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am pleased to report that this has been another banner year of accomplishments for our AIA alumni, students and faculty. Samples of these accomplishments are highlighted in this newsletter.

Maryland accounting alumni have a well-established history of rising to the top. In addition to becoming partners at global, national and local accounting firms, Maryland alumni have become CFOs of major corporations (e.g., Lockheed Martin, Marriott International, McCormick, Nordstrom, Northrop Grumman), chief accountants at government and nonprofit organizations (e.g., the Library of Congress, the Securities and Exchange Commission, and the National Aquarium) and heads of leading organizations in sports, entertainment and real estate (e.g., NYMEX Holdings, Philadelphia Fliers, Charles E. Smith Commercial Realty). A new study (see the following page in this newsletter) reports that Maryland undergraduate alumni held more CEO/chair/managing partner positions in the largest 200 public accounting firms than undergraduate alumni of any other university. More recently, our students have distinguished themselves in many ways. For example, three recent graduates won a prestigious Elijah Sells Award for outstanding performance on the CPA exam (story on page 2) and another was selected as the top student-athlete for the entire university (story on page 10). The members of the AIA faculty continue to be recognized as thought leaders in the field through various activities. Four of our faculty members serve, or have served, on the editorial board of The Accounting Review, and faculty members serve or have served on editorial boards of other highly regarded academic accounting journals (e.g., British Accounting Review, Contemporary Accounting Research, Journal of Accounting and Public Policy, Journal of Financial Reporting, Journal of Information Systems, and Review of Accounting Studies). As you will see on pages 18 and 19, the AIA faculty continue to publish in leading academic journals in accounting and related fields. Of particular note, an AIA faculty member published in the world renown journal Science (see page 5) and delivered a keynote address to a conference on Data Analytics and Accounting (see page 20). The research accomplishments by the AIA faculty help bring global recognition and value to the Maryland accounting degree. Moreover, the faculty continues to put a high priority on classroom performance, garnering a significant share of Maryland Smith’s teaching awards. Thank you to all the alumni and corporate sponsors who contribute to the department’s success by giving guest lectures, serving on Department and School committees, and providing financial support to enhance programs. Of course, I also thank our dedicated faculty, staff, and students for their efforts in continuing the high stature of Maryland accounting.

Martin P. Loeb Deloitte & Touche Faculty Fellow, Professor and Department Chair Accounting and Information Assurance Robert H. Smith School of Business University of Maryland

Accounting Alum Kessler Selected as CEO of Top Accounting Firm

On February 1, 2020, David Kessler, 1985 UMD accounting alumni, began a term as Chief Executive Officer of CohnReznick LLP, a top 15 accounting firm with 26 offices, 3,000 employees and 300 partners throughout the United States, India and several other international locations. Prior to becoming CEO, Kessler was the managing partner for CohnReznick’s Real Estate practice, the firm’s largest industry practice.

Kessler feels a strong connection to UMD. He enjoys coming to campus to see Terps basketball and football games with his college buddies and his family, who grew up watching the Terps achievements on the basketball court. He has developed and taught a real estate development accounting and tax course for UMD’s MRED program. He has two boys, Robert, a junior at Penn State, and Nathan, who graduated from Hood College, where he

UMD Ranked First


CohnReznick CEO David Kessler with family, from left, Kim, David, Nathan, and Robert Kessler

played baseball for the Blazers. Kessler and his wife Kim love spending their free time with family and friends on the beaches in Ocean City, Md., and Anna Maria Island, Fla. (where you will most likely find him on a paddle board).

The October 24, 2019, issue of Going Concern ranked universities by the number of undergraduate alumni that are currently CEOs/ chairs/managing partners of the largest 200 public accounting firms. The University of Maryland ranked #1, having 50% more accounting leaders than the universities tied for second place.


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The AIA Advisory Board

Kenneth Bedingfield

Northrop Grumman Corporation


Michael R. Belfer

Anchin, Block & Anchin, LLP

Charles Carr RSM US LLP

Bruce G. Dubinsky Duff and Phelps

Alan Einhorn

Deloittte LLP, Retired Partner

Bill Eisig


Isa I. Farhat

Deloitte & Touche LLP

F. Carter Heim

HeimLantz CPAs and Advisors

Bruce S. Hoffberger

National Aquarium, Retired CFO

On April 11, 2019, the AICPA announced the winners of the Elijah Watt Sells Award for outstanding performance on the 2018 Uniform CPA Examination. The annual award is given to CPA candidates who obtain a cumulative average score above 95.90 across all four sections of the Uniform CPA Examination, and pass all four sections on their first attempt. AIA alumni Andrew Casay, Stephen Flessner, and Brian P. Frey were among only 110 out of 86,000 candidates who took the CPA Exam in 2018 and met the criteria to receive the award. Casay currently is employed by FDIC and Flessner is employed with EY. Frey is employed with KPMG, and served as an Accounting Teaching Scholar (ATS) for the 2016-2017 Academic Year. Frey is the fourth ATS alum to have earned an Elijah Watt Sells Award. Previous winners were Kevin Rezzetano (2014), Jessica O’Keefe (2013) and Michel Berryman (2010).

Glenn A. Hollrah

Dixon Hughes Goodman, LLP

Brian Jefferson PwC, LLP

Lawrence P. Kline Cherry Bekaert LLP

Jim Martinko

CohnReznick, LLP

Wendy Morton-Huddleston Grant Thornton LLP

Timothy Phelps

AIA alumni, Andrew Casay (not pictured), Stephen Flessner (on left), and Brian Frey earned the Elijah Watt Sells Award. Out of the nearly 86,000 people who took the CPA Exam in 2018, only 110 candidates met the criteria to receive the Elijah Watt Sells Award.


Pritpal Rahman SC&H Group

Edward W. Rose

Rose Financial Services

Steven J. Sebastian

U. S. Government Accountability Office

Martin Stanislav

Lockheed Martin Corporation

Jennifer Stone

ACCOUNTING TEACHING SCHOLAR NEWS Yasmeen Kahn is the first Accounting Teaching Scholar (ATS) to pass all four parts of the CPA exam while serving as an ATS.

