Horizons in 2018.Do PCAOB inspections improve the quality of internal control audits? (with Mark DeFond). Journal of Accounting Research, 2017, Volume 55, No. 3, 591-627.Cited by the Securities and Exchange Commission in a Proposed Rule (“Amendments to the Accelerated Filer and Large Accelerated Filer Definitions”, 17 CFR Part 240, Release No. 34-85814; File No. S7-06-19).Estimation risk and auditor conservatism (with Asad Kausar). Review of Accounting Studies, 2017, Volume 22, No. 1, 185-216.Balance sheet conservatism and audit reporting conservatism (with Asad Kausar). Journal of Business Finance and Accounting, 2017, Volume 44, No. 7-8, 897-924.Did the PCAOB’s restrictions on auditors’ tax services improve audit quality? The Accounting Review, 2016, Volume 91, No. 5, 1493-1512.How do audit adjustments affect earnings quality? Evidence from China (with Tianyu Zhang and Xi Wu), Journal of Accounting and Economics, 2016, Volume 61, No. 2-3, 545-562.The effect of China’s weak institutional environment on the quality of Big Four audits (with Bin Ke and Qingquan Xin), The Accounting Review, 2015, Vol. 90, 1591-1619.Management influence on auditor selection and subsequent impairments of auditor independence during the post-SOX period (with Dan Dhaliwal, Phillip Lamoreaux, and Landon Mauler), Contemporary Accounting Research, 2015, Vol. 32, 575-607. Mentioned by The Economist in an article titled “The Dozy Watchdogs”, December 13, 2014. Does mandatory rotation of audit partners improve audit quality? (with Xi Wu and Tianyu Zhang), The Accounting Review, 2014, Vol. 89, 1775-1803.Discussed by the ACCA in an article titled “Does mandatory rotation of partners result in better quality audit?” my/en/member/member/accounting-business/2018/11/practice/quality-audit.htmlAccounting misstatements following lawsuits against auditors (with Bing Li), Journal of Accounting and Economics, 2014, Vol. 57, 58-75.The market’s valuation of fraudulently reported earnings (with Kai-Wai Hui and Guochang Zhang), Journal of Business Finance and Accounting, 2014, Vol. 41, 627-651.The demand for audit in private firms: Recent large sample evidence from the UK (with Elisabeth Dedman and Asad Kausar), European Accounting Review, 2014, Vol. 23, 1-23. Top three most downloaded articles in 2014 across the Routledge Social Sciences journals. Auditor tenure and rotation, Chapter 8 in “The Routledge Companion to Auditing”, 2014, edited by D. Hay, W. R. Knechel, and M. Willekens. Routledge: Taylor & Francis Group, London and New York.Tax aggressiveness and accounting fraud (with Jeff Pittman and Petro Lisowsky), Journal of Accounting Research, 2013, Vol. 51, 739-778.Audit reporting for going-concern uncertainty: A research synthesis (with Elizabeth Carson, Neil Fargher, Marshall Geiger, Kannan Raghunandan, and Marleen Willekens), Auditing: A Journal of Practice and Theory, 2013, Vol. 32: 353-384.The consequences of protecting audit partners’ personal assets from the threat of liability (with Bing Li), Journal of Accounting and Economics, 2012, Vol. 54, 154-173.Selection models in accounting research (with Jere Francis and Zitian Wang), The Accounting Review, 2012, Vol. 87, 589-616. Dean’s Award for Research Impact by the Marshall School of Business, USC, May 1, 2018. Racial integration, ethnic diversity and prejudice: Empirical evidence from a study of the British National Party, Oxford Economic Papers, 2012, Vol. 64, 395-416.Voluntary audits versus mandatory audits (with Jeff Pittman), The Accounting Review, 2011, Vol. 86, 1655-1678. Cited by the ICAEW in a public policy paper on the merits of existing audit and disclosure regulations in the UK. The effect of SOX on small auditor exits and audit quality (with Mark DeFond), Journal of Accounting and Economics, 2011, Vol. 52, 21-40.Do acquirers disclose good news or withhold bad news when they finance their acquisitions using equity? (with Rui Ge), Review of Accounting Studies, 2011, Vol. 16, 183-217.Big Five audits and accounting fraud (with Jeff Pittman), Contemporary Accounting Research, 2010, Vol. 27, 