Randolph P. Beatty, Ph.D., CPA - University of Southern ...



Randolph P. Beatty, Ph.D., CPA

117 Accounting Building

Leventhal School of Accounting

Marshall School of Business

University of Southern California

Los Angeles, California 90089-0441

Email: rbeatty@marshall.usc.edu

Education:

University of Illinois

Ph. D. Accounting 1982

MAS Accounting 1976

BS Mathematics 1974

Positions Held:

Professor of Accounting

University of Southern California, 2011 – present.

Dean of the Leventhal School of Accounting

University of Southern California, 2001 – 2011.

Distinguished Professor of Accounting

Edwin L. Cox School of Business,

Southern Methodist University, 1992 – 2001.

Faculty Intern

Strategy, Finance, and Economics Division of Business Consulting

Arthur Andersen & Co. – Dallas Office, June 1998 – December 1998.

Visiting Associate Professor of Accounting

Graduate School of Business, University of Chicago, 1990-1991.

Visiting Assistant Professor of Accounting

Graduate School of Business, University of Chicago, 1987-1990.

Assistant Professor of Accounting

Wharton School of the University of Pennsylvania, 1982-1987.

Publications:

Beatty, Randolph P., “What’s Next? Business, Politics, and Globalization” Japanese Journal of Administrative Science

Volume 22, No. 2 (August 2009) 179-187.

Apte, Aruna, Apte, Uday, Randolph P. Beatty, Ila Sarkar, and John Semple, “The Impact of Check Sequencing on NSF

Fees,” Interfaces Vol.34, No. 2 (March-April 2004) 97-105.

Beatty, Randolph P. and Padma Kadiyala, “Impact of the Penny Stock Reform Act of 1990 on the IPO Market,”

Journal of Law & Economics Volume 46 No. 2 (October 2003): 517-542.

Beatty, Randolph P., Susan Riffe, and Rex Thompson, “The Method of Comparables in Tax Court Valuations of

Privately-held Firms: An Empirical Investigation,” Accounting Horizons Volume 13 No. 3 (September 1999):

177–199.

- presented at the 1996 Tax Policy Research Symposium at the University of Michigan.

Beatty, Randolph P., Howard Bunsis, and John R. M. Hand, “The Implicit Economic Penalties Arising from S.E.C.

Investigations into Underwriters,” Journal of Financial Economics Volume 50 No. 2 (November 1998): 151-186.

Beatty, Randolph P., Susan Riffe, and Ivo Welch, "How Firms Make Capital Expenditure Decisions:

Financial Signals, Internal Cash Flows, Income Taxes and the Tax Reform Act of 1986," Review

of Quantitative Finance and Accounting Volume 9 No. 3 (October 1997): 227-250.

Beatty, Randolph P. and Ivo Welch, "Issuer Expenses and Legal Liability in Initial Public Offerings," Journal of

Law & Economics Volume XXXIX No. 2 (October 1996): 545-602.

- Abstracted in Bowne’s Digest for Corporate & Securities Lawyers, Volume 11 No. 4 (April 1997): 5-6.

Beatty, Randolph P. and Edward J. Zajac, “Managerial Incentives, Monitoring, and Risk Bearing in Initial

Public Offering Firms,” Journal of Applied Corporate Finance Volume 8 No. 2 (Summer 1995): 87-96.

Beatty, Randolph P. and Zajac, Edward J., "Firm Risk and Alternative Mechanisms for

Internal Corporate Control: Evidence from Initial Public Offerings," Administrative Science Quarterly

Volume 39 No. 2 (June 1994): 313-335.

- Research translation by Wayne Grossman, “Does Incentive Compensation

Lower Executives’ Willingness to Take Risks?” The Academy of

Management Executive, Volume 9 No. 4 (November 1995): 92-92.

- Winner of the Best Paper Award of the Division of Business Policy and

Planning of the Academy of Management.

Beatty, Randolph P., "The Economic Determinants of Auditor Compensation in the Initial

Public Offerings Market," Journal of Accounting Research. Volume 31 No. 2 (Fall 1993): 294-302.

Beatty, Randolph P. and John R. M. Hand, "Standard Setting and (Un)Sophisticated Investors:

SFAS No. 94 as a Test of the Level Playing Field Theory," Journal of Accounting, Auditing

and Finance. Volume 7 (Fall 1992): 509-530.

Beatty, Randolph P. and William N. Lanen, "The Specialized Common Carrier Decision and

the Systematic Risk of AT&T," Advances in Quantitative Analysis of Finance and Accounting

Vol. 1 Part B (1991): 23-37.