Andersen Tax

Arun Subhas

Ernst & Young LLP

Gregg Weiss

Baker Tilly Virchow Krouse, LLP

Michael S. Wetklow




Rebecca Hann Appointed Assistant Dean for Doctoral Programs AIA PROFESSOR TAKES HELM OF MARYLAND SMITH’S DOCTORAL PROGRAMS

On July 1, 2019, AIA Associate Professor and KPMG Faculty Research Fellow Rebecca Hann began her term as the Maryland Smith’s Assistant Dean for Doctoral Programs. As a top scholar, teacher and mentor, Hann is ideally fit to lead the Maryland Smith’s efforts in doctoral education. In addition to being an award-winning MBA teacher, Hann has

demonstrated a passion and talent for working with doctoral students. Hann has advised over a dozen doctoral students who are now faculty members at universities around the world, from Hong Kong University of Science and Technology to the University of Michigan. Hann earned the 2015 Best Dissertation Supervision Award from the Financial

Accounting and Reporting Section (FARS) of the American Accounting Association. She also won Maryland Smith’s 2017 PhD Program Faculty Mentor of the Year Award. Prior to becoming the assistant dean for doctoral programs for Maryland Smith, Hann served as the AIA Department’s PhD program director.

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Accounting and Business Association (ABA) Organizes Successful Accounting Career Fair

ABA Faculty Advisor and Officers, back row, from left, Faculty Advisor Gary Bulmash, Mark Augustino, ABA Co-Presidents Bob Okoroajuzie and Tim Dragonette, Joey Shapiro, Ali Chaturbhai; front row, from left, Maxine Greenstein, Jisue Gonzales

Accounting students at the Maryland Smith are given many opportunities to enhance their education and career opportunities, thanks to active studentrun accounting organizations, including the Accounting and Business Association (ABA), the National Association of Black Accountants (NABA), ALPFA, Club 5, and TerpTax. These organizations provide



students with opportunities to network with fellow students and professionals from national and regional firms, government agencies, and corporations. In addition to sponsoring educational presentations from accounting professionals, these organizations provide social and community outreach events.

AIA Cyber Expert Publishes in Science

Lawrence A. Gordon, EY Alumni Professor of Managerial Accounting and Information Assurance

Accounting professors are not typically known for publishing in Science, one of the world's top academic journals. EY Alumni Professor of Managerial Accounting and Information Assurance Lawrence A. Gordon, however, is not your typical accounting professor. Considered one of the pioneers in the area of cybersecurity economics, Gordon

is the co-author (along with other researchers from North America, Europe, and Asia) of an article on cyber risk in the November 29, 2019, issue of Science. In their article, titled “Cyber Risk Research Impeded by Disciplinary Barriers,� the authors argue that advancing the science of cyber risk requires an interdisciplinary research

approach and discuss the barriers to interdisciplinary cyber risk research. Given the critical nature of cyber risk in today's interconnected digital world, this article should resonate with anyone interested in issues related to cyber risk, privacy, and/or cybersecurity.

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Recent PhD Graduates are Expanding Maryland's Impact Nationally and Globally The PhD Program is one of the jewels of the AIA department. PhD students contribute to the scholarly environment by collaborating with AIA faculty on research projects and enhance the department's academic reputation when they join the faculty of other schools. Graduates of the PhD Program in the past six years are now faculty members at leading universities in the United States, including Washington University in St. Louis, University of Michigan, and Baruch College, as well as at leading international institutions, including

Hong University of Science and Technology, City University of Hong Kong and University of Hong Kong. Not only are our graduates educating the next generation of business leaders, but they are expanding accounting knowledge through their scholarly research. Their research articles, many of which are co-authored with current AIA faculty and were started while they were PhD students, have been published in top academic journals such as: The Accounting Review, Journal of Accounting Research,

The Smith

MSA Program

The Robert H. Smith School of Business’ Master of Science in Accounting (MSA) program is now in its 13th year. The latest MSA cohort includes students from our dual BS/MSA program. This program (also known as the Plus 1 Program) provides students with an opportunity to obtain a rich education in accounting, achieving both their bachelor’s and master’s degrees in five years or less. MSA students follow tracks that take into account their prior accounting education. Students entering the program with undergraduate degrees in accounting choose between the Public Accounting, Audit Analytics, and Tax Analytics tracks with its ABCD focus (Artificial Intelligence, Blockchain, Cybersecurity, Data Analytics). MSA students also have the opportunity to take a mini-specialization in Accounting and Cybersecurity. Students in all tracks now take more analytics and technology-



Journal of Accounting and Economics, Review of Accounting Studies, Contemporary Accounting Research, Journal of Financial Economics, and Management Science. Current doctoral students Ivy Feng, Ted Polat, and Gerald Ward, who will graduate in May, are set to continue this trend. Feng and Polat have accepted assistant professorships at the University of Wisconsin-Madison, and George Mason University, respectively. Ward is joining the faculty at Lancaster University (UK) as a lecturer.

based courses — including Data-Driven Decision Making, Systems for Data Analysis, and Accounting Analytics. Students with a minimal background in accounting usually take the Public Accounting track. This track prepares students for the CPA exam and jobs in public accounting or other areas of the accounting profession irrespective of their undergraduate studies. In recent cohorts, we have had students whose undergraduate degrees were in unrelated fields (including Biology, Statistics, Criminology, Public Policy, Engineering and Japanese) as well as related fields (Economics, Marketing, and Finance). The MSA Academic Director, Emanuel Zur promotes the route of non-accounting majors into the program. Zur’s own undergraduate major was in law and economics before moving into public accounting and working for EY.

McKinney’s “Auditing Automation and Analytics” Course Adds More Cutting-Edge Technology to Master of Accounting Program Emerging technologies are dramatically affecting the accounting profession. To keep our students at the forefront of the technology wave applied to accounting, the AIA Department continues to introduce new technology-centric courses. In Fall 2019, clinical professor Jim McKinney introduced such a course: Auditing Automation and Analytics.