209-247.Auditing the auditors: Evidence on the PCAOB’s inspections of audit firms (with Jeff Pittman), Journal of Accounting and Economics, 2010, Vol. 49, 84–103. Best Paper Award at the European Accounting Association 31st Annual Congress, April 23–25, 2008. ***Perceived competition, profitability and the withholding of information about sales and the cost of sales (with Elisabeth Dedman), Journal of Accounting and Economics, 2009, Vol. 48, 210-230. Cited by the ICAEW in a public policy paper on the merits of existing audit and disclosure regulations in the UK.The changing regulatory landscape, International Journal of Auditing, 2009, Vol. 13, 79-85.Audit effort and earnings management (with Costas Caramanis), Journal of Accounting and Economics, 2008, Vol. 45, 116–138. 2016 Notable Contribution to the Auditing Literature Award, Auditing Section of the American Accounting Association.The hiring of accounting and finance officers from audit firms: How did the market react? (with Marshall Geiger and David North), Review of Accounting Studies, 2008, Vol. 13, 55–86.Audit firm appointments, audit alumni, and audit committee independence (with Chul Park), Contemporary Accounting Research, 2007, Vol. 24, No. 1: 235-258.The informativeness of earnings and management’s issuance of earnings forecasts, (with Chul Park), Journal of Accounting and Economics, 2006, Vol. 42, No. 3: 439-458.Book reviews: I. Dewing, P. Russell, “The role of auditors, reporting accountants and skilled persons in UK financial services supervision” Institute of Chartered Accountants of Scotland. British Accounting Review, 2006, Vol. 38, 230-231.The credibility of self-regulation: Evidence from the accounting profession’s peer review program (with Gilles Hilary), Journal of Accounting and Economics, 2005, Vol. 40, No. 1-3: 211-229.Audit quality and executive officers’ affiliations with CPA firms, Journal of Accounting and Economics, 2005, Vol. 39, No. 2: 201-231. Managerial ownership and audit firm size, Contemporary Accounting Research, 2005, Vol. 22, No. 1: 205-227.Book reviews: P. Moizer, B. Porter, “Auditor resignations and dismissals in the UK”, Accounting and Business Research, 2004, Vol. 34, 413-414.The large audit firm fee premium: A case of selectivity bias? (with Jen Ireland), Journal of Accounting, Auditing and Finance, 2002, Vol. 17, No. 1: 73-91.Self-serving disclosures by chairpersons of failing UK companies, Asia-Pacific Journal of Accounting and Economics, 2001, Vol. 8, No. 2: 63-81.Do companies successfully engage in opinion-shopping? The UK experience, Journal of Accounting and Economics, 2000, Vol. 29, No. 1: 321-337.Identifying failing companies: A re-evaluation of the Logit, Probit and MDA approaches, Journal of Economics and Business, 1999, Vol. 51, No.4: 347-364.The accuracy and incremental information content of audit reports in predicting bankruptcy, Journal of Business, Finance and Accounting, 1999, Vol. 26, Nos. 5 & 6: 757-778. Are large auditors more accurate than small auditors? Accounting and Business Research, 1999, Vol. 29, No. 3: 217-228. The relationship between auditor accuracy and auditor size: An evaluation of reputation and deep pockets arguments, Journal of Business, Finance and Accounting, 1999, Vol. 26, Nos. 7 & 8: 779-806. Re-printed in “Governance and Auditing” (2005) eds. Peter Moizer, Kevin Keasey, and Mike Wright. Non-audit fees, disclosure and audit quality, European Accounting Review, 1999, Vol. 8, No. 2: 239-252. RECOGNITION & PRIZESWinner of an award from the American Accounting Association (August 2019) for the Best Paper in Accounting Horizons during 2018.Winner of the Leventhal Diamond Teaching Award for the MAcc Core (2018/19).Winner of the Dean’s Award for Research Impact, USC Marshall School of Business, May 2018.Winner of the Dean’s Award for Research Excellence, USC Marshall School of Business, May 2017.Winner of the inaugural Leventhal Diamond Teaching Award for the MAcc Core (2016/17).Winner of the Notable Contribution to the Auditing Literature Award 2016. This was awarded by the Auditing Section