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Jeffrey Lawrence Callen

Jeffrey Callen

    Jeffrey Lawrence Callen

    Joseph L. Rotman Chair in Accounting
    Professor of Accounting

    Email: Send an email to Jeffrey Lawrence Callen

    Bio

    Jeffrey L. Callen is the Rotman Chair of Accounting. His research interests include corporate valuation, accounting information and capital markets, efficiency measurement and the non-profit firm. He is the former Editor-in-Chief of the Journal of Accounting, Auditing and Finance. Currently he is an Editor of Contemporary Accounting Research, a Co-Editor of the International Journal of Accounting, and an Associate Editor of the Multinational Finance Journal. He serves on the editorial boards of the Accounting Review, China Journal of Accounting Research, International Journal of Disclosure and Governance and the ARN and FEN networks.

    Academic Positions

    2000-Present  Joseph L. Rotman Professor of Accounting; Rotman Faculty of Management, University of Toronto
    1996-1999  Research Professor of Accounting; Stern School of Business, New York University
    1992-1999  Professor of Accounting; Stern School of Business, NYU
    1994-2000  Editor-in-chief; Journal of Accounting, Auditing & Finance
    1992-1994  Professor of Accounting and Charles I. Rosen Chair in Business Administration; School of Business Administration, The Hebrew University
    1989-1992  Chairman, Department of Accounting; School of Business Administration, The Hebrew University
    1987-1991  Associate Professor of Accounting; School of Business Administration, The Hebrew University
    1982-1987  Senior Lecturer in Accounting; School of Business Administration, The Hebrew University
    1979-1985  Associate Professor of Accounting; Faculty of Business, McMaster University
    1976-1979  Assistant Professor of Finance and Business Economics; Faculty of Business, McMaster University
    1973-1976  Assistant Professor of Finance and Public Policy; Faculty of Administrative Studies, University of Manitoba