Designed by McKinney, this course integrates auditing planning and fieldwork objectives with automation and analytics innovations. Using a series of homework assignments and a project involving unstructured “dirty” data from a variety of originating sources, students utilized the following technology tools: Alteryx (Extract, Transform, Load automation

software), Automation Anywhere (Robotic Process Automation software), MindBridge Ai Auditor, Python (programming language), and Tableau (visualization software). The course also integrated components of the AICPA publication, Guide to Audit Data Analytics.

“I was in your Audit Automation class last term. I really appreciated your design of the whole class. It is very useful and applicable. In today’s work, I created a bot to automatically read 120 Excel worksheets of the last 10 years of operating reports and had it retrieve all revenue-related values to a file. That’s very amazing and made my day!” — Note to Dr. McKinney from recent student, Ning Chi

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Accounting Teaching Scholars (ATS) Undergraduate Fellows Program OPPORTUNITY FOR SERVICE, PRESTIGE AND (A LITTLE) MONEY ATTRACT THE BEST STUDENTS The hugely successful Accounting Teaching Scholars (ATS) program competitively selects top undergraduate accounting majors serve as discussion leaders in Principles of Accounting breakout sections. Each ATS also holds office hours providing one-on-one help to over 2,000 students in these classes. In the process, ATS sharpen their accounting and communication skills. ATS share offices in the AIA faculty area of Van Munching Hall where they bond as a team making lifetime friendships that form a strong professional network. Thanks in part to corporate and accounting firm sponsorship, the ATS earn bi-weekly pay.



The annual Accounting Teaching Scholars Dinner, hosted by ATS Faculty Champions Gary Bulmash and Progyan Basu, was held on April 18, 2019. At the event, the incoming 2019-2020 ATS were introduced and congratulated, and the outgoing 2018-2019 ATS (see Newsletter cover) were thanked for their service. Also, at the dinner, outgoing ATS Mignon Kim (photo 1) and Henry Harsel (shown with Basu in photo 2) shared some of their experiences as ATS. Stephen Ropelewski (photo 3), former ATS from the Class of 2012, now a manager leading financial planning and analysis for international firm Baltimore Aircoil Company, provided perspective in his alumni address on the benefits of serving as an ATS.

2019-2020 Accounting Teaching Scholars

Student awards were also presented at the event. The 2019 Outstanding Senior in Accounting Award was earned by ATS Vania Beltran (shown with Basu in photo 4), Zoha Tariq was presented with the Outstanding Shady Grove Accounting Senior Award by Mary Keim (photo 5). James McKinney presented ATS Brita Hawtof with the Maryland Association of CPAs Award (see photo 6) and Christiane Fotso and Gregory Thornhill (photo 7) were recognized as winners of the Manoff/EY Awards as the Outstanding Students in the Introductory Accounting I and II courses.








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Big Ten Student-Athlete Award On May 9, 2019, UMD President Wallace Loh presented 2019 AIA graduate Jahi Jones with the Big Ten Medal of Honor. The Big Ten Medal of Honor was first awarded in 1915 to one student-athlete from the graduating class of each university who

had "attained the greatest proficiency in athletics and scholastic work." Jones, a four-year letter winner for the wrestling team, served as a 2018-2019 Accounting Teaching Scholar and graduated in May with a 3.792 GPA. He was

selected three times as an Academic All-Big Ten and been named a Big Ten Distinguished Scholar. He is currently completing a master’s degree in Business Analytics at Maryland Smith, after which he will begin his career with KPMG.

“I’m extremely honored to be the male recipient of the Big Ten Medal of Honor. The Big Ten Medal of Honor shows that resilience, hard work, and determination pay off. Maryland has allowed me to grow professionally, personally and athletically, and as a result I will forever be grateful for this institution and our conference.” — Jahi Jones



Cybersecurity Forum

Annual Celebrates “Sweet Sixteen”

COOPERATIVE EFFORT OF MARYLAND SMITH AND UMD’S SCHOOL OF PUBLIC POLICY The University of Maryland’s Robert H. Smith School of Business, in partnership with the School of Public Policy, hosted the 16th annual “Forum on Financial Information Systems and Cybersecurity: A Public Policy Perspective” on January 8, 2020. The forum brought together leading experts from academia, business and government to discuss cybersecurity issues. The annual Forum is coordinated by AIA professors Lawrence A. Gordon and Martin P. Loeb, together with Research Professor William Lucyshyn the Research Director of the Center for Public Policy and Private Enterprise in the University of Maryland's School of Public Policy. This year’s “Sweet Sixteen Forum” featured a talk by

Colonel Andrew Hall, an infantry officer-turned-researcher/professor at the West Point Military Academy who has applied his 2009 Maryland PhD degree in management science as Director of the Army Cyber Institute at West Point. University of Illinois Professor A. Rashad Abdel-Khalik gave the keynote Ira H. Shapiro Memorial Lecture. Abdel-Khalik is an internationally renowned accounting scholar who has served as the Senior Editor of The Accounting Review, and, since 1982 serves as Editor of The International Journal of Accounting. When Gordon, Loeb and Lucyshyn initiated the first Forum 16 years ago, cybersecurity was considered to be an esoteric topic. Loeb stated that a key element that has made the Forum such

an enduring success since its founding has been “the ability to attract audience members, as well as speakers that have great expertise and passion about cybersecurity.” Summing up the day’s activities Gordon stated, “It is gratifying to see that what we started 16 years ago has grown into an internationally known interdisciplinary forum, attracting experts from academia, business and government. We definitely were ahead of the curve in this area.” Pictured below, left: Dr. Rashad Abdel-Khalik presenting “Rich Soft Spots for Breaching Security” as the keynote Ira Shapiro Memorial Lecture. Pictured right: Director, Army Cyber Institute at West Point, Colonel Andrew Hall, PhD presenting, “Jack Voltaic: Leveraging Public-Private Partnerships to Safeguard Critical Infrastructure and Key Resources.”

