MARK L. DeFOND Joseph A. DeBell Professor of Business Administration and Professor of Accounting Marshall School of Business and Leventhal School of Accounting Phone: (Office) (213) 740-5016 (Cell) (818) 636-1054 (Fax): (213) 747-2815 email: defond@marshall.usc.edu EDUCATION Ph.D., Business Administration, 1987, University of Washington B.A., Business, 1978, San Francisco State University, Magna Cum Laude EMPLOYMENT HISTORY 2000-Present Leventhal School of Accounting and Marshall School of Accounting Joseph A. DeBell Professor of Business Administration and Professor of Accounting 2006, 2007 Chinese University of Hong Kong School of Accountancy Visiting Professor 1995-1997 Hong Kong University of Science and Technology On Sabbatical and Leave from Associate Professor 1993-2000 Leventhal School of Accounting and Marshall School of Accounting Associate Professor 1987-1993 Leventhal School of Accounting and Marshall School of Accounting Assistant Professor 1978-1983 Deloitte (formerly Touche Ross & Company) San Francisco and Oakland California Auditor, CPA 1981 (currently inactive)
Curriculum Vita - Page 2 HONORS and AWARDS Notable Contribution to Auditing Literature Award, from the Auditing Section of the American Accounting Association, 2006 Mellon Award for Excellence in Mentoring Faculty, 2005 Marshall School s Dean s Educator of the Year Award, 2005 MBA Golden Apple Teaching Award, 2005 MBA Golden Apple Teaching Award, 2000 MBA Golden Apple Teaching Award, 1998 MBA Golden Apple Teaching Award, 1992 Ranked among the ten most outstanding USC MBA faculty in Business Week Guide to the Best Business Schools, 1995, 1997 and 2001 Best Paper Award, Seventh Asian-Pacific Conference, Seoul, Korea, 1995 American Accounting Association Doctoral Consortium Representative, 1985 Deloitte, Haskins and Sells Doctoral Fellowship Award, 1986 Certified Public Accountant, California, 1981 (inactive) Published Research Articles RESEARCH DeFond, M., Hung, M., 2007. Investor Protection and Analysts Cash Flow Forecasts Around the World. Review of Accounting Studies, Vol. 12, pp 377-419. Covrig, V., DeFond, M., Hung, 2007. Home Bias, Foreign Mutual Fund Holdings, and Voluntary Adoption of International Accounting Standards. Journal of Accounting Research, Vol. 45, pp 41-70. DeFond, M., Hung, M., Trezevant, R., 2007. Investor Protection and the Information Content of Annual Earnings Announcements: International Evidence. Journal of Accounting and Economics, 43, pp 37-67. DeFond, M., Francis, J., 2005. Auditing Research after Sarbanes-Oxley. Auditing: A Journal of Practice and Theory Vol. 25, pp 5-30. DeFond, M. Hann, R., Hu, X., 2005. Does the Market Value Financial Expertise on the Audit Committees of Boards of Directors? Journal of Accounting Research Vol. 43, pp 154-194. DeFond, M., Hung, M., 2004. Investor Protection and Corporate Governance: Evidence from Worldwide CEO Turnover. Journal of Accounting Research Vol. 42, pp 269-312.
Curriculum Vita - Page 3 Published Research Articles, continued DeFond, M., Hung, M., 2003. An Empirical Analysis of Analysts Cash Flow Forecasts. Journal of Accounting and Economics Vol. 35, pp 75-100. DeFond, M., Raghunandan, K., Subramanyam, K.R., 2002. Do Non-Audit Service Fees Impair Auditor Independence? Evidence from Going Concern Audit Opinions. Journal of Accounting Research Vol. 40, pp 1247-1274. Chen, S., DeFond, M., Park, C.W., 2002. Voluntary Disclosure of Balance Sheet Information in Quarterly Earnings Announcements. Journal of Accounting and Economics Vol. 33, pp 229-251. DeFond, M., Park, C., 2001. The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises. The Accounting Review Vol. 76, pp. 375-404. DeFond, M., Francis, J., Wong, T.J., 2000. Auditor Industry Specialization and Market Segmentation: Evidence from Hong Kong. Auditing: A Journal of Practice and Theory Vol. 19, pp. 49-66. DeFond, M., Wong, T.J., Li, S., 2000. The Impact of Improved Auditor Independence on Audit Market Concentration in China. Journal of Accounting and Economics Vol. 28, pp. 269-305. DeFond, M., Park, C., 1999. The Effect of Competition on CEO Turnover. Journal of Accounting and Economics Vol. 27, pp. 35-56. DeFond, M., Subramanyam, K.R., 1998. Auditor Changes and Discretionary Accruals. Journal of Accounting and Economics Vol. 25, pp. 35-68. Becker, C., DeFond, M., Jiambalvo, J., Subramanyam, K.R., 1998. The Effects of Audit Quality on Earnings Management. Contemporary Accounting Research Vol. 15, pp. 1-24. DeFond, M., Park, C., 1997. Smoothing Income in Anticipation of Future Earnings. Journal of Accounting and Economics Vol. 23, pp. 115-139. Blacconiere, W., DeFond, M., 1997. An Investigation of Audit Opinions and Subsequent Auditor Litigation of Publicly Traded Failed Savings and Loans. Journal of Accounting and Public Policy Vol. 16, pp. 415-454. DeFond, M., Ettredge, M., Smith, D., 1997. An Investigation of Auditor Resignations. Research in Accounting Regulation Vol. 11, pp. 25-46.
