education

• Ph.D. (1997), Accounting and Information Systems, Kellogg Graduate School of Management, Northwestern University, Evanston, IL
• M.S. (1995), Accounting and Information Systems, Kellogg Graduate School of Management, Northwestern University, Evanston, IL
• B.A. (1989), Accounting and Economics, University of Haifa, Haifa, Israel

 

research interests

• Financial analysts’ price targets, stock recommendations, and earnings forecasts
• Earnings management, financial analysts earnings forecasts, and capital markets
• Accounting choices by financially distressed firms
• Accounting based valuation models

 

teaching

• Accounting 318

• Accounting 712

 

publications

• Ratings Changes, Ratings Levels, and the Predictive Value of Analysts' Recommendations (Barber, Lehavy, and Trueman, 2009, Forthcoming, Financial Management) (Download) 

• Earnings Announcement Returns of Past Stock Market Winners (Aboody, Lehavy, and Trueman, 2009, Forthcoming, The Review of Accounting Studies)  (Download)

• “Discussion of “Are earnings forecasts more accurate when accompanied by cash flow forecasts?,” September 2009, Review of Accounting Studies, Vol. 14 No. 2/3. (Download)

• Investor Recognition and Stock Returns (Lehavy and Sloan, June/September, Volume 13, The Review of Accounting Studies) (Download)

• Letting the “Tail Wag the Dog”: The Debate over GAAP versus Street Earnings Revisited (Abarbanell and Lehavy, Fall 2007, 657-74, Contemporary Accounting Research) (Download) 

• Comparing the Stock Recommendations Performance of Investment Banks and Independent Research Firms (Barber, Lehavy, and Trueman, August 2007, Journal of Financial Economics) (Download)
• Buys, Holds, and Sells: The Distribution of Investment Banks’ Stock Ratings and the Implications for the Profitability of Analysts’ Recommendations (Barber, Lehavy, McNichols, and Trueman, April 2006, Journal of Accounting and Economics) (Download)
• Using Expectations to Test Asset Pricing Models (Brav, Lehavy, and Michaely, Autumn 2005, Financial Management) (Download Paper, Download Data)
• Biased Forecasts or Biased Earnings? The Role of Earnings Management in Explaining Apparent Optimism and Inefficiency in Analysts' Earnings Forecasts, (Abarbanell and Lehavy, December 2003,  Journal of Accounting and Economics) (Download)
• An Empirical Analysis of Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics  (Brav and Lehavy, October 2003, Journal of Finance) (Download) 
• Can Stock Recommendations Predict Earnings Management and Analysts' Earnings Forecast Errors, (Abarbanell and Lehavy, March 2003, Journal of Accounting Research) (Download)
• Reassessing the Returns To Analysts' Stock Recommendations , (Barber, Lehavy, McNichols and Trueman, March/April 2003, Financial Analysts Journal)  (Download)
• Reporting Discretion and the Choice of Fresh Start Values in Companies Emerging From Chapter 11 Bankruptcy , (Lehavy, March 2002, Review of Accounting Studies) (Download)
• Can Investors Profit from the Prophets? Security Analyst Recommendations and Stock Returns, (Barber, Lehavy, McNichols and Trueman, April 2001, Journal of Finance)  (Download)
• The Association Between Firms' Values and Accounting Numbers after Adoption of Fresh Start Reporting (Lehavy, 1999, Journal of Accounting, Auditing, and Finance)  (Download)

 

working papers

• “The Effect of Firms’ Communication Complexity on Analyst Following and the Properties of their Earnings Forecasts,” (Lehavy, Li and Merkley, 2009).

• “Kmart: Predicting Bankruptcy, Fresh Start Reporting, and Valuation of Distressed Securities,” Teaching Case, (Udpa and Lehavy, 2009).

• The Quality of Analysts’ Cash Flow Forecasts (Givoly, Hayn, and Lehavy, 2008)  (Download) 

• An Explanation for Why Prior Stock Returns and Analysts’ Earnings Forecast Revisions Predict Earnings Management and Forecast errors (Abarbanell and Lehavy, 2003) (Download) 
• Differences in Commercial Database Reported Earnings: Implications Empirical Research (Abarbanell and Lehavy, 2002) (Download) 
• Are All Brokerage Houses Created Equal? Testing For Systematic Differences In The Performance Of Brokerage House Stock Recommendations, (Barber, Lehavy and Trueman, 2000) (Download)

 

Media

• New York Times (May 2009, May 2008, October 2002, February 2003)
• Wall Street Journal (August 2004)
• CBS Radio Chicago (WBBM NewsRadio 780)  (January 2002)
• Associated Press  (January 2002)
• San Francisco Chronicle  (January 2002 (1))
• San Francisco Chronicle  (January 2002 (2))
• FOX Evening News (TV)  (January 2002)
• CBS Evening News (TV)  (June 2001, January 2002)
• Forbes   (June 2001)
• Barron's   (August 2001)
• CBS MarketWatch   (December 2000)
• CBS MarketWatch   (August 2000)
• Business Week  (July 2000)
• Business Week  (October 1999)
• The Motley Fool  (February 1999)
• Financial Times  (February 1999)
• New York Times  (January 1999)
• TheStreet.com  (December 1998)

 

 

teaching experience 

• Ross School of Business, University of Michigan, Financial Statement Analysis (B.B.A. and M.B.A.), 2003-
• Haas School of Business, UC Berkeley, Corporate Financial Reporting (MBA Elective), 2000-2002
• Haas School of Business, UC Berkeley, Financial Accounting (Undergraduate and MBA level), 1996-1999
• J. L. Kellogg Graduate School of Management Northwestern University, Evanston, Illinois, Accounting for Decision Making (The Master Program), 1995
• Helsinki School of Economics and Business Administration, Helsinki, Finland, Financial Accounting I, 1996

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