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The Smith Undergraduate Career Fair held on February 7, 2020, was sold out with 80 companies attending the fair. Of the hiring companies, 85% expressed an interest in hiring accounting majors. This made accounting the most sought-after major.

In Spring 2020, students are taking the first class at Smith focused on consulting to closely-held businesses and valuation of closely-held businesses. The class, offered by UMD Accounting Alumnus and AIA Lecturer Brent S. Solomon, covers not only business valuation techniques and strategies to increase value in private capital markets, but also how business valuation fits into strategies for closely-held businesses, including raising capital in private markets (private equity and venture capital), succession and estate planning, equity-based compensation and mergers and acquisitions. The students are working





on a real-life (private equity) case study and applying valuation techniques and evaluating alternatives as advisors of the business. In the Fall, students will have the opportunity to compete nationally in the Business Valuation Challenge along with two dozen universities that participate. As part of the course, students are provided resources typically only available to professionals and are being offered an opportunity to sit for the Accredited in Business Valuation Certification (ABV) for free by the American Institute of Certified Public Accountants (AICPA).

ALUMNI AND FACULTY MOURN THE PASSING OF VICTORIA (VICKI) RYMER FOR THOUSANDS, RYMER WAS THE EMBODIMENT OF ACCOUNTING AT MARYLAND SMITH This past November, the Terp world was saddened by the passing of Maryland accounting icon Vicki Rymer. Rymer was the first professional track faculty member at Maryland Smith. She was a highly respected teacher who taught thousands of Maryland Smith students in large Principles of Accounting classes, in addition to teaching Advanced Accounting and other advanced courses in the major. A true Terp, Rymer earned her BS, MS, and PhD degrees in accounting at Maryland. She taught at American University before returning to Maryland Smith as a faculty member. Rymer and her late husband, John, were enthusiastic supporters of Maryland athletics and could be seen at every home basketball game at their floor-level seats. Rymer was the faculty advisor to the Beta Alpha Psi, the honorary student accounting club and was the principal designer of our highly successful Accounting Teaching Scholars (ATS) Fellows Program. She was appointed by the governor and served as the education member of the State Board of Public Accountancy and also served on the Board of Directors of the Maryland Association of CPAs. Beyond her many professional accomplishments, she was a wonderful colleague.



Global Technology Impact in Accounting and Finance AIA FACULTY LEAD WINTER COURSE TO SINGAPORE AND TAIWAN

AIA clinical associate professors Stephen Brown and Eugene Cantor led a trip to Singapore and Taiwan for undergraduates (drawn from those majoring in accounting, finance, information systems, economics, computer science and economics) to learn about the impact of digital technology on the accounting and

finance profession. The visits included one to Rapyd — a startup that is developing platforms that allow businesses to collect payments from customers — particularly in ASEAN — who are often “unbanked” and therefore cannot use traditional methods such as bank payments and credit cards.

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FULL-TIME ACCOUNTING AND INFORMA Progyan Basu, PhD, clinical professor, has over 25 years of teaching a variety of accounting courses in the U.S. and abroad. At Maryland Smith, he teaches financial and managerial accounting at the undergraduate, MBA, and EMBA levels. He has received numerous teaching excellence awards, including the CIBER Teaching Award for Teaching Innovation and Learning (2018), Distinguished Teaching Awards (2013-14, 2014-15, 2015-16), Undergraduate Studies Faculty Fellowship (2014-15), UMD Teaching and Learning Transformation Center Elevate Fellowship (2013-14), and a Krowe Teaching Excellence Award (2012). At Maryland Smith, he serves as Co-Faculty Champion for the Undergraduate Accounting Teaching Scholars program (see page 8), Faculty Director for the PTMBA, Cohort Director of EMBA program, as a member of Maryland Smith’s Faculty Council, and as a member of the MBA Oversight Committee. At the university level, he serves on the UMD Senate Academic Procedures and Standards Committee. Stephen Brown, PhD, clinical associate professor holds a doctorate in accounting from Northwestern University and a master’s degree in engineering science and economics from the University of Oxford. He has published a number of articles in the Journal of Accounting and Economics and has also published in the Review of Accounting Studies and the Journal of Business Finance & Accounting. During 2007-08, Brown served as an academic fellow in the Office of the Chief Accountant at the Securities and Exchange Commission. On graduation from Oxford, he joined Arthur Andersen and worked as a chartered accountant in both the audit and tax divisions. He ran his own accounting practice before coming to pursue his PhD in the United States. He has been a member of faculty of Goizueta Business School at Emory University in Atlanta and Bristol Business School at the University of the West of England. Gary Bulmash, DBA, clinical professor and award-winning teacher, is the faculty advisor to the College Park and Shady Grove Chapters of the Accounting and Business Association. He has accompanied accounting students to New York on Maryland Smith trips. Bulmash began teaching at Maryland as a doctoral student in the late 1960s and, after 30 years on the faculty of American University joined the Maryland faculty in 2005. He was also employed by the AICPA and wrote parts of the CPA Exam from 1973-1975. Bulmash regularly conducts continuing education for CPAs and speaks at numerous conferences. He is a licensed CPA in Maryland and Virginia. In addition, he serves on various committees for Maryland Smith. Bulmash received Maryland Smith's Krowe Teaching Award in 2008 and 2016. Bulmash was honored with the 2019 Maryland Smith Faculty of Distinction Award.

Eugene Cantor, JD, LLM, clinical associate professor, teaches courses in federal income taxation and financial and managerial accounting in Maryland Smith’s undergraduate, online and on-ground MBA, and MS programs. Previously, Cantor served 31 years with several federal government agencies, including the Comptroller of the Currency, General Accounting Office, Securities and Exchange Commission, and the Department of Housing and Urban Development. He also practiced tax and corporate law in Miami and was the general counsel of a Miamibased investment banking firm. He holds a BS in accounting from the University of Maryland, a JD from Emory University and an LLM (Tax) from Georgetown University. Cantor is a member of the Florida Bar and a Maryland CPA. He received Maryland Smith’s Krowe Teaching Excellence Award in 2007 and 2018 and has received teaching recognition awards every year he has taught at Maryland.

