Panos N. Patatoukas
Associate Professor | The L.H. Penney Chair in Accounting | Distinguished Teaching Fellow | Haas School of Business, University of California, Berkeley
Berkeley, CA, UNITED STATES
Expert on micro and macro interdisciplinary capital markets research
Areas of Expertise (5)
Financial statement analysis and corporate valuation
Cross-industry economic links and value creation along the supply chain
Properties of financial accounting data and corporate financial reporting
Forecasting and nowcasting economic activity using financial accounting data
Measurement of economic activity in national accounts
About
Panos N. Patatoukas is a tenured Associate 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 and Business.
Patatoukas' research focuses on interdisciplinary capital markets research and informs "micro-to-macro" and "macro-to-micro" questions bridging the gap between academics and practitioners. For his impact on interdisciplinary capital markets research, Patatoukas has been recognized two times with the 2017 and 2019 Notable Contributions to Accounting Literature Award of the American Accounting Association and the American Institute of Certified Public Accountants.
For his teaching, Patatoukas has been recognized with the Distinguished Teaching Award, which is the highest award bestowed by the Chancellor of UC Berkeley for outstanding and meritorious teaching at the Berkeley campus, and four times with the Earl F. Cheit Outstanding Teaching Award, which is the highest teaching award bestowed upon instructors by the MBA students at Berkeley Haas. Patatoukas was also selected as Top-10 Business School Professor under 40 by Fortune.
Patatoukas has served several terms as the PhD Field Advisor for the Accounting Group and as a member of the MBA Degree Program Committee at Berkeley Haas. He is the founding Faculty Director of the Berkeley Executive Education programs on “Financial Data Analysis for Leaders” and “Intelligent Investing for Everyone,” and has co-created impactful custom programs for university partners. Patatoukas is also currently serving as the Faculty Director of the Center for Financial Reporting and Management at Berkeley.
Education (5)
Yale University: PhD, Accounting and Finance
2010
Yale University: MPhil, Management
2008
Yale University: MA, Management
2007
London School of Economics: MSc, Accounting and Finance
2004
Athens University of Economics & Business: BA, summa cum laude, Accounting and Finance
2003 (Class Valedictorian)
Links (4)
Honors & Awards (4)
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
Highest teaching award bestowed upon instructors at Berkeley Haas Three-Time Recipient, MBA Program: 2021, 2017, 2015, 2012
Fortune’s Top 10 Business School Professor Under 40
Class of 2015
Positions Held (1)
At Haas since 2010
2018 − Present: The L. H. Penney Chair in Accounting 2018 − Present: Core Faculty Fellow, Berkeley Center for Law & Business 2016 − Present: Associate Professor 2010 − 2016: Assistant Professor
Media Appearances (10)
A Decade After Relaxing IPO Rules, the GOP Wants to Loosen Again. Some Academics Offer a Warning.
Barron's online
2022-04-22
The JOBS Act of 2012 relaxed rules for small stock offerings, but did it really revive IPOs? According to Associate Professor Panos Patatoukas, the L.H. Penney Chair in Accounting, the “myopic focus on quantity without thinking about quality had bad consequences for the savings of everyday investors.” Patatoukas and co-authors Assistant Professor and Distinguished Teaching Fellow Omri Even-Tov and PhD candidate Young Yoon found that JOBS Act stocks underperformed those bound by the old rules—and the market overall.
Loosening the Rules for Small Stock Offerings Hurt Investors: Study
Barron's online
2022-04-21
The 2012 JOBS Act relaxed initial public offering requirements for companies with revenues under $1 billion, and a growing number of them have taken advantage of the option to disclose less financial information in their IPOs. The reduced-disclosure provision may have helped stimulate the market, but it came at the cost of lower IPO quality and more risk exposure for individual investors, according to research by Assistant Professor and Distinguished Teaching Fellow Omri Even-Tov, and Associate Professor, Distinguished Teaching Fellow Panos Patatoukas, the L.H. Penney Chair in Accounting, and PhD candidate Young Yoon.
Deal Professor: What is Tesla worth?
The New York Times - Dealbook Newsletter online
2020-09-09
Assoc. Prof. Panos Patatoukas, the L.H. Penney Chair in Accounting, and Steven Davidoff Solomon, of Berkeley Law, ran the numbers on Tesla and tried to make sense of its volatile valuation in this article. "Overall, if you were willing to buy Tesla’s shares at their recent peak, then you should also be willing to believe that over the next decade Tesla will achieve the scale of Ford or G.M. with the margins of Apple," the authors state.
UC Berkeley changes course: Lecturers now excluded from hiring freeze
San Francisco Chronicle online
2020-05-22
UC Berkeley officials abruptly changed course and will exclude more than 750 lecturers from a campus-wide hiring freeze, which went into effect April 1 because of the coronavirus pandemic.
Because of coronavirus we’re doing things differently. How long will that last?
San Francisco Chronicle online
2020-03-15
It isn’t easy to change habits, as those who have tried to go a day without touching their face have found, but the coronavirus outbreak is threatening to modify human behavior, culture, business and — yes — habits in ways that could permanently alter our way of life.
AICPA honors three with education awards
Accounting Today online
2019-08-15
Assoc. Prof. Panos Patatoukas, L.H. Penney Chair in Accounting, and Assoc. Prof. Yaniv Konchitchk have received the 2019 Notable Contributions to Accounting Literature Award. Their work evaluated aggregate accounting earnings from the 100 largest companies and determined that financial statement analysis offers macroeconomic researchers and forecasters a tool for measuring the economy. It is Patatoukas' second time winning the award.
