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Panos N. Patatoukas - Haas School of Business, University of California, Berkeley. Berkeley, CA, US

Panos N. Patatoukas 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

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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)

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 (11)

The Dealbook Newsletter

The New York Times  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.

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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.

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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.

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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.

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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.

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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.

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Stock Picks From Space

The Atlantic  print

2019-05-01

Investors are using real-time satellite images to predict retailers’ sales. Is that cheating?

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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..."

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Why Reaping IPO Riches Isn’t a Snap

The Wall Street Journal  online

2017-03-07

"Investors wondering whether Snap is the new Facebook appear to have gained a healthy dose of skepticism. If history is any guide, that is the right response..."

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New Support For A 40-Year-Old Theory About IPOs

Seeking Alpha  online

2016-08-19

"On the assumption that the offering price is an appropriate valuation, Miller's explanation predicts that aftermarket price exceeds that offering price, and that the magnitude of the first-day run-up is defined both by the pertinent short sales constraints and by the extent of the divergence of investor opinions..."

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How Manufacturers Win by Not Playing the Field

iScience Daily  online

2016-04-04

"Doing business with a limited number of major customers allows manufacturers to hold fewer inventories for a shorter time, according to new research by Panos N. Patatoukas, an assistant professor at UC Berkeley’s Haas School of Business. Patatoukas says inventories comprise a significant part of a firm’s assets — as much as 25 percent for the average manufacturer — and can be costly and risky to hold as inventories can become obsolete..."

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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

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The JOBS Act Did Not Raise IPO Underpricing

Critical Finance Review (forthcoming)

Omri Even-Tov, Panos N. Patatoukas, Young S. Yoon

2021

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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

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Stock Market Returns and GDP News

Journal of Accounting, Auditing, and Finance

Panos N. Patatoukas

2021

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Valuation Uncertainty and Short-Sales Constraints: Evidence from the IPO Aftermarket

Management Science

Panos N. Patatoukas, Richard G. Sloan, Annika Yu Wang

2021

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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

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Synthetic Governance

Columbia Business Law Review (forthcoming)

Byung Hyun Ahn, Jill E. Fisch, Panos N. Patatoukas & Steven Davidoff Solomon

2021

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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

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The Blockchain Evolution and Revolution of Accounting

Information for Efficient Decision Making: Big Data, Blockchain and Relevance (Book)

Kimberlyn George & Panos N. Patatoukas

2020

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Accounting Earnings and Gross Domestic Product

Journal of Accounting and Economics

Panos N. Patatoukas

2019 AAA/AICPA Notable Contributions to Accounting Literature Award

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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

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Customer-Base Concentration: Implications for Audit Pricing and Quality

Journal of Management Accounting Research

Gopal Krishnan, Panos N. Patatoukas, Annika Yu Wang

2018

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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

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Identifying Conditional Conservatism in Financial Accounting Data: Theory and Evidence

The Accounting Review

Sunil Dutta, Panos N. Patatoukas

2017

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Customer‐Base Concentration and Inventory Efficiencies: Evidence from the Manufacturing Sector

Productions and Opperations Management Journal

B. Korcan Ak, Panos N. Patatoukas

2016

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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

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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

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Placebo Tests of Conditional Conservatism

The Accounting Review

Panos N. Patatoukas, Jacob K. Thomas

2016

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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

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Detecting News in Aggregate Accounting Earnings: Implications for Stock Market Valuation

Review of Accounting Studies

Panos N. Patatoukas

2013

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More Evidence of Bias in Differential Timeliness Estimates of Conditional Conservatism

Accounting Review

Panos N. Patatoukas, Jacob K. Thomas

2011

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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