Shijun Cheng, PhD, associate professor of accounting and information assurance, focuses his research on the role of accounting information in corporate governance and management control. His research has been published in journals such as The Accounting Review, The Review of Financial Studies, Journal of Financial Economics, Journal of Accounting and Public Policy, and Contemporary Accounting Research. He serves or has served on the editorial boards of Contemporary Accounting Research and China Journal of Accounting Research.



TION ASSURANCE FACULTY Michael Finch, PhD, is the senior Tyser Teaching Fellow in the AIA department. In addition to teaching a variety of undergraduate courses (Principles of Accounting II, Managerial Accounting, Intermediate Accounting I, Intermediate Accounting II, Financial Statement Analysis), he has taught the two core MBA accounting courses to thousands of Smith MBA students at our Baltimore, College Park, D.C., and Shady Grove campuses. He has also taught the core MBA accounting courses at Maryland Smith programs around the world. Finch earned a certified public accountant license in Texas and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Institute of Management Accountants.

Lawrence A. Gordon, PhD, is the EY Alumni Professor of Managerial Accounting and Information Assurance. An award-winning teacher, his research focuses on cybersecurity economics, corporate performance measures, cost management systems, and capital investments. He has authored several books and over 100 articles published in various journals (e.g.,Science, The Accounting Review; ACM Transactions on Information and System Security; MIS Quarterly; Journal of Computer Security; Journal of Financial and Quantitative Analysis; Journal of Accounting and Public Policy; Journal of Cybersecurity, and Accounting, Organizations and Society). He was a founding co-editor and then editor-in-chief of the Journal of Accounting and Public Policy. Gordon, a pioneer in the field of cybersecurity economics, coauthored the Gordon-Loeb Model for Cybersecurity Investments and, in 2007, gave Congressional Testimony on his cybersecurity economics research. In 2016, he received an award from NSA for his contribution to the scientific cybersecurity literature. Sam Handwerger, CPA, is a full-time lecturer in the department and is a University of Maryland undergraduate accounting alumnus. He also holds a master of science in Taxation degree from the University of Baltimore. Handwerger was a senior tax researcher with EY in New York City and later led the Tax Planning and Preparation Departments of the Baltimore based CPA firm HCFL. In 1996, he was awarded the Governor’s Volunteer of the Year award in the State of Maryland for financial and management advisement to nonprofit organizations. He received a Maryland Smith Krowe Teaching Excellence Award for the 2016-2017 academic year. Under Handwerger’s direction, Maryland Smith now has a Volunteer Income Tax Assistance program (VITA) called TerpTax using business student volunteers. In 2019 TerpTax assisted over 900 individuals with their income tax filings.

Rebecca Hann, PhD, associate professor of accounting and information assurance, is the KPMG Faculty Research Fellow and Maryland Smith’s assistant dean for Doctoral Programs. Hann earned her PhD from the University of Pennsylvania’s Wharton School. She is an award-winning teacher having taught in Maryland Smith’s MBA, EMBA and PhD programs. Hann has advised over a dozen doctoral students, who are now faculty members at universities around the world, including the HKUST, Singapore Management University, and the University of Michigan. Hann’s research examines issues surrounding financial reporting and disclosure, corporate diversification, and the role of accounting information in the macroeconomy. Hann has published in leading accounting and finance journals, including The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Journal of Finance, and Review of Accounting Studies. She is an editorial board member of The Accounting Review.

Mary Keim, PhD, Tyser Teaching Fellow, joined the AIA faculty in January of 2013. She earned her PhD in 1998 from Carnegie Mellon University and her BA from Hastings College. She is a licensed CPA and has more than 20 years of experience teaching accounting and business topics at the undergraduate and graduate level. Her research areas have been in accounting for not-for-profits and in teaching cases, primarily in the area of accounting ethics. She has been an active member of the American Accounting Association, the American Institute of CPAs, and the California Society of CPAs. At the Robert H. Smith School of Business, she teaches primarily Intermediate Accounting, Auditing and Managerial Accounting at the undergraduate level.

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FULL-TIME ACCOUNTING AND INFORMA Oliver Kim, PhD, professor of accounting and information assurance, does research on informational roles of accounting information. He mostly did analytical work on how accounting information is related to stock price, trading volume, bid-ask spreads, and financial analysts’ earnings forecasts. He has published in journals including Journal of Accounting Research, Journal of Accounting and Economics, The Accounting Review, Journal of Financial Economics, Journal of Finance, and Journal of Economic Theory. Kim holds two PhD degrees — one in accounting from Wharton, and another in economics from Stony Brook University.

Michael Kimbrough, PhD, associate professor of accounting and information assurance, joined the department in 2010 after eight years on the faculty of Harvard Business School. Kimbrough earned his BA in Economics from Washington University in St. Louis and his PhD in Accounting from Indiana University. Kimbrough's research has been published in leading academic journals, including The Accounting Review, Journal of Accounting Research, Review of Accounting Studies, Journal of Marketing Research, and MIS Quarterly. He is a member of the American Accounting Association and currently serves on the editorial board of The Accounting Review and the Journal of Financial Reporting. Kimbrough has received numerous teaching awards, including the Krowe Award for Teaching Excellence.

Hanna Lee, PhD, assistant professor of accounting and information assurance, earned her PhD in accounting at Columbia University, and earlier completed a master’s degree in statistics from Harvard University. Lee also studied economics for a summer at the London School of Economics, after completing her BS degree at Seoul National University. Lee has professional experience working for Goldman Sachs in New York, Deutsche Bank, Citibank, and AsiaNet Corp in Asia. Her research interests include the study of debt markets, default prediction, disclosure, and financial reporting quality. Lee’s 2019 Management Science paper examines how equity ownership affects corporations' cost of debt.