    Selected Publications - Papers

    • Religion and Crash Risk; Callen, J.L. and X. Fang; Journal of Financial and Quantitative Analysis; forthcoming; 2013
    • The Value Relevance of Reputation for Sustainability Leadership; Laurenco, I.C., J.L. Callen, M.C. Branco and J.D. Curto; Journal of Business Ethics; forthcoming; 2012
    • Dynamic Risk, Accounting-Based Valuation, and Firm Fundamentals; M. Lyle, J. L. Callen and R.J. Elliott; Review of Accounting Studies; forthcoming
    • Accounting Quality, Stock Price Delay and Future Stock Returns; J. L. Callen, M. Khan and H. Lu; Contemporary Accounting Research; Issue: 30; 2013; Pages: 269-295
    • Institutional Investors and Crash Risk: Monitoring or Expropriation?; Callen, J.L. and X. Fang; Journal of Banking and Finance; Issue: 37; 2013; Pages: 3047-3063
    • An Analytical and Empirical Measure of the Degree of Conservatism; Callen, J.L. and D. Segal; Journal of Accounting, Auditing & Finance; Issue: 28; 2013; Pages: 215-242
    • Do Culture and Religion Mitigate Earnings Management? Evidence from a Cross-country Analysis; J. L. Callen, M. Morel, G. Richardson; International Journal of Disclosure and Governance, forthcoming; Issue: 8; 2011; Pages: pp. 103-121
    • Unanticipated Growth, Tobins Q, and Leverage; V. A. Aivazian, J. L. Callen and D. S. Gelb; Bridging the GAAP: Recent Advances in Finance and Accounting; 2011; Pages: 241-281
    • The Pricing of Conservative Accounting and the Measurement of Conservatism at the Firm-Year Level; J. L. Callen, D. Segal and O.K. Hope,; Review of Accounting Studies; 2010; Pages: pp. 145-178
    • The Impact of Earnings on the Pricing of Credit Default Swaps; J. L. Callen, J. Livnat and D. Segal; Accounting Review; 2010; Pages: pp. 1363-1394
    • A Variance Decomposition Primer for Accounting Researchers; J. L. Callen and D. Segal; Journal of Accounting Auditing & Finance; 2010; Pages: pp. 121-142
    • The Contextual Impact of Nonprofit Board Composition and Structure on Organizational Performance: Agency and Resource Dependence Perspectives; J.L. Callen, A. Klein and D. Tinkelman; Voluntas: International Journal of Voluntary and Nonprofit Organizations; 2010; Pages: pp. 101-125
    • Risk and Incentives in the Iska Contract, in Judaism and Economics, Aaron Levine (ed.); J. L. Callen; Oxford University Press, forthcoming; 2010; Pages: pp. 91-106
    • Discussion of: Analyzing Late SEC Filings for Differential Impacts of IS and Accounting Issues; J.L. Callen; International Journal of Accounting Information Systems, forthcoming; 2010; Pages: pp. 208-210
    • The Complementary Relationship between Financial and Non-Financial Information in the Biotechnology Industry and the Degree of Investor Sophistication; J.L. Callen, I. Gavious and D. Segal; Journal of Contemporary Accounting and Economics, forthcoming; 2010; Pages: pp. 61-76
    • Shocks to Shocks: A Theoretical Foundation for the Information Content of Earnings; J. L. Callen; Contemporary Accounting Research; Issue: Fall; 2009; Pages: pp. 136-166
    • Experimental Tests of Core theory and the Coase Theorem: Inefficiency and Cycling; V. Aivazia, J. L. Callen, S. McCracken; Journal of Law and Economics; 2009; Pages: pp. 745-759
    • Differential Asset Valuation in Medieval post-Talmudic Contingent Claims Analysis; J.L. Callen; History of Political Economy; 2008; Pages: pp. 183-200
    • An Empirical Analysis of the Incentive-Action-Performance Chain of the Principal-Agent Model; J. L. Callen, M. Morel, C. Fader; Journal of Management Accounting Research; Issue: Special; 2008; Pages: pp. 79-105
    • Revenue Manipulation and Restatements by Loss Firms; J. L. Callen, S. Robb, D. Segal; Auditing: A Journal of Practice and Theory; Issue: November; 2008; Pages: pp. 1-29
    • Accounting Restatements: Are They Always Bad News; J. L. Callen, J. Livnat and D. Segal; Journal of Investing; Issue: Fall; 2006; Pages: pp. 1-12