of the American Accounting Association for the study “Audit effort and earnings management” (with Costas Caramanis), Journal of Accounting and Economics, 2008, Vol. 45, 116–138. Research study mentioned by The Economist (“The Dozy Watchdogs”, Dec 13, 2014, news/briefing/21635978-some-13-years-after-enron-auditors-still-cant-stop-managers-cooking-books-time-some).Winner of a Best Paper Award at the European Accounting Association, 31st Annual Congress, Erasmus University (Netherlands); April 23–25, 2008; “Auditing the auditors: Evidence on the PCAOB’s inspections of audit firms” (with Jeff Pittman). This paper was subsequently published in the Journal of Accounting & Economics.Winner of the Franklin Prize for Teaching Excellence in 2002 and 2007.STUDENT TEACHING EVALUATIONSMean student teaching evaluation ratings for undergraduate and graduate courses in auditing. Question: Overall how would you rate this instructor?YearUniversity2019-2020USCClass 1: 92.6%2018-2019USCClass 1: 94.0%Class 2: 94.4%2017-2018USCClass 1: 93.8%Class 2: 90.0%2016-2017USCClass 1: 93.4%Class 2: 98.8%2015-2016USCClass 1: 88.0%Class 2: 87.8%2012-2013NTUClass 1: 93.8%Class 2: 96.0% 2011-2012NTUClass 1: 95.0%Class 2: 92.0% 2010-2011NTUClass 1: 90.2%Class 2: 91.8% 2009-2010NTUClass 1: 89.6%Class 2: 94.0% 2008-2009HKUSTClass 1: 90.0%Class 2: 92.6% Class 3: 83.3%2007-2008HKUSTClass 1: 93.5%Class 2: 90.7% Class 3: 90.6%2006-2007HKUSTClass 1: 85.5%Class 2: 82.8% Class 3: 79.9%2005-2006HKUSTClass 1: 73.3%Class 2: 77.6% Class 3: 80.9%2004-2005HKUSTClass 1: 82.1%Class 2: 79.1% Class 3: 74.5%2003-2004HKUSTClass 1: 77.1%Class 2: 76.0% Class 3: 79.0%2002-2003HKUSTClass 1: 79.3%Class 2: 79.4% Class 3: 83.9%2001-2002HKUSTClass 1: 82.5%Class 2: 73.0% Class 3: 76.7%DOCTORAL STUDENTSPhD supervisor for Stacey Ritter (2018-present). First placement at Santa Clara University.Member of the PhD dissertation committee for Vivek Pandey.Member of the PhD dissertation committee for Pureum Kim.Member of the PhD qualifying exam committee for Allison Kays and Jung-Koo Kang.PhD supervisor for Qiang Wei (NTU), graduated in 2015. First placement at Lingnan University, Hong Kong.PhD supervisor for Zitian Wang (NTU), graduated in 2013. First placement at Shanghai University of Finance & Economics.PhD supervisor for Bing Li (NTU), graduated in 2012. First placement at City University of Hong Kong.PhD supervisor for Rui Ge (HKUST), graduated in 2009. First placement at Sun-Yat Sen University, Guangzhou, China. PhD supervisor for Hou Qingchuan (HKUST), graduated in 2007. First placement at Shanghai University of Finance and Economics.PhD supervisor for Jen Ireland (University of Bristol), graduated in 2002. Co-chair with Paul Grout. First placement at the London School of Economics.SERVICES TO THE PROFESSIONEditor (Associate Editor) at: Contemporary Accounting Research (2010-present).The Accounting Review (2014-2017).International Journal of Auditing (2007-2012).Auditing: A Journal of Practice and Theory (2008-2011).British Accounting Review (2006-2008).Editorial board member (Associate Editor) at: Journal of Accounting and Economics (2018-present).The Accounting Review (2017-present).Journal of Accounting Research (2013-present).Auditing: A Journal of Practice and Theory (2017-present). Journal of Business Finance and Accounting (2006-present).Journal of Contemporary Accounting and Economics (2008-present).Chinese Journal of Accounting Research (2011-present). European Accounting Review (2002-2007).Member of the program committee of “Auditing and Capital Markets”, a conference organized by the Center for Economic Analysis of the Public Company Accounting Oversight Board (PCAOB) in conjunction with the Journal of Accounting Research: October 26 and 27, 2017 in Washington D.C.Member of The Accounting Review Steering Committee (2015). This Committee reviews the Aims and Scope of the journal, prepares the Call for Nominations for the editor, reviews editorial candidates, and provides a slate of at least two candidates to the Publications Committee.Member of the program committee of “Auditing and Capital Markets”, a conference organized by the Center for Economic Analysis of the Public Company Accounting Oversight Board (PCAOB) in conjunction with the Journal of Accounting Research: October 26 and 27, 2017 in Washington D.C.Member of the program committee of “Auditing and Capital Markets”, a conference organized by the Center for Economic Analysis of the Public Company Accounting Oversight Board (PCAOB) in conjunction with the Journal of Accounting Research: October 20 and 21, 2016 in Washington D.C.Member of the program committee of “Auditing and Capital Markets”, a conference organized by the Center for Economic Analysis of the Public Company Accounting Oversight Board (PCAOB) in conjunction with the Journal of Accounting Research: October 22 and 23, 2015 in Washington D.C.Invited speaker at the American Accounting Association’s Doctoral Consortium, Lake Tahoe (June 2012).Member of the American Accounting Association’s Outstanding Auditing Educator’s Award Committee (2010).Member of the American Accounting Association’s Outstanding Auditing Dissertation Award Committee (2009).SERVICES TO USC MARSHALLChair of the Search Committee for the Dean of the Leventhal School (2020-2021).PhD Coordinator for the Leventhal School of Accounting (2020-present). Chair and member of Marshall’s Personnel Committee (2016-2019).Member of Leventhal’s faculty search committee (2015-2020).Chair of Leventhal’s Peer Evaluation Group for the appointments of Professor TJ Wong (2015) and Professor Richard Sloan (2016). Initiated and organized Leventhal’s brownbag research seminar PETITIVE RESEARCH GRANTSAwarding body: Institute for Outlier Research in Business (USC). Title: “Opening the Black Box of Auditing”. US$15,000 (November 2018).Awarding body: Singapore Ministry of Education, Tier 2 grant (MOE2012-T2-2-039). Title: “The effect of audit partner rotation on audit quality: Evidence from China.” Award: S$121,000 (April 2013).Awarding body: Singapore Ministry of Education, Tier 1 grant (MOE2012-T1-1-156). Title: “How does estimation risk affect the accounting decisions of risk-averse individuals?” Award: S$85,000 (March 2013).Awarding body: NTU, New Silk Road (M4080034.010). Title: “Corporate tax evasion and tax audits: Empirical evidence from China.” Award: S$25,000 (March 2011).Awarding body: The University Grants Committee of Hong Kong (HKUST6413/09H). Title: “How do investors respond to fraudulent earnings news?” (with Kai Wai Hui). Award: HK$379,680 (July 2009).Awarding body: Economic and Social Research Council (RES-000-22-3119). Title: “Product market competition, profitability and voluntary disclosure: Evidence from UK private firms” (with Elisabeth Dedman). Award: GBP?59,993 (September 2008).Awarding body: The University Grants Committee of Hong Kong (RPC06/07.BM05). Title: “Who cares about accounting frauds: Individual or institutional investors” (with Ping-Sheng Koh). Award: HK$117,600 (June 2007).Awarding body: The University Grants Committee of Hong Kong (HKUST6447/06H). Title: “The informativeness of earnings and management’s issuance of?earnings forecasts” (with Chul Park). Award: HK$447,754 (September 2006).Awarding body: The University Grants Committee of Hong Kong (HKUST6204/04H). Title: “Accounting alumni, audit firm appointments, and audit committee characteristics”. Award: HK$371,175 (August 2004). Awarding body: The University Grants Committee of Hong Kong (DAG02/03.BM75). Title: “The dynamics of audit fee adjustments in the presence of nominal fee rigidities”. Award: HK$69,190 (January 2004).Awarding body: The University Grants Committee of Hong Kong (DAG02/03.BM75). Title: “Pre-announcements of bad news: The role of corporate governance and management ownership” (with Chul Park). Award: HK$85,032 (June 2003).Awarding body: The University Grants Committee of Hong Kong (DAG02/03.BM06). Title: “Managerial ownership and the demand for audit quality”. Award: HK$38,000 (January 2003).Awarding body: The University Grants Committee of Hong Kong (DAG01/02.BM01). Title: “Opinion shopping in the United