Martin Loeb, PhD, is a professor of accounting and information assurance and a Deloitte & Touche Faculty Fellow. Loeb’s research has been published in leading academic journals in economics (e.g., The American Economic Review and Journal of Law and Economics), accounting (e.g., The Accounting Review and Journal of Accounting Research) and computer security (e.g., ACM Transactions on Information and System Security and Journal of Computer Security). Loeb has served on editorial boards of The Accounting Review, Journal of Business Finance & Accounting, and Review of Accounting Studies, and served as an editor of the Journal of Accounting and Public Policy. He is a co-author of Managing Cybersecurity Resources: A Cost-Benefit Analysis, and his research has been supported by the National Security Agency and the Homeland Security Department. Loeb’s papers have garnered over 8,500 Google Scholar citations, including citations by 11 winners of the Nobel Prize in Economics. James McKinney, PhD, associate chair and clinical professor, is an award-winning author of accounting research, teacher, and student organization faculty advisor. McKinney was the 2011 President of the Academy of Accounting Historians (now part of the AAA), former trustee, and past editor of The Accounting Historians Notebook. He is a member of the SEC Historical Society Museum Committee and Board of Advisors. McKinney is a past board member of the Maryland Association of Certified Public Accountants (MACPA) and currently co-chairs the MACPA Educators Committee. He was also a board member of the Accounting Information Systems Educator Association. At Maryland Smith, McKinney is the faculty adviser for chapters of the National Association of Black Accountants, Association of Latino Professional in Finance and Accounting, Ascend, and Alpha Kappa Psi Business Fraternity. He is a licensed CPA in Maryland.



TION ASSURANCE FACULTY Tharindra Ranasinghe, PhD, assistant professor of accounting and information assurance, joined Maryland Smith in 2016. Previously, he was a faculty member at the Singapore Management University. His teaching interests include both financial and managerial accounting. Ranasinghe conducts empirical research on hedging and derivative instruments, executive compensation, and voluntary disclosure. His research has been published in leading journals such as The Accounting Review and Journal of Accounting and Public Policy. He earned his doctorate degree from the University of Houston. He is also a CFA charter holder.

Nick Seybert, PhD, associate professor of accounting and information assurance, earned his bachelor’s degree in accounting from Maryland Smith and master’s and doctorate degrees from Cornell University. He is interested in financial accounting and behavioral finance, with a recent focus on how CEO and CFO psychology influence corporate investment and financial reporting. His research has been published in leading journals, including The Accounting Review, Accounting, Organizations and Society, Journal of Accounting Research, Management Science, and Review of Accounting Studies. He is an award-winning teacher whose primary course offering is Financial Statement Analysis to MS and MBA students.

Musa Subasi, PhD, assistant professor of accounting and information assurance, joined Maryland Smith in 2015. He earned a master’s degree in economics from the University of Texas at Austin and a PhD in accounting from the University of Texas at Dallas. Prior to joining Maryland Smith, Subasi was a faculty member at the University of Missouri-Columbia. He has taught classes in the undergraduate, MBA, and PhD programs. His research interests include information intermediaries and information aggregators as well as the interaction between companies, institutional/individual investors, and sell-side analysts. He has extensive research experience on broker/analyst hosted investor conferences and their consequences for firms and analysts/brokers hosting them. His research papers have been published in leading accounting and finance journals, including the Journal of Accounting Research, Journal of Accounting and Economics, and Journal of Financial Economics.

Lei Zhou, PhD, research scholar, first came to Maryland Smith to do doctoral work after earning a BS degree in Economics and Management from China's prestigious Tsinghua University. Her doctoral thesis was on information security auditing and, with PhD in hand, she joined the Faculty of Management at McGill University. She is interested in the economics of cybersecurity and in managerial accounting. Zhou has published her research in the European Accounting Review, Journal of Computer Security, Journal of Accounting and Public Policy, Journal of Cybersecurity, and Journal of Information Security. She also enjoys teaching managerial accounting, accounting systems and accounting analytics to Smith MS, Online MBA and undergraduate students.

Emanuel Zur, PhD, associate professor of accounting and information assurance, serves as the Academic Director of the Master of Science in Accounting program. Emanuel joined the faculty in 2013. Prior to joining UMD, Emanuel was an assistant professor of accounting at Baruch College and a visiting assistant professor at MIT. He holds an LLB in law and a BA in economics from Tel-Aviv University in Israel, as well as an MPhil and a PhD in Accounting from NYU’s Stern School of Business. Before entering academia, Emanuel worked for EY and as a lawyer for one of the leading law firms in Israel. His research has been published in The Accounting Review, Journal of Finance, Review of Financial Studies, Management Science, and Contemporary Accounting Research. He has been cited in such media outlets as CNBC, The Washington Post, Forbes Magazine, and The New York Times.

Newly Promoted and Tenured — Congratulations, Emanuel! 2 0 1 9 -2 0 2 0 SMITH ACCOUNTING NEWS


Highlights of AIA faculty publications Shijun Cheng, Robert Felix, Raffi Indjejikian. 2019. Spillover effects of internal control weakness disclosures: The role of audit committees and board connections. Contemporary Accounting Research. 36(2): 934-957. Shijun Cheng, Robert Felix, Yijiang Zhao. 2019. Board interlock networks and informed short sales. Journal of Banking & Finance. 98 (1):198-211. https://doi. org/10.1016/j.jbankfin.2018.11.002. Shijun Cheng, Augustine Duru, and Yijiang Zhao. 2017. Antitakeover legislation and accounting conservatism: New evidence. Journal of Accounting and Public Policy. 36(2): 119-140. Lawrence A. Gordon, Martin P. Loeb, and Lei Zhou, 2020, Forthcoming. “Cost-Benefit Analysis and the NIST Cybersecurity Framework: An Application of the Gordon-Loeb Model.” Journal of Cybersecurity. Gregory Falco, Martin Eling, Danielle Jablanski, Matthias Weber, Virginia Miller, Lawrence A. Gordon, Shaun Shuxun Wang, Joan Schmit, Russell Thomas,Mauro Elvedi, Thomas Maillart, Emy Donavan, Simon Dejung, Eric Durand, Franklin Nuttter, Uzi Scheffer, Gil Arazi, Gilbert Ohana, and Herbert Lin. 2019. Cyber risk research impeded by disciplinary barriers. Science. 366(6469), 1066-1069. Lawrence A. Gordon. 2018. The Impact of Technology on Contemporary Accounting: An ABCD Perspective. Transactions on Machine Learning and Artificial Intelligence. 6(5): 11-16.



