A Deep Dive Into Earnings Quality with Columbia Professor Doron Nissim
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- Опубликовано: 15 фев 2023
- Many investors take for granted that the earnings and other financial data that companies report provides an accurate representation of their business and its future. But the reality is that is often not the case. In this episode, we talk with Doron Nissim, who is the Ernst & Young Professor of Accounting & Finance Chair at Columbia University and one of the world's leading experts on earnings quality.
We discuss what earnings quality is, how it can be measured and evaluated and what investors can do to identify and adjust for issues with both earnings and other information reported on the financial statements of companies.
MORE ABOUT DORON AND EARNINGS QUALITY
Personal Research Website:
bit.ly/doron-research
Columbia:
www8.gsb.columbia.edu/cbs-dir...
Earnings Quality Paper:
papers.ssrn.com/sol3/papers.c...
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Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
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A lot of these earnings quality is good in a normal market in 1990s and 2000s. Now in the last 10 yrs due to cheap money people bid up poor quality companies and accounting is pretty much dead.
Thanks for the very interesting content. I have always been suspicious of financial statements; now I am more suspicious. I will study Nissim's monograph for more. BTW, the link under Personal Research Website does not work. What was it supposed to contain?
Thank you, and the link is fixed but here you go: bit.ly/doron-research
One of the reasons some investors missed out on Amazon was that it invested what earnings it had back in the business so that they would be offset by expenses cancelling them out. I'm not sure how something like Amazon web services would show up on the balance sheet. Many also were saying that Tesla had negative cashflow which is a feature of companies on their way to bankruptcy, however they were developing a moat such as a self driving car which differentiates it from other companies that just makes EV's without the self driving feature.
Thanks! Interesting. Is there a way to access the 60p presentation too? Appreciate your discussion.
Thanks for listening / commenting. Please reach out to Doron and ask him, he may share the presentation with you.
www8.gsb.columbia.edu/cbs-directory/detail/dn75
Did you manage to access the presentation? Would be interested as well
@@Flierefluiter515 Reach out to Doron, and he may be open to sharing it with you.
www8.gsb.columbia.edu/cbs-directory/detail/dn75
His Earnings Quality white paper (600+ pages) has it all as well.
papers.ssrn.com/sol3/papers.cfm?abstract_id=3794378
@@Flierefluiter515 yep