    • The Information Content and Information Environment of SEC Filings: A Variance Decomposition Analysis; J. L. Callen, J. Livnat and D. Segal; Accounting Review; Issue: October; 2006; Pages: pp. 1017-1043
    • Discussion of Expectations Management and Beatable Targets: How Do Analysts React to Explicit Earnings Guidance?; J.L. Callen; Contemporary Accounting Research; Issue: Fall; 2006; Pages: pp. 625-628
    • Productivity Measurement and the Relationship between Plant Performance and JIT Intensity; J.L. Callen, M. Morel and C. Fader; Contemporary Accounting Research; Issue: Summer; 2005; Pages: pp. 271-309
    • The Valuation of Domestic and Foreign earnings and the Impact of Investor Sophistication; J.L. Callen, O. Hope and D. Segal; Journal of Accounting Research; Issue: June; 2005; Pages: pp. 377-412
    • Empirical Tests of the Feltham-Ohlson (1995) Model; J. L. Callen and D. Segal; Review of Accounting Studies; 2005; Pages: pp. 409-429
    • Do Accruals Drive Stock Returns? A Variance Decomposition Analysis; J. L. Callen and D. Segal; Journal of Accounting Research; Issue: June; 2004; Pages: pp. 527-560
    • The Valuation Relevance of R&D Expenditures: Time Series Evidence; J. L. Callen and M. Morel; International Review of Financial Analysis; 2004; Pages: pp. 304-325
    • The Enron-Andersen Debacle: Do Equity Markets React to Auditor Reputation?; J.L. Callen and M. Morel; Finance Letters; Issue: October; 2003; Pages: pp. 1-5
    • The Core, Transaction Costs, and the Coase Theorem; V. A. Aivazian and J. L. Callen; Constitutional Political Economy; Issue: 14; 2003; Pages: pp.287-299
    • Board Structure, Committees and Organizational Efficiency: The Case of Nonprofits; J.L. Callen, A. Klein and D. Tinkelman; Nonprofit and Voluntary Sector Quarterly; Issue: 32; 2003; Pages: pp.493-520
    • The Profitability-Risk Tradeoff of Just-in-time Manufacturing Technologies; J.L. Callen, M. Morel and C. Fader; Managerial and Decision Economics; Issue: 24; 2003; Pages: pp.393-402
    • Linear Valuation When Abnormal Earnings Are AR(2); J.L.Callen and M. Morel; Quantitative Review of Finance and Accounting; 2001; Pages: pp.191-203
    • Just-in-time: A Cross-sectional Plant Analysis; J. L. Callen, C. Fader and I. Krinsky; International Journal of Production Economics; 2000; Pages: pp. 277-301
    • On the Optimal Distribution of Partnership Profits; J. L. Callen, S. Govindaraj, and B. Sarath; Journal of Accounting, Auditing, and Finance; Issue: Spring; 2000; Pages: pp. 121-140
    • A Lintnerian Linear Accounting Valuation Model; J. L. Callen and Mindy Morel; Journal of Accounting, Auditing, and Finance; Issue: Summer; 2000; Pages: pp. 301-314
    • Large Time and Small Noise Asymptotic Results for Mean Reverting Diffusion Processes with Applications; J. L. Callen, S. Govindaraj, and L. Xu; Economic Theory; 2000; Pages: pp. 401-419
    • Capital Expenditures: Value-Relevance and Fourth-Quarter Effects; J.L. Callen, J. Livnat, and S. G. Ryan; Journal of Financial Statement Analysis; Issue: Spring; 1996; Pages: pp. 13-24
    • Neural Network Forecasting of Quarterly Accounting Earnings; J.L. Callen, C.CY. Kwan, P.C.Y.Yip, and Y.Yuan; International Journal of Forecasting; Issue: December; 1996; Pages: pp. 475-482
    • Modeling Dividends, Earnings and Book Value Equity: An Empirical Investigation of The Ohlson Valuation Dynamics; S. Bar-Yosef, J.L. Callen and J. Livnat; Review of Accounting Studies; 1996; Pages: pp. 207-224
    • Rational Deviations from Absolute Priority Rules; Y.Z. Bergman and J.L. Callen; International Review of Financial Analysis; 1995; Pages: pp. 1-18
    • Risk Aversion, Generalized Correlation and Investment in Manufacturing Capacities; J.L. Callen and B. Sarath; Journal of Operations Management; 1995; Pages: pp. 225-237
