CURRICULUM VITAE - USC Marshall School of Business



CLIVE LENNOXLeventhal School of Accounting, Marshall School of BusinessUniversity of Southern CaliforniaEmail: clennox@usc.eduCAREER2015 - Chair 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.PUBLICATIONSEarnings management, audit adjustments, and the financing of corporate acquisitions: Evidence from China (with Xi Wu and Zitian Wang). Journal of Accounting and Economics, 2018, forthcoming.Do PCAOB inspections improve the quality of internal control audits? (with Mark DeFond), Journal of Accounting Research, 2017, Volume 55, No. 3, 591-627.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. *** This study was 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.Accounting 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. *** Included in the 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.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 that discusses 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. *** This study won a 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 that discusses 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. *** This study won the 2016 Notable Contribution to the Auditing Literature Award from the 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. WORK IN PROGRESSAudit quality and regulatory oversight for Chinese companies listed in the United States (with Brian Carver, Joe Carcello and Terry Neal). Revise and resubmit at The Accounting Review.The role of director and executive interlocks in mitigating uncertainty in auditor hiring decisions (with Julia Yu).Gender discrimination in public accounting (with Kris Hardies and Bing Li).Public accounting experience and the remediation of material internal control weaknesses (with Andrew Bird, Chan Li and Thomas Ruchti). Revise and resubmit at The Accounting Review.Is the expanded model of audit reporting informative to investors? Evidence from the UK (with Jaime Schmidt and Anne Thompson). Revise and resubmit at Contemporary Accounting Research.Evidence on the outcomes of accounting lawsuits (with Bing Li).Some controversies in the auditing literature (with Mark DeFond and Jieying Zhang).The effect of auditors’ identities on clients’ hiring of new accounting and finance executives (with Andrew Finley, Mindy Kim, and Phil Lamoreaux). Revise and resubmit at Contemporary Accounting Research.A review of the literature on audit partners (with Xi Wu). Revise and resubmit at Accounting Horizons.Accounting frauds and operating cash flows (with Julia Yu).RECOGNITION & PRIZESRanked as the number 1 accounting researcher in the world, based on the number of author-weighted publications in the top 3 accounting journals (JAE, JAR, TAR) or the top 5 accounting journals (JAE, JAR, TAR, RAST, CAR) over the period 2000-2016. Source: than 5,500 citations to research papers. Source: Google Scholar.Recipient of the Dean’s Award for Research Excellence, USC Marshall School of Business, May 2017.Recipient of the inaugural Leventhal Diamond Teaching Award for the MAcc Core (2016/17).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?YearUniversity2016-2017USCClass 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%SERVICES TO THE PROFESSIONEditor or 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 at: Journal of Accounting Research (2013-present).The Accounting Review (2017-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 USCMember of Leventhal’s faculty search committee.Chair of Marshall’s PC Committee.Chair of Leventhal’s Peer Evaluation Group for the appointments of Professor TJ Wong and Richard Sloan. Member of the PhD dissertation committee for Pureum Kim and a member of the PhD qualifying exam committee for Allison Kays and Stacey Ritter.Initiated and organized Leventhal’s brownbag research seminar PETITIVE RESEARCH GRANTSAwarding 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).DOCTORAL STUDENT SUPERVISIONZitian Wang (NTU), graduated in 2013. Committee chair. First placement at Shanghai University of Finance & Economics.Bing Li (NTU), graduated in 2012. Committee chair. First placement at City University of Hong Kong.Rui Ge (HKUST), graduated in 2009. Committee chair. First placement at Sun-Yat Sen University, Guangzhou, China. Hou Qingchuan (HKUST), graduated in 2007. Co-chair with Peter Chen. First placement at Shanghai University of Finance and Economics.Jen Ireland (University of Bristol), graduated in 2002. Co-chair with Paul Grout. First placement at the London School of Economics.PRESENTATIONS AT INTERNATIONAL CONFERENCESInvited keynote speaker at the UTS Accounting Symposium (Sydney, Australia); January 2017.PCAOB/JAR Conference on Auditing and Capital Markets (Washington D.C.); October, 2016; Paper Discussant.Invited 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; Do PCAOB Inspections Improve the Quality of Internal Control Audits? (with Mark DeFond).MIT Conference in Accounting (Shanghai, China); July, 2013; Change for change’s sake? Does mandatory partner rotation improve audit quality? (with Xi Wu and Tianyu Zhang).Invited keynote speaker at the Baruch College Conference in Accounting (New York); July, 2013.Accounting and Finance Symposium, Chulalongkorn University (Bangkok, Thailand); November, 2012; “Going-concern opinions and asset values” (with Asad Kausar).Journal of Accounting and Economics Annual Conference; Wharton School (United States); October, 2011; “The consequences of protecting audit partners' personal assets from the threat of liability” (with Bing Li). Accounting and Finance Association of Australia and New Zealand Annual Meeting (Christchurch, New Zealand); July 2010; “Mandatory audits versus voluntary audits” (with Jeff Pittman).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; “Mandatory Audits versus Voluntary Audits” (with Jeff Pittman).Journal of Accounting and Economics Annual Conference; University of Rochester (United States); October, 2008; “Auditing the auditors: Evidence on the PCAOB’s inspections of audit firms” (with Jeff Pittman).Summer Symposium on Accounting Research, Hong Kong University of Science & Technology (Hong Kong); June 2008; “Transient Institutions and Accounting Fraud” (with Ping-Sheng Koh). 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; “Pick a Model, Any Model: Assessing the Robustness of the Self-Selection Model” (with Jere Francis).American Accounting Association Annual Meeting, (Washington D.C.); August 2006; “The informativeness of earnings and management’s issuance of earnings forecasts” (with Chul Park).American Accounting Association Annual Meeting, (Washington D.C.); August 2006; “The Hiring of Accounting and Finance Officers from Audit Firms: How did the Market React?” (with Marshall Geiger and David North).Accounting and Finance Association of Australia and New Zealand Annual Meeting, (Wellington, New Zealand); July 2006; “Audit Fee Rigidities in the Presence of Market Frictions: Evidence and Explanations” (with Andrew Ferguson and Steve Taylor).European Accounting Association Annual Meeting, (Dublin, Ireland); March, 2006; “Audit Fee Rigidities in the Presence of Market Frictions: Evidence and Explanations” (with Andrew Ferguson and Steve Taylor).American Accounting Association Annual Meeting, (San Francisco); August 2005; “The credibility of self-regulation: Evidence from the accounting profession’s peer review program” (with Gilles Hilary).International Symposium on Audit Research, (Maastricht, Netherlands); July 2004; “The credibility of self-regulation: Evidence from the accounting profession’s peer review program” (with Gilles Hilary). Summer Symposium on Accounting Research, Hong Kong University of Science & Technology (Hong Kong); June 2004; “The credibility of self-regulation: Evidence from the accounting profession’s peer review program” (with Gilles Hilary). European Accounting Association Annual Meeting, (Prague, Czech Republic); May 2004; “Audit Firm Appointments, Audit Firm Alumni, and Audit Committee Independence” (with Chul Park).American Accounting Association Mid-year Audit Meeting, (Florida); January, 2004; “Audit Firm Appointments, Audit Firm Alumni, and Audit Committee Independence” (with Chul Park).International Symposium on Audit Research, (Pasadena); June, 2003; “Management Ownership and Audit Firm Size.”American Accounting Association Mid-year Auditing Meeting, (California); January 2003; “Audit quality and executive officers’ affiliations with CPA firms.”Summer Symposium on Accounting and Economics, London School of Economics (London, UK); July 1998; “Do companies successfully engage in opinion-shopping?” International Symposium on Audit Research, (Sydney, Australia); June 1998; “Do companies successfully engage in opinion-shopping?” ................
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