Security Analysts and the Capital Markets

Who: Michael B. Clement
Associate Professor, Department of Accounting

What: Faculty Research Presentation Speaker Series

When: February 12   6:00 p.m.    FREE PIZZA!

Where: CBA 4.328, McCombs School of Business, 21st and Speedway

Why come: Security analysts are influential intermediaries in the capital markets. Security analysts provide earnings forecasts and make buy-sell recommendations for large institutional investors. Some analysts can affect stock prices with their forecasts and recommendations. Clement's research focuses on analysts’ behavior. For example, his work has examined whether analysts learn from their past experiences, which analysts provide the most accurate forecasts, which analysts do investors pay the most attention to, and how do analysts interact with managers at the firms the analysts follow.

Bio: Michael Clement is an Associate Professor of Accounting at the University of Texas at Austin. In addition to serving on the faculty, he previously held several positions in private industry, including Vice President in the Portfolio Strategy Group at Goldman Sachs, Vice President in the Office of the Chief Financial Officer at Citicorp, and Senior Assistant Accountant at Deloitte Haskins & Sells.

Professor Clement’s research focuses on analysts’ behavior. For example, his work has investigated whether analysts learn from their past experiences, which analysts provide the most accurate forecasts, which analysts investors pay the most attention to, and how do analysts interact with managers at the firms the they follow. His primary teaching interest is in financial statement analysis. His work is published in a number of top academic journals including the Journal of Accounting and Economics, the Journal of Accounting Research, the Accounting Review, the Journal of Finance and the Review of Accounting Studies. His work has also been mentioned in the Wall Street Journal, Business Week, Barron’s, the Financial Times, the Economist and the USA Today.

Clement received a BBA in accounting from Baruch College, an MBA in finance from the University of Chicago, and he later earned a Ph.D. in accounting from Stanford University. He received the 2003-2004 CBA Foundation Research Excellence Award for Assistant Professors and was elected to the McCombs School of Business MBA Faculty Honor Roll for Fall 2006

Who’s invited: Open to the public.

Research

Accounting Department

More info: Contact Stephanie Stratz