hero image
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


Expert on micro and macro interdisciplinary capital markets research



Areas of Expertise (5)

Financial Analysis

Corporate Valuation

Supply Chain Networks

Micro and Macro Forecasting



Panos N. Patatoukas is a tenured Associate Professor and the L. H. Penney Chair in Accounting at Berkeley-Haas. Panos received his PhD, MPhil, and MA from Yale, his MSc from the London School of Economics, and his BA in accounting and finance (class valedictorian) from Athens University of Economics and Business. Panos’ work focuses on interdisciplinary capital markets research and informs “micro-to-macro” and “macro-to-micro” questions bridging the gap between academics and practitioners. Panos has received several prestigious teaching and research awards, including the 2018 Distinguished Teaching Award, which is the highest award bestowed by the Chancellor of U.C. Berkeley for outstanding and meritorious teaching, the 2017 AAA/AICPA Notable Contributions to Accounting Literature Award, and the 2011 AAA Competitive Manuscript Award. For his record, Panos was selected as a top 10 Business School Professor under 40 by Fortune. Panos is the founding faculty director of the Berkeley executive education program on Financial Data Analysis.

Education (5)

Yale University: PhD, Accounting and Finance


Yale University: MPhil, Management


Yale University: MA, Management


London School of Economics: MSc, Accounting and Finance


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 2017 Recipient

Earl F. Cheit Award for Excellence in Teaching

Highest teaching award bestowed upon instructors at Berkeley Haas Three-Time Recipient, MBA Program: 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 2016 − Present: Associate Professor 2010 − 2016: Assistant Professor

Media Appearances (11)

The Dealbook Newsletter

The New York Times  online


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.

view more

UC Berkeley changes course: Lecturers now excluded from hiring freeze

San Francisco Chronicle  online


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.

view more

Because of coronavirus we’re doing things differently. How long will that last?

San Francisco Chronicle  online


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.

view more

AICPA honors three with education awards

Accounting Today  online


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.

view more

You can make millions counting cars in parking lots from outer space

Quartz  online


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.

view more

Alternative data and the sophisticated investor advantage

Canadian Investment Review  online


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.

view more

Stock Picks From Space

The Atlantic  print


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

view more

AICPA names 2017 'Accounting Literature Award' recipient

Accounting Today  online


"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..."

view more

Why Reaping IPO Riches Isn’t a Snap

The Wall Street Journal  online


"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..."

view more

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

Seeking Alpha  online


"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..."

view more

How Manufacturers Win by Not Playing the Field

iScience Daily  online


"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..."

view more

Selected Papers & Publications (6)

Customer-Base Concentration: Implications for Audit Pricing and Quality

Journal of Management Accounting Research

Panos N. Patatoukas, Gopal Krishnan, Anikka Yu Wang


view more

Identifying Conditional Conservatism in Financial Accounting Data: Theory and Evidence

The Accounting Review

Sunil Dutta, Panos N. Patatoukas


view more

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


view more

Asymmetrically Timely Loss Recognition and the Accrual Anomaly, Discussion of Konstantinidi et al.

A Journal of Accounting, Finance and Business Studies

Panos N. Patatoukas


view more

Placebo Tests of Conditional Conservatism

The Accounting Review

Panos N. Patatoukas


view more

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

Productions and Opperations Management

B. Korcan Ak , Panos N. Patatoukas


view more

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