Beatty, Randolph P., "Auditor Reputation and the Pricing of Initial Public Offerings,"

The Accounting Review Vol. 64 (October 1989): 693-709.

- Funded by the Fishman-Davidson Center for the Study of the

Service Sector - The Wharton School.

- Reprinted in Corporate Goverance in the New Gobal Econonmy, K. Keasey, S. Thompson,

and M. Wright, editors, Cheltenham, UK: Edward Elgar Publishing Ltd., 2005.

Beatty, Randolph P., and Robert E. Verrecchia, "The Effect of a Mandated Accounting Change

on the Capitalization Process," Contemporary Accounting Research Vol. 5 (Spring 1989): 472-493.

Publications (continued):

Beatty, Randolph P., C. F. Lee, and K. C. Chen, "Maturity, Duration and Nonstationarity

of Convertible Bond Beta: An Option Pricing Theory Approach," Quarterly Review of

Economics and Business Vol. 28 (Autumn 1988): 15-27.

Beatty, Randolph P. and Edward J. Zajac, "CEO Change and Firm Performance in

Large Corporations: Succession Effects and Manager Effects," Strategic Management Journal

Vol. 8 (July-August 1987): 305-317.

Beatty, Randolph P., "Estimation of Convertible Security Systematic Risk: the Marginal Effect

of Time, Price, Premium over Bond Value and Conversion Value/Call Price," Advances in

Financial Planning and Forecasting JAI Press Inc. Vol. 2 (1987): 135-154.

Beatty, Randolph P. and Jay R. Ritter, "Investment Banking, Reputation and the Underpricing

of Initial Public Offerings," Journal of Financial Economics 15 (Jan./ Feb. 1986): 213-232.

- Reprinted in The Modern Theory of Corporate Finance, C. W. Smith Jr., editor,

New York: McGraw-Hill, 1989 (second edition).

- Reprinted in Studies in Financial Institutions: Non-Bank Intermediaries, C. James

and C. W. Smith Jr., editors, New York: McGraw-Hill, 1993.

Beatty, Randolph P. and Steven B. Johnson, "A Market-Based Method of Classifying Convertible

Securities," Journal of Accounting, Auditing and Finance 8 (Winter 1985): 112-124.

Beatty, Randolph P., John F. Reim, and Robert F. Schapperle, "The Effect of Barriers to Entry

on Bank Shareholder Wealth: Implications for Inter-state Banking," Journal of Bank Research

16 (Spring 1985): 8-15.

- Deloitte, Haskins and Sells funded John F. Reim’s participation.

Books, Monographs, Conference Proceedings, and Other Publications:

Beatty, Randolph P. , “A Look at Accounting Structures: Risk/Return Considerations in Corporate

Accounting Practices,” Marshall Magazine (Winter 2003): 32-35.

Beatty, Randolph P. and John R. M. Hand, Business Applications in Corporate Financial Reporting

Cincinnati: South-Western Publishing Co., 1994.

Beatty, Randolph P., Sanjai Bhagat, and Richard H. Jefferies, "Pre-Emptive Rights,"

The New Palmgrave Dictionary of Money and Finance 1992.

Beatty, Randolph P., "Interaction of Academic Research and Teaching Quality: An Investigation

of Constraints on Excellence," Proceedings of the University of Illinois Golden Jubilee Symposium

1990.

Beatty, Randolph P., "The Initial Public Offerings Market for Auditing Services," Proceedings of

the University of Illinois Auditing Conference 1990.

Beatty, Randolph P., "Discussion of An Investigation of Perceptions and Attributes of the Concept

of Independence," Proceedings of the DePaul University Symposium, 1988-1989.

Books, Monographs, Conference Proceedings, and Other Publications: (continued)

Beatty, Randolph P., Anthony M. Santomero, and Michael L. Smirlock, "Bank Merger Premiums:

Analysis and Evidence," Salomon Brothers Monograph Series at New York University 1987.

Beatty, Randolph P., "Discussion of Changes in SEC Registration Disclosures: The Impact of

Small-Firm Initial Public Offerings," Proceedings of the DePaul University Symposium, 1985-1986.

Beatty, Randolph P. with M. Smirlock and S. Majd, "Taxes and Mergers: A Survey,"

Salomon Brothers Monograph Series at New York University 1986.

Working Papers:

Beatty, Randolph P., Hai Lu, and Wei Luo, “ Market Failure and Reemergence: A Study of Chinese Firms Listed

in the US”.

Projects In Progress:

Beatty, Randolph P. and Pureum Kim, “The Impact of Benchmarking on Accounting Quality”, Data Collection in progress.