Curriculum Vita - Page 4 Published Research Articles, continued DeFond, M., Jiambalvo, J., 1994. Debt Covenant Violation and Manipulation of Accruals. Journal of Accounting and Economics Vol. 17, pp. 145-176. DeFond, M., Jiambalvo, J., 1993. Factors Related to Auditor-client Disagreements Over Income- Increasing Accounting Methods. Contemporary Accounting Research Vol. 9, pp. 415-31. DeFond, M., 1992. The Association Between Changes in Client Firm Agency Costs and Auditor Switching. Auditing: A Journal of Practice and Theory Vol. 11, pp. 16-31. DeFond, M., Jiambalvo, J., 1991 Incidence and Circumstances of Accounting Errors. The Accounting Review Vol. 66, pp. 643-655. Published Discussions DeFond, M., 2004. Discussion of the Riskiness of Large Audit Firm Client Portfolios and Changes in Audit Liability Regimes: Evidence from the US Audit Market. Contemporary Accounting Research. Vol. 21. DeFond, M., 2002. Discussion of The Balance Sheet as an Earnings Management Constraint. The Accounting Review Vol. 77, 29-33. DeFond, M., Smith, D.B., 1991. Discussion of The Financial and Market Effects of the SEC Accounting and Auditing Enforcement Releases. Journal of Accounting Research Vol. 29, Supplement. Working Papers and Work-In-Process DeFond, M.L., Hung, M., Karaoglu, E., Zhang, J. Was the Sarbanes-Oxley Act good news for Bond holders? DeFond, M.L., Francis, J., Hu, X.. Audit Quality, SEC Enforcement, and Geography. Brown, N., DeFond, M., Hu, X. Does the Market Value Sarbanes-Oxley Relieve for Small Firms? DeFond, M., Scholz, S., Zhang, J. Restatements and Bondholder Value. DeFond, M.L., Hu, X., Hung, M. Investor confidence and accounting scandals
Curriculum Vita - Page 5 EDITORIAL BOARDS AND ASSOCIATE EDITORSHIPS Journal of Accounting Research (Editorial Board 2003-present) Journal of Accounting & Economics (Associate Editor 2003-present) The Accounting Review (Editorial Board 1999-present) Contemporary Accounting Research (2007-present) Auditing: A Journal of Practice and Theory (Editorial Board or Associate Editor 1995-present) Contemporary Journal of Accounting and Economics (Associate Editor 2005-present) Asia-Pacific Journal of Accounting and Economics (Associate Editor 1999-2005) Accounting and Finance (Editorial Board 1997-present) Accounting Horizons (Editorial Board 1997-present) Journal of International Accounting Research (Editorial Board 2000-present) RESEARCH IN THE MEDIA AND CONGRESSIONAL TESTIMONY Research Featured in the Media CFO.Com, September 1, 2005. Article reference. Pasadena Star-News, April 4, 2002. Feature article. Raleigh/Durham Business Journal, April 4, 2002. Feature article. San Gabriel Valley Tribune, April 4, 2002. Feature article. Orange County Register, February 6, 2002. Feature article. Atlanta Journal-Constitution, February 5, 2002. Feature article. Best s Industry News, February 4, 2002. Article reference. Chicago Tribune, February 3, 2002. Front-page article reference. Pittsburgh Post-Gazette, January 30, 2002. Feature article. Sydney Morning Herald, January 29, 2002. Feature article. Reuters, January 29, 2002. Feature article. Los Angeles Times, January 28, 2002. Feature article. The Boston Globe, January 28, 2002. Feature article. CBS Market Watch, January 28, 2002. Feature article. Business Wire, Inc, January 28, 2002. Feature article. Associated Press, January 28, 2002. Feature article. Dow Jones News Wire, January 28, 2002. Feature article. The Milwaukee Journal Sentinel, January 28, 2002. Feature article. Silicon Valley / San Jose Business Journal January 28, 2002. Feature article. Wall Street Journal, May 6 1999. Front-page feature article. Journal of the American Chamber of Commerce in Hong Kong, June 1999. Feature article.