Lawrence D. Bodin, Lawrence A. Gordon, Martin P. Loeb and Aluna Wang. 2018. Cybersecurity insurance and risk-sharing. Journal of Accounting and Public Policy. 37(6): 527-544. jaccpubpol.2018.10.004.

Lawrence A. Gordon and Amanda Wilford. 2012. An analysis of multiple consecutive years of material weaknesses in internal control. The Accounting Review. 87(6): 2027-2060.

Lawrence A. Gordon, Martin P. Loeb, William Lucyshyn, and Lei Zhou. 2018. Empirical evidence on the determinants of cybersecurity investments in private sector firms. Journal of Information Security. 9(2): 133-153. doi: 10.4236/jis.2018.92010.

Jin Kyung Chun, Rebecca Hann, Musa Subasi, and Yue Zheng. 2020. Forthcoming. An Empirical Analysis of Analysts’ Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency. Contemporary Accounting Research.

Lawrence A. Gordon, Martin P. Loeb, and Lei Zhou. 2016. Investing in cybersecurity: Insights from the GordonLoeb Model. Journal of Information Security. 7(2): 49-59. doi: 10.4236/jis.2016.72004.

Rebecca Hann, Heedong Kim, and Yue Zheng. 2020, Forthcoming. Information Frictions and Productivity Dispersion: The Role of Accounting Information. The Accounting Review.

Lawrence A. Gordon, Martin P. Loeb, William Lucyshyn, and Lei Zhou. 2015. The impact of information sharing on cybersecurity underinvestment: A real options perspective. Journal of Accounting and Public Policy. 34(5): 509-519. Lawrence A. Gordon, Martin P. Loeb, William Lucyshyn, and Lei Zhou. 2015. Externalities and the magnitude of cyber security underinvestment by private sector firms: A modification of the Gordon-Loeb Model. Journal of Information Security. 6(1): 24-30. Lawrence A. Gordon, Martin P. Loeb, William Lucyshyn, and Lei Zhou. 2015. Increasing cybersecurity investments in private sector firms. Journal of Cybersecurity. 1(1): 1-15. (One of three papers recognized in the National Security Agency's 4th Annual Best Scientific Cybersecurity Paper Competition for scientific contribution to the cybersecurity literature.)

Rebecca Hann. Heedong Kim, and Yue Zheng. 2019. “Intra-industry Information Transfers: Evidence from Changes in Implied Volatility around Earnings Announcements. Review of Accounting Studies. 24(3): 927-971. Linsey A. Gallo, Rebecca Hann and Congcong Li. 2016. Aggregate earnings surprises, monetary policy, and stock returns. Journal of Accounting & Economics. 62 (1): 103-120. K. Kim, S. Mithas, and Michael Kimbrough. 2017, Information Technology Investments, and Firm Risk Across Industries: Evidence from the Bond Market. MIS Quarterly. 41(4): 1337-1367.

Nicole T. Jenkins, Michael D. Kimbrough, and Juan Wang. 2016. The extent of informational efficiency in the credit default swap market: Evidence from post-earnings announcement returns. Review of Quantitative Finance and Accounting. 46(4): 725-761. doi: http:// Brad A. Badertscher, Dan Givoly, Sharon P. Katz, Hanna Lee. 2019. Private Ownership and the Cost of Public Debt: Evidence from the Bond Market. Management Science. 65(1):301-326. Sterling Huang, Jeffrey Ng, Tharindra Ranasinghe, and Mingyue Zhang. 2020, Forthcoming. Do Innovative Firms Communicate More? Evidence from the Relation between Patenting and Management Guidance. The Accounting Review. Gerald J. Lobo, Tharindra Ranasinghe, and Lin Yi. 2020, Forthcoming. Hedging, Investment Efficiency, and the Role of Information Environment. Journal of Accounting, Auditing and Finance. Saleha Khumawala, Tharindra Ranasinghe, and Claire Yan. 2016. Why hedge? Extent, nature, and determinants of derivative usage in U.S. municipalities. Journal of Accounting and Public Policy. 35(3): 303-325. S. Clor-Proell, E. Hirst, L. Koonce, and Nicholas Seybert. 2019. How disaggregated forecasts influence investor response to subsequent earnings announcements. Journal of Financial Reporting. 4(1): 157-171.

Rui Ge, Nicholas Seybert and Feida Zhang. 2018. Investor sentiment and accounting conservatism. Accounting Horizons, 33(1): 83-102. Charles Ham, Nicholas Seybert and Sean Wang. 2018. Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies, 23(1): 234-264. Charles Ham, Mark Lang, Nicholas Seybert and Sean Wang. 2017. CFO narcissism and financial reporting quality. Journal of Accounting Research, 55(5): 1089-1135. Kristina Rennekamp, Kathy Rupar, and Nicholas Seybert. 2015. Impaired judgment: The effects of asset impairment reversal and cognitive dissonance on future investment. The Accounting Review. 90(2): 739-759. Robert Libby, Kristina Rennekamp, and Nicholas Seybert. 2015. Regulation and the interdependent roles of managers, auditors, and directors in earnings management and accounting choice. Accounting, Organizations, and Society, 47: 25-42. Stanimir Markov, Volkan Muslu, and Musa Subasi. 2017. Analyst tipping: Additional evidence. Journal of Business Finance & Accounting. 44(1): 94-115.