Beatty, Randolph P., Danqui Hu, Hai Lu, and Wei Luo, “Strategic Short Behavior: Evidence from the Chinese Firms Listed

in the U.S. during 2010-2012”, Data Collection in progress.

Professional Presentations:

Professional Meetings:

2015 World Finance Conference - “The Market for “Lemons”: A Study of quality Uncertainty and the Market

Mechanism for Chinese Firms Listed in the US,” Buenos Aires, Argentina, July 2015.

2014 MIT Asia Conference – “The Market for “Lemons”: A Study of quality Uncertainty and the Market

Mechanism for Chinese Firms Listed in the US,” Chengdu, China, July 2014.

2014 Journal of Business Ethics Conference - “The Market for “Lemons”: A Study of quality Uncertainty and

the Market Mechanism for Chinese Firms Listed in the US,” Lhasa, Tibet, May 2014.

2014 CAPANA Conference – Discussion of “Further Examining the Contagion Effect of Low-Quality Audits:

The Role of Individual Auditors,” Beijing, China, May 2014.

2011 Canadian Academic Accounting Association Meeting – “International Case Study Collaboration: USC & CUHK,”

Toronto, Canada, May 2011.

2011 Southern California Conference of the Appraisal Institute – Current State of VFR & IFRS GAAP Convergence,

May 2011.

2009 JAAF/KPMG Foundation Conference – “An Academic Administrator’s View of the Financial Crisis: Politics,

Lemons, Musical Chairs & School Rankings,” New York University, New York, September 2009.

2009 Pacific Basin Finance, Economics, Accounting, and Management Conference – “What’s Next? Business, Politics,

and Globalization,” Bangkok, Thailand, July 2009.

2008 International Business School Shanghai Jiao Tong Conference – “The Relationship Between the Contemporary

Business School and Enterprises,” Shanghai, China, November 2008.

Chinese Accounting Professors Association Meetings Keynote Address – “The Demand and Supply of Flexibility ,”

Changsha, China, July 2008.

PDMA Meeting (Product Development and Management Association) – “Sarbannes-Oxley Impact on Technology

and Innovation,” October 2005.

Professional Meetings (continued):

AAA Annual Meeting – “Sarbannes-Oxley A Preparers Perspective,” Panel Creation (with M. McNichols – Stanford)

and Moderator Role, August 2005.

EFA Annual Meeting – Mergers and Acquisitions- “The Importance of Corporate Control Mechanisms in

Takeover Execution,” and Discussion of “Pricing an Emerging Industry: Evidence from Internet

Subsidiary Carve-outs,” August 2000.

Big Ten Consortium – “Integrating Teaching and Research,” July 2000.

North Dallas Chamber of Commerce- “Valuing Intellectual Property,” April, 2000.

The Sixth Annual Conference on Pacific Basin Business, Economics & Finance – “Property/Casuality

Insurance Industry: IPOs, SEOs, and the Underwriting Cycle,” Initial Public Offerings and Microstructure,

and “Issuance Costs and Regulatory Change in the Investment Banking Industry,” Mutual Fund,

Mortgage and Investment Banking, May 1998.

The Seventh Annual Conference on Financial Economics and Accounting - “How Firms Make Capital

Expenditure Decisions: Financial Signals, Internal Cash Flows, Income Taxes, and the Tax Reform

Act of 1986,” Corporate Finance and Restructuring Section, November 1996.

AAA Annual Meeting - Equity Offerings (Financial Reporting)

Discussion of "Bias in Analysts’ Earnings Forecasts as an Explanation for the Long-Run Underperformance

of Stocks Following Equity Offerings”, “Earnings Management and the Post-Issue Underperformance of

Seasoned Equity Offerings", & "Earnings Around Seasoned Equity Offerings: Are They Overstated?", Aug. 1996.

Twenty-eighth Simposium Internacional De Contardores Publicos, Monterrey, Nuevo Leon, Mexico, Oct. 1995.

Third Conference on Pacific Basin Business, Economics and Finance, Taipei, Taiwan, Republic of China, Aug. 1995.

AAA Annual Meeting - Management Decisions and Firm Valuation

Discussion of "The Market Impact of Early Debt Redemptions: Evidence for the Consideration of

Accounting Gains and Losses"," An Investigation of Revaluations of Tangible Long-Lived Assets", &

"LIFO Inventory Accounting, Future Earnings, and Future Cash Flows", Aug. 1993.

AAA Annual Meeting - Capital Markets - Other Incentives, Aug. 1992.

WFA Annual Meeting - Equity Offerings

Discussion of "Asymmetric Information, Adverse Selection, and the Pricing of Initial Public

Offerings," June 1992.