States and the role of audit committees”. Award: HK$44,998 (November 2001).Awarding body: Institute of Chartered Accountants of Scotland (ICAS01/02.BM01). Title: “Audit committee participation in the selection of audit firms”. Award: HK$105,000 (September 2001).INVITED TALKS AND CONFERENCE PRESENTATIONSUniversity of Amsterdam; October 2020.University of Kansas; December 2019.University of Miami Winter Accounting Conference; December 2019.PCAOB/JAR Conference on Auditing and Capital Markets (Washington D.C.); October, 2019. Paper presenter and panel discussant.University of Arkansas; October 2019.American University; October 2019.Iowa State University; October 2019.South Western University of Finance and Economics; July 2019.Santa Clara University; June 2019.Brigham Young University; February 2019.Mid-Year Auditing Conference; Nashville; January 2019.University of Illinois at Urbana-Champaign; December 2018.Virgina Tech University; November 2018.PCAOB/JAR Conference on Auditing and Capital Markets (Washington D.C.); October, 2018. Paper presenter and panel discussant.Indiana University seminar; October 2018. Notre Dame Accounting Conference; September 2018.Stanford Summer Accounting Conference; August 2018.Keynote speaker at the UTS Accounting Symposium (Sydney, Australia); January 2017.PCAOB/JAR Conference on Auditing and Capital Markets (Washington D.C.); October, 2016.Keynote speaker at the 6th Tsinghua International Corporate Governance Conference (Beijing, China); June 2016.PCAOB/JAR Conference on Auditing and Capital Markets (Washington D.C.); October, 2015.MIT Conference in Accounting (Shanghai, China); July, 2013.Keynote speaker at the Baruch College Conference in Accounting (New York); July, 2013.Accounting and Finance Symposium, Chulalongkorn University (Bangkok, Thailand); November, 2012.Journal of Accounting and Economics Annual Conference; Wharton School of Business (United States); October, 2011. Accounting and Finance Association of Australia and New Zealand Annual Meeting (Christchurch, New Zealand); July 2010.Invited keynote speaker at the Australian National Center for Audit and Assurance Research (ANCAAR) Symposium, The Australian National University (Canberra, Australia); December, 2009.Accounting and Finance Symposium, Chulalongkorn University (Bangkok, Thailand); November, 2009.Journal of Accounting and Economics Annual Conference; University of Rochester (United States); October, 2008.Summer Symposium on Accounting Research, Hong Kong University of Science & Technology (Hong Kong); June 2008. European Accounting Association Annual Meeting (2008), Erasmus University (Rotterdam, Netherlands); April, 2008; “Auditing the auditors: Evidence on the PCAOB’s inspections of audit firms” (with Jeff Pittman). Winner of a Best Paper Award.Accounting and Finance Association of Australia and New Zealand Annual Meeting, (Gold Coast, Australia); July 2007.American Accounting Association Annual Meeting, (Washington D.C.); August 2006.American Accounting Association Annual Meeting, (Washington D.C.); August 2006.Accounting and Finance Association of Australia and New Zealand Annual Meeting, (Wellington, New Zealand); July 2006.European Accounting Association Annual Meeting, (Dublin, Ireland); March, 2006.American Accounting Association Annual Meeting, (San Francisco); August 2005.International Symposium on Audit Research, (Maastricht, Netherlands); July 2004. Summer Symposium on Accounting Research, Hong Kong University of Science & Technology (Hong Kong); June 2004. European Accounting Association Annual Meeting, (Prague, Czech Republic); May 2004.American Accounting Association Mid-year Audit Meeting, (Florida); January, 2004.International Symposium on Audit Research, (Pasadena); June, 2003.American Accounting Association Mid-year Auditing Meeting, (California); January 2003.Summer Symposium on Accounting and Economics, London School of Economics (London, UK); July 1998. International Symposium on Audit Research, (Sydney, Australia); June 1998. ................
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