Bala G. Dharan, Ph.D., CPA
Articles and Publications
“Using Company-Specific Risk in the Delaware Chancery Court,” Business Valuation Update, December 2011. Co-authors: Ihsan Dogramaci and Arthur Rosenbloom. (pdf -- academic use only; copyright held by the publisher)
“Analysis of Delaware Chancery Court Opinions on the Use of Company-Specific Risk Premiums in Valuation,” Commentary, Westlaw Journal Delaware Corporate, Vol. 26, Issue 10, November 28, 2011. Co-authors: Ihsan Dogramaci and Arthur Rosenbloom. (pdf -- academic use only; copyright held by the publisher)
“A Liquidity-Based Explanation of Convertible Arbitrage Alphas,” The Journal of Fixed Income, Summer 2010. With George Batta and George Chacko. (pdf -- pre-publication version for academic use only; copyright held by the publisher)“New Survey Spotlights Current Practices and Continuing Questions in Determining DLOM,” Business Valuation Update, October 2009. (Designed the survey on discount for lack of marketability and analyzed the findings, jointly with Art Rosenblom, that are described in the article.) (pdf -- academic use only; copyright held by the publisher)
“Valuation Issues in the Coming Wave of Goodwill and Asset Impairments,” Business Valuation Update, Volume 15, no. 4), April 2009, pp. 1-4. (pdf -- academic use only; copyright held by the publisher)
“Preparing for Goodwill Impairments,” Law360, February 5, 2009. (pdf -- academic use only; copyright held by the publisher)
“Goodwill Impairments Are Coming: What to Look for, How to Mitigate Litigation Risk,” CRA White Paper in the “CRA Insights: Credit Crisis” series. January 2009. (pdf)
“Mark To... Market or Reality,” CRA White Paper, first in the “CRA Insights: Credit Crisis” series. Co-author: Kim Train. October 2008. (pdf)
“FAS 157 – Fair Value Disclosures and Litigation Risk,” CRA White Paper. Co-authors: Jody Goldman and Kim Train. October 2008. (pdf)
“The FASB’s Conceptual Framework for Financial Reporting: A Critical Analysis,” co-authored with George Benston and other 2006-07 members of AAA’s Financial Accounting Standards Committee. Accounting Horizons, vol. 21, no. 2, June 2007, pp. 229.-238. (pdf)
“Restoring Investor Confidence in Petroleum Reserves Worldwide – A Joint Industry Effort,” November 2005. Presented at the SPE 2005 International Petroleum Reserves Conference, Qatar, November, 2005. Co-author: D. Ron Harrell. (pdf)
“Improving the Relevance and Reliability of Oil and Gas Reserves Disclosures.” Invited Testimony to House Financial Services Committee, chaired by Rep. Michael Oxley, Hearing, July 21, 2004, Washington, DC. Washington, DC. (Published in the Congressional Records, 108th Congress.) (pdf)
Enron and Other Corporate Fiascos: The Corporate Scandal Reader (Foundation Press), 2009 (second edition), and Enron: Corporate Fiascos and Their Implications (Foundation Press), 2004 (first edition). Nancy Rapoport and Jeff Van Niel, co-editors, second edition; Nancy Rapoport, co-editor, first edition. A law school and business school textbook/reader with a compilation of several dozen contributed articles written by business and legal scholars and practitioners. Click here to buy the second edition at Amazon.com.
"Accrual Management with Financing and Investing Transactions," 2003. This research paper examines the differences in the accruals and stock returns for firms whose enterprise value growth is primarily from financial engineering. The paper develops a methodology to identify financial engineering from the financing sources of a firm's net assets' growth. (pdf Caution: Research paper draft, subject to revision.)
Business Education and Corporate Accounting Scandals: Lessons on Accounting Information and Investor Trust.” Appears in Rapoport and Dharan (editors), Enron: Corporate Fiascos and Their Implications (Foundation Press), 2004. (pdf)
“Red Flags in Enron’s Reporting of Revenues and Key Financial Measures.” Coauthored with William R. Bufkins. Appears in Rapoport and Dharan (editors), Enron: Corporate Fiascos And Their Implications (Foundation Press), 2004. (pdf)
"Enron Odyssey (A): the Special Purpose of SPEs," Harvard Business School Case Number 9-203-076. Harvard Business School Publishing, 2004. Coauthored with George Chacko, HBS professor of finance, and Eli Strick, HBS research associate.