You can make millions counting cars in parking lots from outer space
Quartz online
2019-06-26
Assoc. Prof Panos Patatoukas, L.H. Penney Chair in Accounting, and Cheryl and Christian Valentine Assoc. Prof. Zsolt Katona found that buying and selling a retailer's stock based on satellite data can yield a 4.7% higher return than the typical benchmark return. The study provides the first independent evidence that satellite-based info for trading strategies works -- for investors who can afford that information.
Alternative data and the sophisticated investor advantage
Canadian Investment Review online
2019-05-02
A new study by Assoc. Prof Panos Patatoukas, L.H. Penney Chair in Accounting, and Cheryl and Christian Valentine Assoc. Prof. Zsolt Katona found that buying and selling a retailer's stock based on satellite data can yield a 4.7% higher return than the typical benchmark return.
Stock Picks From Space
The Atlantic print
2019-05-01
Investors are using real-time satellite images to predict retailers’ sales. Is that cheating?
AICPA names 2017 'Accounting Literature Award' recipient
Accounting Today online
2017-08-08
"The AICPA announced on Tuesday that Panos Patatoukas, an associate professor at the Haas School of Business at U.C. Berkley, has been awarded the 2017 Notable Contributions to Accounting Literature Award at this year's American Accounting Association Annual Meeting in San Diego..."
Selected Papers & Publications (21)
On the Origins of Forecast Walk-Downs: A Macro-to-Micro Perspective
Journal of Accounting, Auditing, and Finance (forthcoming)
Panos N. Patatoukas, Ari Yezegel, and Jieyin Zeng
2021
The JOBS Act Did Not Raise IPO Underpricing
Critical Finance Review (forthcoming)
Omri Even-Tov, Panos N. Patatoukas, Young S. Yoon
2021
The Real-Time Macro Content of Corporate Financial Reports: A Dynamic Factor Model Approach
Journal of Monetary Economics
Ahmed M. Abdallaa, Jose M. Carabias, Panos N. Patatoukas
2021
Stock Market Returns and GDP News
Journal of Accounting, Auditing, and Finance
Panos N. Patatoukas
2021
Valuation Uncertainty and Short-Sales Constraints: Evidence from the IPO Aftermarket
Management Science
Panos N. Patatoukas, Richard G. Sloan, Annika Yu Wang
2021
Identifying the Effect of Stock Indexing: Impetus or Impediment to Arbitrage and Price Discovery?
Journal of Financial and Quantitative Analysis (forthcoming)
Byung Hyun Ahn and Panos N. Patatoukas
2021
Synthetic Governance
Columbia Business Law Review (forthcoming)
Byung Hyun Ahn, Jill E. Fisch, Panos N. Patatoukas & Steven Davidoff Solomon
2021
Identifying the Roles of Accounting Accruals in Corporate Financial Reporting
Journal of Accounting, Auditing, and Finance (forthcoming)
Sunil Dutta, Panos N. Patatoukas, Annika Yu Wang
2021
The Blockchain Evolution and Revolution of Accounting
Information for Efficient Decision Making: Big Data, Blockchain and Relevance (Book)
Kimberlyn George & Panos N. Patatoukas
2020
Accounting Earnings and Gross Domestic Product
Journal of Accounting and Economics
Panos N. Patatoukas
2019 AAA/AICPA Notable Contributions to Accounting Literature Award
Taking the Pulse of the Real Economy Using Financial Statement Analysis: Implications for Macro Forecasting and Stock Valuation
Accounting Review
Yaniv Konchitchki and Panos N. Patatoukas
2019 AAA/AICPA Notable Contributions to Accounting Literature Award
Customer-Base Concentration: Implications for Audit Pricing and Quality
Journal of Management Accounting Research
Gopal Krishnan, Panos N. Patatoukas, Annika Yu Wang
2018
Customer-Base Concentration: Implications for Firm Performance and Capital Markets
Accounting Review
Panos N. Patatoukas
2017 AAA/AICPA Notable Contributions to Accounting Literature Award 2011 Competitive Manuscript Award
Identifying Conditional Conservatism in Financial Accounting Data: Theory and Evidence
The Accounting Review
Sunil Dutta, Panos N. Patatoukas
2017
Customer‐Base Concentration and Inventory Efficiencies: Evidence from the Manufacturing Sector
Productions and Opperations Management Journal
B. Korcan Ak, Panos N. Patatoukas
2016
From Micro to Macro: Does Conditional Conservatism Aggregate up in the National Income and Product Accounts?
Journal of Financial Reporting
Henry Laurion, Panos N. Patatoukas
2016
Asymmetrically Timely Loss Recognition and the Accrual Anomaly, Discussion of Konstantinidi et al.
A Journal of Accounting, Finance and Business Studies
Panos N. Patatoukas
2016
Placebo Tests of Conditional Conservatism
The Accounting Review
Panos N. Patatoukas, Jacob K. Thomas
2016
On the Pricing of Mandatory DCF Disclosures: Evidence from Oil and Gas Royalty Trusts
Accounting Review
Panos N. Patatoukas, Richard G. Sloan, Jenny Zha
2015
Detecting News in Aggregate Accounting Earnings: Implications for Stock Market Valuation
Review of Accounting Studies
Panos N. Patatoukas
2013
More Evidence of Bias in Differential Timeliness Estimates of Conditional Conservatism
Accounting Review
Panos N. Patatoukas, Jacob K. Thomas
2011
Teaching (3)
Financial Information Analysis and Valuation
MBA Program
Interdisciplinary Capital Markets Research in Law, Accounting, and Finance
PhD Program
Empirical Capital Markets Research
PhD Program
Social