Professor, L.H. Penney Chair in Accounting | Co-Faculty Director, Sustainable and Impact Finance | Faculty Director, Center for Financial Reporting & Management
Accounting | Center for Equity, Gender, and Leadership | Sustainability
Expert on micro and macro interdisciplinary capital markets research
About
Panos N. Patatoukas is a professor and the L.H. Penney Chair in Accounting at the Haas School of Business, UC Berkeley. He received his PhD, MPhil, and MA from Yale, his MSc from the London School of Economics (with distinction), and his BA in accounting and finance (valedictorian) from Athens University of Economics & Business.
Patatoukas’ work focuses on interdisciplinary capital markets research in accounting, corporate finance, law, and economics and informs ‘micro-to-macro’ and ‘macro-to-micro’ questions bridging the gap between academics and practitioners. His expertise encompasses corporate reporting, financial statement analysis, corporate valuation, cross-industry economic links, and supply chain relations. Additionally, he specializes in measuring economic activity at both firm and national levels and in nowcasting and forecasting using a mix of financial and alternative data, such as environmental metrics and governance indicators.
Patatoukas has earned significant recognition for his impact on capital markets research, including the 2017 and 2019 Notable Contributions to Accounting Literature Award by the American Accounting Association and the American Institute of Certified Public Accountants. He is an acclaimed educator, receiving the 2018 Distinguished Teaching Award, the highest teaching award from UC Berkeley’s Chancellor, and five Earl F. Cheit Outstanding Teaching Awards (2022, 2021, 2017, 2015, 2012) from Berkeley Haas MBA and PhD students. Fortune also recognized him as a Top-10 Business School Professor under 40.
In his roles at Berkeley, Patatoukas has served as the PhD Field Advisor for the Accounting Group, a member of the Academic Senate’s Committee on Teaching, and a member of the MBA Degree Program Committee. He’s the Director of the Center for Financial Reporting & Management, Co-Director of the Sustainable & Impact Finance Initiative, and a Core Faculty Fellow at the Berkeley Center for Law & Business. He co-founded the Business Review at Berkeley and directs the Economic Equity and Financial Education Program, partnering with the PG&E Corporation Foundation. Additionally, Patatoukas is the founding faculty director of several Berkeley ExecEd programs, including those on Financial Data Analysis for Executives, Intelligent Investing for Everyone, and Fundamentals of Corporate Finance and Reporting for Lawyers, and has created custom programs for various entities, including publicly traded companies, privately held organizations, startups, and sovereign wealth funds.
Expertise and Research Interests
- Corporate financial reporting, financial statement analysis, and corporate valuation
- Corporate sustainability measurement, disclosure, and investing
- Cross-industry economic links and value creation along the supply chain
- Measurement of economic performance at the firm level and in the national accounts
- Nowcasting and forecasting economic performance using financial and alternative, non-financial data
Corporate Valuation & Price Discovery
- “Material ESG Alpha: A Fundamentals-Based Perspective” with Byung Ahn (doctoral student) and George Skiadopoulos.
- Forthcoming in The Accounting Review
- “On the Capital Market Consequences of Alternative Data: Evidence from Outer Space” with Zsolt Katona, Marcus Painter, and Jean Zeng (doctoral student).
- Forthcoming in the Journal of Quantitative & Financial Analysis.
- Featured in The Atlantic.
- “Identifying the Effect of Stock Indexing: Impetus or Impediment to Arbitrage and Price Discovery?” with Byung Ahn (doctoral student)
- Published in the Journal of Financial & Quantitative Analysis 57 (5): 2022
- Featured in the Columbia Law School Blue Sky Blog.
- “Valuation Uncertainty and Short-Sales Constraints: Evidence from the IPO Aftermarket” with Richard Sloan and Annika Wang (doctoral student).
- Published in Management Science 68 (1): 2022.
- “On the Pricing of Mandatory DCF Disclosures: Evidence from Oil and Gas Royalty Trusts” with Richard Sloan and Jenny Zha (doctoral student).
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- Published in The Accounting Review 90 (6): 2015.
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Corporate Financial Reporting & National Accounting
- “Identifying the Roles of Accounting Accruals in Corporate Financial Reporting” with Sunil Dutta and Annika Wang (doctoral student).
- Forthcoming in the Journal of Accounting, Auditing, & Finance.
- “The Blockchain Evolution and Revolution of Accounting” with Kimmie George (doctoral student), World Scientific Publishers, June 2020.
- Published Book Chapter in “Information for Efficient Decision Making: Big Data, Blockchain and Relevance”, Edited by K.R. Balachandran.