Curriculum Vita - Page 6 Research Quoted in Congressional Testimony US Senate Committee on Banking, Housing and Urban Affairs: Oversight Hearing on Accounting and Investor Protection Issues Raised by Enron and Others, March 14, 2002. US House of Representatives Committee on Financial Services: Testimony on H.R. 3763 the Corporate Auditing and Accountability and Transparency Act of 2002, March 13, 2002. Research Workshops PRESENTATIONS Arizona State University Beijing University (China) Chapman University Chinese University of Hong Kong Chulalongkorn University (Thailand) City University New York, Baruch City University of Hong Kong Columbia University Emory University Essex University (United Kingdom) Georgetown University Hong Kong University of Science and Technology Hong Kong Polytechnic University INSEAD, France Indiana University Kansas State University Korea University (Korea) London Business School London School of Economics Louisiana State University Massachusetts Institute of Technology Nagoya City University (Japan) Nanyang Technological University (Singapore) National Chengchi University (Taiwan) National University of Singapore New York University Northwestern University Ohio State University Oklahoma State University Pennsylvania State University Qinghua University (China) Stanford University Southern Methodist University Temple University Tulane University Universitas Tanumanagara (Indonesia) University of Arizona University of Arkansas University of British Columbia University of California, Berkeley University of California, Irvine University of California, Los Angeles University of California, Riverside University of Colorado, Boulder University of Florida University of Houston University of Iowa University of Kansas University of Maastricht (Netherlands) University of Michigan University of Minnesota University of Missouri at Columbia University of North Carolina University of Notre Dame University of Oklahoma University of Oregon University of Pittsburgh University of Pennsylvania, Wharton
Research Workshops, continued University of Rochester University of Technology-Sydney University of Tennessee Mark L. DeFond Curriculum Vita - Page 7 University of Texas, Dallas University of Toronto University of Washington Vanderbilt University Zhejiang University (China) Other Research Presentations 2007 Pac 10 Doctoral Consortium 2007 UC Davis Finance and Accounting Conference 2007 International Symposium on Auditing Research, Shanghai 2007 AAA New Faculty Consortium 2007 AAA Auditing Section PhD Consortium 2006 International Symposium on Audit Research, Sydney, Australia 2006, AAA Doctoral Consortium, Lake Tahoe 2006, University of North Carolina International Research Conference, UNC 2006, Berkeley Center for Corporate Governance, Post-Enron Conference, Berkeley 2006, Boston Area Research Conference 2006, AAA International Section Annual Meeting, San Diego 2005, International Conference on Governance in China and Asia, Shanghai 2005, AAA Financial Accounting Reporting Section Annual Meeting, La Jolla 2005, AAA Auditing Section Annual Meeting, New Orleans 2005, 2004, 2003, 2002, 2000, 1996, 1989, 1988 AAA Annual Meetings 2004 International Symposium on Audit Research, Maastricht, The Netherlands 2004 Deloitte/KU Symposium on Auditing Problems 2003 AAA Auditing Section PhD Consortium 2002 International Accounting Association for Education and Research, 9th World Congress 2002 Contemporary Accounting Research Conference, Kitchener Ontario Canada 2002 KPMG PhD Project, Doctoral Students Association Conference, San Antonio, Texas 2002 International Symposium on Audit Research, Sydney, Australia (Paper Presentation) 2002 AAA Auditing Section PhD Consortium 2001 University of Technology-Sydney, Summer Research School 2000 University of Maastricht, The Netherlands (Doctoral Seminars) 2000 University of Illinois Auditing Symposium (Discussant) 2000 AAA Globalization Conference, Cambridge University 1999 University of Manitoba/Canadian General Accountants Conference 1999 International Symposium on Audit Research 1999 AAA Globalization Conference, Taipei, Taiwan 1997 International Forum on China Accounting Issues, Beijing 1996 Hong Kong Univ. of Science and Tech Symposium on Accounting Research 1996 Chinese Accounting Professors Association Annual Meeting, Shanghai 1995 European Accounting Association Annual Meeting, Birmingham, England 1995 Asian-Pacific Conference, Seoul 1993 AAA Northeast Regional Meeting, Newport, Rhode Island