“Earnings Management: Accruals vs. Financial Engineering,” The Accounting World, February 2003. (Special Issue on emerging accounting issues.) (pdf for academic use only; copyright held by the publisher)
“Derivatives and Risk Management in the Petroleum, Natural Gas, and Electricity Industries.” A scholarly monograph published by Energy Information Administration, Dept. of Energy, Douglas Hale (editor), 2002. I was a contributing co-author of chapter 7, “Accounting for Derivatives,” and chapter 5, “Prospects for Derivatives in Energy Industries.” You can read and download the entire book from the EIA website.
“Financial Engineering with Special Purpose Entities,” book chapter in Enron and Beyond: Technical Analysis of Accounting, Corporate Governance and Securities Issues (Julia Brazelton and Janice Ammons, editors), Commerce Clearing House, 2002. (pdf Copyright held by the publisher.)
“Strengthening the Accounting Standard-Setting Process.” Prepared Testimony to House Subcommittee on Commerce, Trade and Consumer Protection (Energy and Commerce Committee) Hearing, June 26, 2002, Washington, DC. (Published in the Congressional Records, 107th Congress.) Click here to download my 13-page testimony.
“Enron’s Accounting Issues: What Can We Learn to Prevent Future Enrons.” Written Testimony to House Energy and Commerce Committee Hearing, February 6, 2002. (Published in the Congressional Records, 107th Congress.) Click here to download my 17-page written testimony.
Readings and Notes on Financial Accounting: Issues and Controversies (New York: McGraw-Hill, Inc.), 5th edition, 1997, 671 p. Coauthored with Stephen A. Zeff.
Instructor's Resource Manual for Readings and Notes on Financial Accounting: Issues and Controversies (New York: McGraw-Hill, Inc.), 1997, 139 p. Includes extensive bibliographical notes on the topics covered in the book. Co-authored with Stephen A. Zeff.
"Magnitude of Goodwill in U.S. Corporate Financial Statements," in Stephen A. Zeff and Bala G. Dharan, Readings and Notes on Financial Accounting (New York: McGraw-Hill, Inc.), 5th edition, 1997. (pdf)
"The Continuing Relevance of Constant Dollar and Current Cost Accounting," co-authored with Stephen A. Zeff, in Stephen A. Zeff and Bala G. Dharan, Readings and Notes on Financial Accounting (New York: McGraw-Hill, Inc.), 5th edition, 1997. (pdf)
"The Long Run Negative Drift of Post-Listing Stock Returns," Journal of Finance (December 1995), pp. 1547-1574. (With David L. Ikenberry.) (pdf)
"Preparing and Using the Statement of Cash Flows," Case Number 9-195-145, Technical Note, Harvard Business School Publishing, 1995. (Note currently listed in the HBS Publishing catalog as 9-196-108.)
Readings and Notes on Financial Accounting: Issues and Controversies (New York: McGraw-Hill, Inc.), 4th edition, 1994, 782 p. Coauthored with Stephen A. Zeff.
"The Valuation Consequence of Accounting Changes: A Multi-Year Examination," Journal of Accounting, Auditing & Finance 8(4) (Fall 1993), pp. 475-494. Co-authored with Baruch Lev. (pdf)
"Auditing as a Signal in Small Business Lending," The Journal of Small Business Finance 2(1) (1992/1993, No. 1), pp. 1-11. (pdf)
"Determinants of Accounting Change: An Industry Analysis of Depreciation Change," Journal of Accounting, Auditing & Finance 7(1) (Winter 1992), pp. 1-21. (With Briance Mascarenhas.) (pdf) Professional Adaptation version, same issue, pp. 22-25.
"The Association between Corporate Dividends and Current Cost Disclosures," Journal of Business Finance and Accounting (Summer 1988), pp. 215-230. (pdf)
"The Effect of Sales and Collection Disclosures on Cash Flow Forecasting and Income Smoothing," Contemporary Accounting Research (Spring 1987), pp. 445-459. (pdf)
"A Priori Sample Size Evaluation and Information Matrix Computation for Time Series Models," Journal of Statistical Computation and Simulation (1985, No. 2), pp. 171-177. (pdf)
"Expectation Models and Potential Information Content of Oil and Gas Reserve Value Disclosures," The Accounting Review (April 1984), pp. 199-217. (pdf)
"Identification and Estimation Issues for a Causal Earnings Model," Journal of Accounting Research (Spring 1983), pp. 18-41. (pdf)
"Empirical Identification Procedures for Earnings Models," Journal of Accounting Research (Spring 1983), pp. 256-270. (pdf)
"Algoristics for Single Machine Sequencing with Precedence Constraints," Management Science (June 1978), pp. 1011-1020. Co-authored with Thomas E. Morton, Professor of Operations Management, Carnegie Mellon University. (pdf) Professor Morton and I created the new word "algoristic" for this paper to refer to a heuristic that works almost as well as an algorithm in most cases and is preferred because it is faster and cheaper.
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