    • Money Donations, Volunteering and Organizational Efficiency; J.L. Callen; Journal of Productivity Analysis; Issue: October; 1994; Pages: pp. 215-228
    • Agency and Efficiency in Nonprofit Organizations: The Case of 'Specific Health Focus' Charities; J.L. Callen and H. Falk; The Accounting Review; Issue: January; 1993; Pages: pp. 48-65
    • An Empirical Investigation of the Random Character of Annual Earnings; J.L. Callen, C.S. Cheung, C.C.Y. Kwan and P.C.Y. Yip; Journal of Accounting, Auditing, and Finance; Issue: Spring; 1993; Pages: pp. 151-165
    • Weak- Form Efficiency in the Hong Kong Stock Market; J.L. Callen, M.W.L. Chan, C.S. Cheung, C.C.Y. Kwan and P.C.Y. Yip; Advances in Quantitative Analysis of Finance and Accounting; 1991; Pages: pp. 149-159
    • Data Envelopment Analysis: Partial Survey and Applications for Management Accounting; J.L. Callen; Journal of Management Accounting Research; Issue: Fall; 1991; Pages: pp. 35-56
    • Opportunistic Underinvestment in Debt Renegotiation and Capital Structure; Y.Z. Bergman and J.L. Callen; Journal of Financial Economics; Issue: March; 1991; Pages: pp. 137-171
    • Efficiency Measurement in the Manufacturing Firm; J.L. Callen; Journal of Productivity Analysis (Reprinted in: The Institute of Certified Public Accountants in Israel 1991 Year Book: 147-152); 1990; Pages: pp. 5-13
    • Risk Versus Return in the Substitutability of Debt and Equity Securities; V. Aivazian, J.L. Callen, I. Krinsky, and C.C.Y. Kwan; Journal of Monetary Economics; Issue: August; 1990; Pages: pp. 161-178
    • Spot and Forward Exchange Rates: A Causality Analysis; J.L. Callen, M.W. Luke Chan and C.C.Y. Kwan; Journal of Business Finance and Accounting; Issue: Spring; 1989; Pages: pp. 105-118
    • Responsibility Accounting and Asymmetry of Information; J.L. Callen and J. Livnat; Managerial and Decision Economics; 1989; Pages: pp. 81-84
    • The Cost of Capital, Macaulay's Duration and Tobin's q; M. Ben-Horim and J.L. Callen; Journal of Financial Research; Issue: Summer; 1989; Pages: pp. 143-156
    • Management Bonus Plans in a Multiple-agent Environment; J.L. Callen; Managerial and Decision Economics; Issue: June; 1988; Pages: pp. 127-131
    • Estimating the Cost of Equity Capital: Using Tobin's q; J.L. Callen; Engineering Economist; Issue: Summer; 1988; Pages: pp. 349-358
    • An Index Number Theory of Accounting Cost Variances; J.L. Callen; Journal of Accounting, Auditing, and Finance; Issue: Summer; 1988; Pages: pp. 87-112
    • Economies of Scale Versus Technological Change in the Natural Gas Transmission Industry; V. Aivazian, J.L. Callen, M.W.L. Chan, and D.C. Mountain; Review of Economics and Statistics; Issue: August; 1987; Pages: pp. 556-561
    • Miller's Irrelevance Mechanism: A Note; V. Aivazian and J.L. Callen; Journal of Finance; Issue: March; 1987; Pages: pp. 169-180
    • Autoregressive Modelling of Earnings - Investment Causality; S. Bar-Yosef, J.L. Callen, and J. Livnat; Journal of Finance; Issue: March; 1987; Pages: pp. 11-28
    • A Medieval Controversy About Profit and Loss Allocations; J.L. Callen; Abacus; Issue: March; 1987; Pages: pp. 85-90
    • The Coase Theorem and Coalitional Stability; V. Aivazian, J.L.. Callen, and I. Lipnowski; Economica; Issue: November; 1987; Pages: pp. 517-520
    • An Empirical Portfolio Analysis of Financial Asset Substitutability: The Case of the U.S. Household Sector; V. Aivazian, J.L. Callen, I. Krinsky, and C.C.Y. Kwan; Quarterly Review of Economics and Business; Issue: Summer; 1986; Pages: pp. 47-65
    • Total Factor Productivity and Cost Variances: Survey and Analysis; B. Barlev and J.L. Callen; Journal of Accounting Literature; 1986; Pages: pp. 35-56
    • International Exchange Risk and Asset Substitutability; V. Aivazian, J.L. Callen, I. Krinsky, and C.C.Y. Kwan; of International Money and Finance; Issue: December; 1986; Pages: pp. 449-466