Curriculum Vita - Page 8 GRANTS Hong Kong Research Grants Council, US$50,000 for research on CEO turnover in China, 2006 Securities and Exchange Commission Institute, 1999. Hong Kong Research Grants Council, US$30,000 for research on China s audit markets, 1996 Center for International Business Education and Research grant, USC, 1996. Faculty Research and Innovation Fund grant, USC, 1991. Deloitte, Haskins and Sells Doctoral Fellowship Award, 1986. PROFESSIONAL COMMITTEES Chinese Accounting Professors Association, Advisory Board, 2007-present Best Paper Award, Financial Accounting and Reporting Section, American Accounting Association, 2007 Notable Contributions to Auditing Literature Award Committee, Chair, 2006 AAA Auditing Section Annual Meeting Planning Committee Co-Chair 2006 Deloitte Doctoral Fellowship Selection Committee 2006 AAA Doctoral Consortium Planning Committee, 2004, 2005 (Chair) Notable Contributions to Auditing Literature Award Committee, AAA, 2004 Advisory Committee, SEC Financial Reporting Institute, 2003-present AAA/FASB Financial Reporting Issues Conference Planning Committee, 2004 Notable Contributions to Accounting Literature Award Committee, AAA, 2003 AAA Auditing Section PhD Consortium Organizing Committee (Chair) 2003 Wildman Medal Award Committee, American Accounting Association, 2002 Auditing Section Liaison for AAA Quality of Earnings Project, 2001 Organized Panel on Auditing and the Quality of Earnings for AAA Conference, 2001 Auditing Section Liaison for AAA Quality of Earnings Project, 2001 International Accounting Research Conference Committee, AAA, 2001 International Accounting Association for Education and Research, 9th World Congress, Scientific Committee, 2002 Wildman Medal Award Committee, American Accounting Association, 2001 AAA Doctoral Consortium Planning Committee, 2000 International Accounting Research Committee, AAA (Chair), 1999 Program Advisory Committee, American Accounting Association, 1993
Curriculum Vita - Page 9 UNIVERSITY SERVICE Marshall School s Dean Search Committee, 2002/03, 2003/04, 2006/07 MBA Curriculum Innovation Committee (redesigning MBA curriculum), 2004/05 Provost s Oversight Committee on Athletic Academic Affairs, 2000/01 - present Leventhal School Dean Search Committee (Co-chair), 2000/01 Leventhal School Recruiting Committee (Chair), 1998/99 - present Marshall School Dean s Advisory Group, 1999/00-2003/04 Graduate Asian Business Society Faculty Representative, 1999/00 - present Planning Committee of the International Symposium on Auditing Research, 1998 - present Marshall MBA Student Awards Committee, 1997/98 Leventhal School Annual Performance Review Committee, 1998, 1999 Marshall School Research Evaluation Committee, 1998, 1999 Marshall School International Taskforce, 1997/98 Marshall School MBA Core Task Force, 1997/98 Planning Committee of the International Symposium on Auditing Research, 1977 Leventhal School Personnel Committee, 1994/95 Marshall MBA Admissions Committee, 1993-95 Marshall MBA Second Year Curriculum Committee, 1994/95 PhD Guidance and/or Reading Committee Member - various doctoral students MBA Committee on Teaching Excellence Board Member, 1992 - present Introductory Accounting Curriculum Task Force, 1993 Mission Statement Committee, 1993 Challenge for Charity Faculty Advisor, 1993-95 Fifth Year School of Accounting Curriculum Committee, 1993 School of Accounting Undergraduate Student Task Force, 1989/90 Course Coordinator for Introductory Financial Accounting, 1988-90 COURSES TAUGHT Various courses in financial accounting and reporting in the following programs: Undergraduate Fulltime MBA Evening MBA Executive MBA Global Executive MBA PhD