Department of Accounting and Information Systems

E-mail: pfeiffer@acctg.umass.edu

Isenberg School of Management

URL: www-unix.oit.umass.edu\~rpfeiffe

University of Massachusetts

Phone: 413A545A5653

Amherst, Massachusetts 01003-4915

Fax: 413A545A3858

Academic Position:

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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: AValuation 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:

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The impact of financial accounting information on the decisions made by corporate managers, stock investors, and financial analysts.

Publications in Refereed Journals:

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Elgers, P., M. Lo, and R. Pfeiffer. ADelayed Security Price Adjustments to Financial Analysts= Forecasts of Annual Earnings.@ The Accounting Review (forthcoming October 2001).

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Christophe, S., and R. Pfeiffer.  AThe Valuation of MNC International Operations During the 1990s.@  Review of Quantitative Finance and Accounting (forthcoming).

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Machuga, S. and R. Pfeiffer.  AA 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, and B. Morzuch.  AMeasurement 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, R., and P. Elgers.  AControlling 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, R.  AThe Implications of Accounting Research for Accounting-Based Investment Strategies.@  Journal of Alternative Investments 1(3) Winter 1998: 68-77.

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Pfeiffer, R.  AMarket 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, R., P. Elgers, M. Lo, and L. Rees.  AAdditional 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.

Publications in Other Journals:

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Pfeiffer, R. ADo 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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Elgers, R. Pfeiffer, and S. Porter.  AAnticipatory Income Smoothing: A Re-examination.@ August 2000.  Under second round review at Journal of Accounting and Economics.

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Machuga, S., R. Pfeiffer, and K. Verma.  AEVA, Future Accounting Earnings, and Financial Analysts= Earnings Forecasts.@  March 2001. Under review at Review of Quantitative Finance and Accounting.

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Elgers, P., M. Lo, and R. Pfeiffer.  AAnalysts' vs. Stock Prices' Incorporation of the Differential Persistence of Cash and Accrual Earnings Components in Forecasting Annual Earnings.@  April 2001.  Under second round review at Journal of Accounting Research.

Working Papers and Research in Progress

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Pfeiffer, R., and M. Plumlee. AAnalysts= and Market Earnings Expectations and Components of Earnings.@  In preparation.

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Elgers, P., R. Pfeiffer, and S. Porter.  AThe Incorporation of Industry‑Wide and Firm‑Specific Information in Financial Analysts' Expectations of Annual Earnings.@  In preparation.

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Brown, W., K. Tucker, and R. Pfeiffer.  AA Prospective Look at the Usefulness of Separately Reporting Goodwill Charges: An Evaluation of 'Cash Earnings'.@ March 2001.  Under revision.

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

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Tucker, K. and R. Pfeiffer.  AAn Analysis of Systematic Patterns in Financial Analysts= Earnings Forecast Errors.@  January 1998.

Invited Presentations:

Presentations at Professional Meetings:

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ADelayed 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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AAnticipatory 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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AAnticipatory 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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AEconomic 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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AAnalysts= 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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AThe Information Content of Geographic Segment Disclosures.@ (With S. Christophe.) Presented at the Financial Management Association National Annual Meeting, Fall 1998.

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

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AAdditional 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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AControlling 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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AAn 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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APr-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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ADelayed 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 Accounting Research Workshop, October 2000.

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ADelayed 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 Accounting Research Workshop, November 1999.

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AAnalysts= 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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AControlling 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 Research Workshop, May 1998.

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

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AThe Comparative Performance of Financial-Statement-Analysis-Based and Price-Based Earnings Forecasts,@ (With S. Machuga).  Presented at The George Washington University, September 1996

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AThe Comparative Performance of Financial-Statement-Analysis-Based and Price-Based Earnings Forecasts.@ (With S. Machuga).  Presented at Boston College, September 1996.

Other presentations:

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AFrom 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.

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AControlling 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.

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

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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, attestation of financial statements and disclosures, 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 (5 times)

Masters

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Accounting Theory and Policy (2 times)

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Accounting for Decision Making and Reporting II (1 time)

Undergraduate

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Introductory Managerial Accounting (1 time)

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Introductory Financial Accounting (1 time)

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Intermediate Financial Accounting I (9 times)

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Intermediate Financial Accounting II (2 times)

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Semester in the Profession Seminar (1 time)

Students Supervised:

Ph.D. Students:

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William Brown, dissertation committee, Fall 1999 to present.

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Karen Tucker, dissertation committee, Fall 1998 to present.

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Karen Tucker, 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.

Undergraduate Students:

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Gregory Flynn, honors thesis committee, Spring 2001.

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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, beginning Fall 1998.

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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.

Service:

Departmental and School:

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

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Faculty advisor to BAY, January 2000 to present.

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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.

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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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Chair, Department Financial Reporting Curriculum Workgroup, 1997-98.

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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 Issues in Accounting Education and Advances in Accounting.

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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).

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

Teaching:

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

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Nominated for the University-wide Distinguished Teaching Award, 1998-1999.

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

Other:

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Invited participant at the inaugural Financial Accounting and Reporting Section AAA conference, Fall 1997.

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Sole 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: Formerly a Certified Public Accountant in North Carolina and Pennsylvania.

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Member, American Accounting Association.