Ferhat Akbas, Stanimir Markov, Musa Subasi, and Eric Weisbrod. 2018. Determinants and Consequences of Information Processing Delay: Evidence from Thomson Reuters’ Institutional Brokers’ Estimate System. Journal of Financial Economics. 127(2): 366-388l. Anna Brown, Jing Dai and Emanuel Zur. 2019. Directors at multiple firms bring valuable connections to the job. The Accounting Review. 94(2): 83-104. Masako Darrough, Heedong Kim and Emanuel Zur. 2019. Unemployment and productivity — evidence from natural experiment. Journal of Business Ethics. 159(3): 795-815. Masako Darrough, Rong Huang and Emanuel Zur. 2018. The value of SOX 404 in the market for corporate control. Contemporary Accounting Research. 35(1): 211-244. Hagit Levy, Ron Shalev and Emanuel Zur. 2018. The effect of CFO personal litigation risk on firm’s disclosure and accounting choices. Contemporary Accounting Research. 2018, 35(1) 434-463. Carol Marquardt and Emanuel Zur. 2015. The Role of Accruals Quality in the M&A Market. Management Science. 61(3): 604–623.

Paul Brockman, Musa Subasi, and Cihan Uzmanoglu. 2017. Investor conferences, stock liquidity, and firm performance. The Financial Review. 52(4): 661-699.

2 0 1 9 -2 0 2 0 SMITH ACCOUNTING NEWS





EY Alumni Professor of Managerial Accounting and Information Assurance Lawrence A. Gordon gave the opening keynote talk at the Accounting Horizons Conference on “Data Analytics in Accounting” held at Baruch College in NYC (December 12-13, 2019). The title of Gordon's talk was “Impact of Modern Technology on Accounting Research and Education: A Data Analytics Perspective.”

The Fall 2019 semester sections of Frauds, Scams, etc. (BMGT 289D) had sessions on cybercrime — an industry that has surpassed annual profits of $1.5 trillion. Lecturer Sam Handwerger, with the aid of an IT specialist, dared to explore the world of the Dark Web. While seeing the expected evidence of nefarious activity too numerous to mention, Handwerger was more shocked to see how business-like the bad guys’ conduct was. Websites devoted to selling computer viruses, for example, looked just like — with user ratings for their products! Spurred on by the enormity of the problem, Handwerger and several students have formed a nonprofit group to educate and train the College Park community on ways to protect oneself from being a cybercrime victim. Look for "Verify the Source, Inc." to come to prominence in the school year 2020-2021.

Under the guidance of Lecturer Samuel Handwerger, the 2019 variety of TerpTax (a Volunteer Income Tax Assistance Program doing tax returns for free) was an especially great experience for Smith students. It was the first time doing returns under the monumental 2017 new tax law. Our student volunteers saw firsthand the effects of the new law — with reduced taxes for some, and higher for others. The upcoming season should be no less exciting as Congress just passed a new law affecting the taxation of retirement accounts in a big way.

AIA Department is hosting three research conferences in 2020. On January 8, 2020, the 16th Annual Forum on Financial Information Systems and Cybersecurity: A Public Policy Perspective was held at Maryland Smith (see story on page 11). On June 5, 2020, the Department hosts the annual conference of the Journal of Accounting and Public Policy (JAPP). This conference rotates among the IE Business School, the London School of Economics and Political Science, and the University of Maryland's Robert H. Smith School of Business. The theme of this year’s JAPP conference will be: Digitization and Analytics in Accounting: A Public Policy Perspective. On September 18, 2020, AIA Department will host the Washington Area Research Symposium (WARS).

AIA Professors Lawrence A. Gordon and Martin Loeb, together with AIA Research Scholar Lei Zhou, presented their paper, “Cost-Benefit Analysis and the NIST Cybersecurity Framework: An Application of the Gordon-Loeb Model,” as panelists at the CyCon U.S. Conference in November. The CyCon U.S. Conference was the fourth annual International Conference on Cyber Conflict held in collaboration with the NATO Cooperative Cyber Defence Center of Excellence.



The Real Estate Club, guided by faculty advisor AIA Lecturer Jeffrey Milton, was reconstituted in 2018. In 2019, the Smith Undergraduate Student Association (SUSA) was the fastest-growing SUSA club in Maryland Smith and recognized for its community service. The club has weekly meetings with industry speakers, many of whom are alumni of Maryland Smith, and it introduces members to financial modeling. The club also organizes “hard hat” tours of properties under construction where club members have a chance to interact with construction managers. The highlight of the year is the Networking Panel Event which in 2019 featured six panelists from prominent real estate companies sharing how they got their start. The event was attended by approximately 100 students. Lecturer Samuel Handwerger would seem to be addicted to marijuana, given that he has contributed no less than three articles on the subject to the Smith Brain Trust. But the unassuming Handwerger swears he has never touched the plant! Rather, his articles center on the rather draconian tax law denying deductions of expenses to marijuana businesses — creating a harsh tax environment. A most recent tax court case has suggested that this part of the Internal Revenue Code may be, in fact, unconstitutional. So the controversy will continue. Handwerger says one should “wait for the smoke to clear” before “drawing” any conclusions! See his recent posting to The Morning Consult.

Maryland Smith Student Club of the Year Award Goes to Ascend Club leaders and faculty advisor with Smith Undergraduate Student Association (SUSA) Cup: from left, Efia Ofosu-Ntiamoa, President of the National Association of Black Accountants — UMCP Chapter, and Luis Orellana, Vice President of ALPFA-UMD. Holding the trophy are Ascend Presidents for the 2018-2019 School Year, Lila Lin and Ellen Zhang. Standing behind the SUSA Cup is AIA Clinical Professor James McKinney, Faculty Advisor for ALPFA, Ascend and NABA.


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Accounting 2019-


The Annual Newsletter of Maryland Smith’s Accounting and Information Assurance Department


Profile for Lori Newman

Maryland Smith Accounting Newsletter 2019-2020  

The annual newsletter of the University of Maryland's Smith School of Business' Accounting and Information Assurance Department, 2019-2020.

Maryland Smith Accounting Newsletter 2019-2020  

The annual newsletter of the University of Maryland's Smith School of Business' Accounting and Information Assurance Department, 2019-2020.


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