- “Identifying Conditional Conservatism in Financial Accounting Data: Theory and Evidence” with Sunil Dutta.
- Published in The Accounting Review 92 (4): 2017.
- “From Micro to Macro: Does Conditional Conservatism Aggregate up in the National Income and Product Accounts?” with Henry Laurion (doctoral student).
- Published in the Journal of Financial Reporting 1 (2): 2016.
- “Asymmetrically Timely Loss Recognition and the Accrual Anomaly, Discussion of Konstantinidi et al.” solo-authored.
- Published in Abacus 52 (1): 2016.
- “Placebo Tests of Conditional Conservatism” with Jake Thomas.
- Published in The Accounting Review 91 (2): 2016.
- “More Evidence of Bias in Differential Timeliness Estimates of Conditional Conservatism” with Jake Thomas.
- Published in The Accounting Review 86 (5): 2011.
Corporate Law & Accounting
- “Universal Laws Did Not Increase Management Entrenchment” with Byung Ahn (doctoral student) and Steven Davidoff Solomon.
- Forthcoming in the Critical Finance Review.
- Presented at the 2021 American Law & Economics Association Meeting,
- Featured in the Harvard Law School Forum on Corporate Governance.
- “The JOBS Act Did Not Raise IPO Underpricing” with Omri Even-Tov and Young Yoon (doctoral student).
- Published in the Critical Finance Review (11): 2022.
- Featured in the Columbia Law School Blue Sky Blog.
- “Synthetic Governance” with Byung Ahn (doctoral student), Jill Fisch, and Steven Davidoff Solomon.
- Published in the Columbia Business Law Review (January) 2022.
- Presented at the 2021 Columbia Business Law Review Symposium.
- Featured in the Harvard Law School Forum on Corporate Governance.
Inter-Firm Economic Links
- “Customer-Base Concentration: Implications for Audit Pricing and Quality” with Gopal Krishnan and Annika Wang (doctoral student).
- Published in the Journal of Management Accounting Research 31 (1): 2019.
- “Customer-Base Concentration and Inventory Efficiencies: Evidence from the Manufacturing Sector” with Korcan Ak (doctoral student).
- Published in Production and Operations Management Journal 25 (2): 2016.
- “Customer-Base Concentration: Implications for Firm Performance and Capital Markets” solo-authored.
- Published in The Accounting Review 87 (2): 2012 (Lead Article).
- 2017 AAA/AICPA Notable Contributions to Accounting Literature Award.
- 2011 AAA Competitive Manuscript Award.
- 2009 AAA Northeast Region Best Paper Award.
At Haas since 2010
- 2023 – Present: Full Professor (Step II)
- 2018 − Present: The L. H. Penney Chair in Accounting
- 2016 − 2023: Associate Professor
- 2010 − 2016: Assistant Professor
UC Berkeley 2018 Distinguished Teaching Award
Highest teaching honor bestowed by the University of California, Berkeley
2018 Recipient
Notable Contributions to Accounting Literature Award
Presented by the American Accounting Association and the American Institute of Certified Public Accountants
Two-time Recipient, 2019 & 2017
Earl F. Cheit Award for Excellence in Teaching
Five-Time Recipient: 2022 (PhD), 2021 (MBA), 2017 (MBA), 2015 (MBA), 2012 (MBA)
Highest teaching award bestowed upon instructors at Berkeley Haas
Fortune’s Top 10 Business School Professor Under 40
Class of 2015
- A Decade After Relaxing IPO Rules, the GOP Wants to Loosen Again. Some Academics Offer a Warning., Barron’s, 04/22/2022
- Loosening the Rules for Small Stock Offerings Hurt Investors: Study, Barron’s, 04/21/2022
- Deal Professor: What is Tesla worth?, The New York Times – Dealbook Newsletter, 09/09/2020
- UC Berkeley changes course: Lecturers now excluded from hiring freeze, San Francisco Chronicle, 05/22/2020
- Because of coronavirus we’re doing things differently. How long will that last?, San Francisco Chronicle, 03/15/2020
- AICPA honors three with education awards, Accounting Today, 08/15/2019
- You can make millions counting cars in parking lots from outer space, Quartz, 06/26/2019
- Alternative data and the sophisticated investor advantage, Canadian Investment Review, 05/02/2019
- Stock Picks From Space, The Atlantic, 05/01/2019
- AICPA names 2017 ‘Accounting Literature Award’ recipient, Accounting Today, 08/08/2017
- Financial Information Analysis and Valuation, MBA Program
- Interdisciplinary Capital Markets Research in Law, Accounting, and Finance, PhD Program
- Empirical Capital Markets Research, PhD Program