Michael Clement

Michael Clement has been an Associate Professor at McComb School of Business since 1997. His research areas include Accounting-Financial, Financial Analysts, Financial Reporting, Financial Statement Analysis, and Security Market Valuation.

Educational background

Michael Clement received his BBA (magna cum laude) from Baruch College in 1980, his MBA from the University of Chicago in 1988, and his Ph.D. from Stanford University in 1997. Michael is also a KPMG Faculty Fellow in Accounting Education in the Department of Accounting.

Stock market valuation of brands

Clement studies whether brand values estimated and published by a well-respected financial magazine (Financial World) reflect valuation relevant information and are sufficiently reliable to be reflected in share prices and returns. Clement indicates that the Financial World brand value estimates capture information that is relevant to investors and are sufficiently reliable to be reflected in share prices and returns. Whether their reliability is sufficient to merit financial statement recognition is left to accounting standard-setters to determine.

Management earnings forecasts

Clement examines the association between confirming management forecasts, stock prices and analyst expectations. Confirming management forecasts are voluntary disclosures by management that support market expectations that already exist for future earnings. The main finding from the study is that stock prices react positively to management earnings forecasts that confirm market expectations. It was also concluded that price reaction is larger for smaller firms. Michael Clement indicates that this study is a first step towards examining how the effects of forecasting on the reduction of earnings uncertainty and cost of capital.

Awards

• National Black MBA Association Doctoral Fellowship, 1996
• KPMG Peat Marwick Doctoral Fellowship, 1996
• MBA Faculty Honor Roll, Fall 2006
• CBA Foundation Research Excellence Award for Assistant Professors, 2003–2004

Research publications

• James D. Westphal and Michael B. Clement. 2008. Sociopolitical Dynamics in Relations Between Top Managers and Security Analysts: Favor Rendering, Reciprocity, and Analyst Stock Recommendations. Academy of Management Journal 51, 873-897.

• Michael B. Clement, Lisa Koonce, and Thomas Lopez. 2007. The Role of Task-Specific Forecasting Experience and Innate Ability in Understanding Analyst Forecasting Performance. Journal of Accounting and Economics 44, 378-398.

• Michael B. Clement and Tse, Senyo Y.. 2005. Financial Analyst Characteristics and Herding Behavior in Forecasting. Journal of Finance 60, 307-341.

• Michael B. Clement, Abby Joseph Cohen, and Katerina Shaustyuk. 2004. 2004 Dividend Preview: Are larger dividends around the corner? Goldman Sachs Investment Research.

• Michael B. Clement, Abby Joseph Cohen, Michael A. Moran, Katerina Shaustyuk, Nathan Swem, and et al. 2004. Share-based payments back in the spotlight. Goldman Sachs Investment Research.

• Michael B. Clement, Richard Frankel, and Jeffrey Miller. 2003. Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns. Journal of Accounting Research 4

• Tse, Senyo Y. and Michael B. Clement. 2003. Do Investors Respond to Analysts' Forecast Revisions as if Forecast Accuracy is All that Matters? The Accounting Review 78, 227-249.

• Michael B. Clement, Lynn Rees, and Edward Swanson. 2003. The Influence of Culture and Corporate Governance on the Characteristics that Distinguish Superior Analysts. Journal of Accounting, Auditing, and Finance 18, 593-609.

• Michael B. Clement, Lynn Rees, and Edward P. Swanson. 2003. The Influence of Culture and Corporate Governance on the Characteristics That Distinguish Superior Analysts. Journal of Accounting, Auditing & Finance 18, 593.

• Michael B. Clement. 1999. Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? Journal of Accounting & Economics 27, 285-303.

• Mary E. Barth, Michael B. Clement, George Foster, and Ron Kasznik. 1998. Brand Values and Capital Market Valuation. Review of Accounting Studies 3, 41-68.

References

^[1]

^[2]

^[3]

^[4]

1. ^ Clement, Michael. "Department of Accounting." n. pag. Web. 24 Mar 2010. <http://www.mccombs.utexas.edu/dept/accounting/faculty/profiles/index-vita.asp?addTarget=25>.
2. ^ Clement , Michael, and Senyo Y Tse. "Do Investors Respond to Analysts’ Forecast Revisions as if Forecast Accuracy Is All That Matters?." Accounting Review January 2003: 227-249. Print
3. ^ Michael B. Clement, Richard Frankel, and Jeffrey Miller. 2003. Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns. Journal of Accounting Research 4
4. ^ Mary E. Barth, Michael B. Clement, George Foster, and Ron Kasznik. 1998. Brand Values and Capital Market Valuation. Review of Accounting Studies 3, 41-68.

External links

• [1]

Persondata
Name	Clement, Michael
Alternative names
Short description
Date of birth
Place of birth
Date of death
Place of death