    • Autoregressive Modelling of Accounting Earnings and Security Prices; J.L. Callen, M.L. Chan, and C.C.Y. Kwan; in Time Series Analysis: Theory and Practice 7 edited by O.D. Anderson, North-Holland, Amsterdam; 1985; Pages: pp. 249- 262
    • On Unanimity and Monopoly Power; V. Aivazian and J.L. Callen; Journal of Business Finance and Accounting; Issue: Spring; 1985; Pages: pp. 145-150
    • Foreign Exchange Rate Dynamics: An Empirical Study Using Maximum Entropy Spectral Analysis; J.L. Callen, C.C.Y. Kwan, and P.C.Y. Yip; Journal of Business and Economic Statistics; Issue: April; 1985; Pages: pp. 149-155
    • Is Historical Cost Accounting Possible during Hyperinflation?; J.L. Callen and J. Livnat; The International Journal of Accounting Education and Research; Issue: Spring; 1984; Pages: pp. 73-81
    • Reorganization in Bankruptcy and the Issue of Strategic Risk; V. Aivazian and J.L. Callen; Journal of Banking and Finance; Issue: March; 1983; Pages: pp. 119-133
    • Mean-Variance Utility Functions and the Demand for Risky Assets: An Empirical Analysis Using Flexible Functional Forms; V. Aivazian, J.L. Callen, Y. Krinsky and C.C.Y. Kwan; of Financial and Quantitative Analysis; Issue: December; 1983; Pages: pp. 411-424
    • Core Theory and Uniformity in Accounting: Rationalizing the Accounting Rulemaker; V. Aivazian and J.L. Callen; Journal of Accounting and Public Policy; Issue: December; 1983; Pages: pp. 225-237
    • Capacity Expansion in the U.S. Natural Gas Pipeline Industry; V. Aivazian and J.L. Callen; in Productivity Measurement in Regulated Industries, edited by Thomas Cowing and Rodney Stevenson, Academic Press; Issue: New York; 1981; Pages: pp. 145-159
    • The Coase Theorem and the Empty Core; V. Aivazian and J.L. Callen; Journal of Law and Economics; Issue: April; 1981; Pages: pp. 175-181
    • The 'Unanimity' Literature and the Security Market Line Criterion: The Additive Risk Case; V. Aivazian and J.L. Callen; Journal of Business Finance and Accounting; Issue: Summer; 1981; Pages: pp. 177-184
    • Future Investment Opportunities and the Value of the Call Provision on a Bond: Comment; V. Aivazian and J.L. Callen; Journal of Finance; Issue: September; 1980; Pages: pp. 1051-1054
    • Uncertain Externalities, Liability Rules, and Resource Allocation: Comment; V. Aivazian and J.L. Callen; American Economic Review; Issue: December; 1980; Pages: pp. 1058-1059
    • Corporate Leverage and Growth: The Game- Theoretic Issues; V. Aivazian and J.L. Callen; Journal of Financial Economics; Issue: December; 1980; Pages: pp. 379-399
    • A Note on the Economics of Exhaustible Resources; V. Aivazian and J.L. Callen; Canadian Journal of Economics; Issue: February; 1979; Pages: pp. 83-89
    • Investment, Market Structure, and the Cost of Capital; V. Aivazian and J.L. Callen; Journal of Finance; Issue: March; 1979; Pages: pp. 85-92
    • Financial Cost Allocations: A Game Theoretic Approach; J.L. Callen; The Accounting Review; Issue: 53 April; 1978; Pages: pp. 303-308
    • Production, Efficiency, and Welfare in the Natural Gas Transmission Industry; J.L. Callen; American Economic Review; Issue: June; 1978; Pages: pp. 311-323
    • Political Coalition Bargaining Behavior; J.L. Callen, and L.L. Roos, Jr.; Public Choice; Issue: Winter; 1977; Pages: pp. 1-10
    • The Benefits and Costs of Rate of Return Regulation; J.L. Callen, G.F. Mathewson, and H. Mohring; American Economic Review; Issue: June; 1976; Pages: pp. 290-297

    Honors and Awards

    2006  Haim Falk Award; Canadian Accounting Academic Association
    2012  Teaching Excellence; Rotman School of Management
    2013  Distinguished Scholarly Contribution Award; Rotman School of Management

    Research and Teaching Interests

    All aspects of financial accounting, managerial accounting and corporate finance including valuation, productivity analysis, and corporate capital structure  

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