AFA Annual Meeting - Organizational Form and Governance, Jan. 1992.

AFA Annual Meeting - Investment Banking - Capital Accumulation

Discussion of "An Empirical Analysis of IPO Returns and Subsequent Equity Offerings," Jan. 1992.

AAA Annual Meeting - Capital Markets - Cash Flow, Aug. 1991.

AAA Annual Meeting - Current Auditing Research, Aug. 1990.

North American Securities Administrators Assoc., Sept. 1989.

University of Illinois Golden Jubilee Symposium, June 1989.

University of Illinois Auditing Conference, October 1986.

AAA Annual Meeting - Current Auditing Research, Aug. 1986.

MERC Conference, University of Rochester, April 1985.

TIMS/ORSA Meeting, November 1984 and May 1984.

AAA Annual Meeting - Capital Markets Session, Aug. 1983.

University Presentations:

University of Arizona, Fall 2000.

University of Texas at Dallas, Fall 1999.

Universidade Catolica Portuguesa, Financial Statement Analysis, Summer 1999

Chinese University of Hong Kong, May 1998.

Ohio State University, April 1998.

Georgetown University, April 1998.

University of Texas at Austin, November 1996.

Louisiana State University, November 1996.

University of Minnesota, February 1996.

Professional Activities:

American Accounting Association

Certified Public Accountant - Illinois 1976

Editorial Board:

Review of Quantitative Finance and Accounting

Ad Hoc Reviewer:

Accounting Journals

Accounting and Business Research

Accounting Enquiries

Accounting Horizons

Advances in Accounting

Advances in International Accounting

Auditing: A Journal of Practice and Theory

The Accounting Review

Contemporary Accounting Research

Issues in Accounting Education

Journal of Accounting, Auditing and Finance

Journal of Accounting and Public Policy

Journal of Accounting & Economics

Journal of Accounting Research

Review of Accounting Studies

Finance and Other Journals

Administrative Science Quarterly

The Financial Review

The Journal of Finance

Financial Management

Journal of Banking and Finance

Journal of Business

Journal of Financial and Quantitative Analysis

Journal of Financial Research

Strategic Management Journal

Quarterly Journal of Business and Economics

Teaching Activities:

Golden Apple Teaching Award MBA Core 2013, Marshall School of Business at University of Southern Californa.

Nominated for the Distinguished MBA Teacher Award 2000, Edwin L. Cox School of Business at Southern

Methodist University.

Nominated for the Distinguished MBA Teacher Award 1999, Edwin L. Cox School of Business at Southern

Methodist University.

Nominated for the Distinguished MBA Teacher Award 1996, Edwin L. Cox School of Business at Southern

Methodist University.

Nominated for the Distinguished MBA Teacher Award 1995, Edwin L. Cox School of Business at Southern

Methodist University.

KRLD Dallas Radio Station Citizen of the Week, April 1995.

Named by Business Week as one of Twelve Masters of the Classroom, October 24, 1994.

Teaching Activities (continued):

Nominated for the Distinguished MBA Teacher Award 1994, Edwin L. Cox School of Business at Southern

Methodist University.

Distinguished MBA Teacher Award 1993, Edwin L. Cox School of Business at Southern Methodist

University.

Nominated for the Emory Williams Award 1991, Graduate School of Business of the University

of Chicago. (University of Chicago Graduate School of Business Outstanding Teaching Award)

Nominated for the Lindback Award 1986, Wharton School of the University of

Pennsylvania. (University of Pennsylvania Undergraduate Outstanding Teaching Award)

Nominated for the Lindback Award 1984, Wharton School of the University of

Pennsylvania. (University of Pennsylvania Undergraduate Outstanding Teaching Award)

Outstanding Teaching Award - University of Illinois Undergraduate 1979.

Service & Consulting Activities:

Board of Directors and Finance Committee member of City of Hope Board 2011-present.

Member City of Hope Audit Committee Fall 2016-present (Chair 2017).

Chair of City of Hope Medical Center Board 2013 – present.

Chairperson, Pureum Kim’s PhD Dissertation Committee, 2014 – present.

USC Marshall School of Business Graduate Instruction Committee 2012 – 2014.

USC Marshall School of Business Promotion and Tenure Committee Fall 2014-2016.

Advisory Board for USC’s Our Savior Parish & Caruso Catholic Center 2010-2016.

Finance Council for USC’s Our Savior Parish & Caruso Catholic Center 2009- Chair 2013-2016.

Development Committee for USC’s Our Savior Parish & Caruso Catholic Center 2013-2016.

USC Marshall School of Buiness MBA On-Line Committee 2013 – 2015.

Director of SEC and Financial Reporting Institute 2011- 2014.

Chair, Marymount High School Annual Fund 2012 – 2014

USC Athletic Department’s Pro Sports Council 2006-2012.

Accounting Chair of 23rd Annual FEA Conference at USC, November 16-17, 2012.

AAA Program Committee, Chair 2009 Strategic Relationship Events Team, New York Meetings.

Leventhal Undergraduate Program Post-IFRS Curriculum Grant, January, 2009.

FEA Conference Session Chair Disclosed Earnings and Markets, November 2008.

Scholarships in Honor of Jack Larsen Fundraising Campaign Fall 2007- June 2008.

Leventhal Recruiting Committee (ex-officio member) 2001-2005 & 2006-present.

Leventhal Holiday Celebration Fundraising, Fall 2001- 2010.

A. N. Mosich Chair Campaign Fall 2005 – June 2006.

Member, Mei Cheng’s (University of Arizona) PhD Committee, June 2006.

Marshall School Strategic Planning Committee, Spring 2005.

Leventhal Graduate Program Restructuring, Spring 2005.

Accounting Chair of 15th Annual FEA Conference at USC, November 19-20, 2004.

UCAR Analysis and Report Spring 2004.

AACSB Accounting Accreditation Leventhal School Spring 2004.

Member Marshall School Dean Search Committee, Spring 2003.

Co-Chairperson (C. Swenson), Hai Lu’s (Univ. of Toronto) PhD Dissertation Committee, Fall 2001- June 2004.

Member, Artur Hugon’s (Georgia State University) PhD Dissertation Committee, June 2004.

Member, Shuping Chen’s (Univ. of Washington) PhD Dissertation Committee, June 2002.

Chairperson, Promotion and Tenure Committee at Southern Methodist University, 2000-2001 (member Spring 2000).

Member of SMU Faculty Senate 2000-2001.

Member of the Audit Committee of the Board of Trustees of SMU 2000-2001.

Member of the Audit Advisory Committee to the Dallas Public Schools (DISD) 2000 - 2001.

SMU All University Finance Recommendations Committee 1999-2001.

Member of Associate Vice President of Budget and Finance Search Committee 2000.

Service & Consulting Activities (continued):

Served as the Financial Accounting Research Section Liason to the American Accounting Association 2000 Meetings

(228 submissions for annual meeting presentations).

Served on the Accounting Department Recruiting Committee, 1999-2000.

Served on the Global Leadership Program Steering Committee, 1999-2000.

Chaired the SACS Cox Self-study Committee, 1999-2000.

Served on the Wyly Chair Search, 1999-2000.

Served on the Ann Cox Chair Search, 1999-2000.

SMU University Research Council, 1999-2000

“Leave day traders to their own devices,” Houston Chronicle , Oct. 3, 1999, p. 4.

Alcan Corporation, 1998.

Served as reviewer of auditing manuscripts for AAA meetings, 1997-1998.

Served on the MBA Policy Committee at Southern Methodist University, 1996-1999.

George Group, Investigation of the Determinants of Market to Book Values, Summer 1997.

Served on the Cox School Dean Search Committee at Southern Methodist University, 1996-1997.

Chairperson, Vic Bernard Memorial Scholar Fundraising Committee at the University of Illinois, 1996,

organized and implemented a fundraising campaign to endow a fund to support Ph.D. candidates.

Chairperson, Promotion and Tenure Committee at Southern Methodist University, 1995-1996 (member 1992-1995).

Served on the American Accounting Association's Screening Committee: Notable Contributions

to Accounting Literature Award 1995-1996.

Served on the Staff Contribution Awards Committee at Southern Methodist University, 1995.

Chairperson, Cullum Chair Search Committee at Southern Methodist University, 1994-1995.

Chairperson, MBA Policy Committee at Southern Methodist University 1993-1995 (member 1992-1993)

(position was similar to Dean of the MBA program).

Served on the Planning Committee of the Center for the Study of Financial Institutions and Markets (CSFIM)

at Southern Methodist University 1993-1994.

Served on the American Accounting Association's 1993-1994 Doctoral Consortium Committee.

Served on the American Accounting Association's Screening Committee: Notable Contributions

to Accounting Literature Award 1991-1993.

Chairperson, Cullum Chair Search Committee at Southern Methodist University, 1992-1993.

Chairperson, Corrigan Fellowship Advisory Committee at Southern Methodist University,

Spring 1992.

Wharton Beta Alpha Psi Faculty Advisor (1984-1987).

Wharton Undergraduate Executive Committee (1985-1987).

Wharton Accounting Department Prizes and Awards Committee (1981-1987).

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