Theodore Sougiannis

Theodore Sougiannis

Professor Emeritus of Accountancy

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Biography

Theodore Sougiannis is a Professor Emeritus of Accountancy. Sougiannis joined the Gies College of Business faculty in 1990 and has held numerous leadership roles within the College. He served as the interim department head from 2011-2012 and 2020-2021, director of the PhD program from 2013-2015, and associate head of accountancy from 2015-2017 and again in 2019. Sougiannis earned a BBA in accounting from the University of Piraeus and both an MA and MBA from York University. He completed his PhD in business at the University of California at Berkeley. He primarily researches how financial accounting is used and regulated.

Contact

209 Wohlers Hall

1206 S Sixth St

Champaign, IL 61820

217-244-0555

sougiani@illinois.edu

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Educational Background

  • Ph.D., Business, University of California at Berkeley, 1990
  • M.B.A., Finance, York University, 1986
  • M.A., Economics, York University, 1984
  • B.B.A., Accounting, University of Piraeus, 1977

Positions Held

  • Professor Emeritus of Accountancy, University of Illinois at Urbana-Champaign, 2022 to present
  • Interim Department Head of Accountancy, Accountancy, University of Illinois at Urbana-Champaign, 2020-2021
  • Assistant Head of Accountancy, Department of Accountancy, University of Illinois at Urbana-Champaign, 2017-2019
  • Associate Head of Accountancy, Department of Accountancy, University of Illinois at Urbana-Champaign, 2015-2017,2019-2020
  • Director, Ph.D. Program, Department of Accountancy, University of Illinois at Urbana-Champaign, 2013-2015
  • Interim Department Head of Accountancy, University of Illinois at Urbana-Champaign, 2011-2012
  • KPMG Distinguished Professor of Accountancy, University of Illinois at Urbana-Champaign, 2006-2022
  • Professor of Accountancy, University of Illinois at Urbana-Champaign, 2005-2022
  • Visiting Professor of Accounting, The Athens Laboratory of Business Administration, 2000-2001
  • Visiting Professor of Accounting, University of Warsaw, International Management Center, 1999-2000,2002
  • Associate Professor of Accountancy, University of Illinois at Urbana-Champaign, 1998-2005
  • Assistant Professor of Accountancy, University of Illinois at Urbana-Champaign, 1990-1998
  • Lecturer, Haas School of Business, University of California at Berkeley, 1989-1990
  • Accountant, Texaco, 1979-1981

Recent Publications

  • Fedyk, T., Singer, Z., & Sougiannis, T. (2020). The Accrual Anomaly: Accrual Originations, Accrual Reversals, and Resolution of Uncertainty. Contemporary Accounting Research, 37 (2), 885-916.
  • Doukakis, L., Ghicas, D., Siougle, G., & Sougiannis, T. (2020). The Informativeness of Micro and Macro Information During Economic Crisis and Non-Crisis Periods: Evidence from Europe. European Accounting Review, 29 (3), 467-492.

Other Publications

Articles

  • Chang, H., Donohoe, M., & Sougiannis, T. (2016). Do Analysts Understand the Economic and Reporting Complexities of Derivatives? Journal of Accounting and Economics, 61 (2-3), 584-604.
  • Oltheten, E., Sougiannis, T., Travlos, N., & Zarkos, S. (2013). Greece in the Eurozone: Lessons from a Decade of Experience. The Quarterly Review of Economics and Finance, 53 (4), 317-335.  link >
  • Chen, C., Lu, H., & Sougiannis, T. (2012). The Agency Problem, Corporate Governance, and the Behavior of Selling, General, and Administrative Costs. Contemporary Accounting Research, 29 (1), 252-282.
  • Cao, Y., Myers, L., & Sougiannis, T. (2011). Does Earnings Acceleration Convey Information? Review of Accounting Studies, 16 812-842.
  • Sougiannis, T. (2011). Discussion-The Effect of R&D Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performances and R&D Expenditures. Journal of Accounting, Auditing and Finance, 26 (1), 145-149.
  • Lev, B., Li, S., & Sougiannis, T. (2010). The Usefulness of Accounting Estimates for Predicting Cash Flows and Earnings. Review of Accounting Studies, 15 (4), 779-807.
  • Ghicas, D., Papadaki, A., Siougle, G., & Sougiannis, T. (2008). The Relevance of Quantifiable Audit Qualifications in the Valuation of IPOs. Review of Accounting Studies, 13 (4), 512-550.
  • Chambers, D., Linsmeier, T., Shakespeare, C., & Sougiannis, T. (2007). An Evaluation of SFAS No. 130 Comprehensive Income Disclosures. Review of Accounting Studies, 12 (4), 557-593.
  • Lev, B., Sarath, B., & Sougiannis, T. (2005). R&D Reporting Biases and their Consequences. Contemporary Accounting Research, 22 (4), 977-1026.
  • Sougiannis, T. (2004). Discussion-Market Reaction to Proposed Changes in Accounting for Purchased Research and Development in R&D Intensive Industries. Journal of Accounting, Auditing and Finance, 19 (4), 429-433.
  • Chan, K., Jegadeesh, N., & Sougiannis, T. (2004). The Accrual Effect on Future Earnings. Review of Quantitative Finance and Accounting, 22 97-121.
  • Oltheten, E., & Sougiannis, T. (2004). The Sarbanes-Oxley Act of 2002 as a Response to Corporate Scandals: Analysis, Criticism and Implications for the International Market. Economic Mailman.
  • Amir, E., Lev, B., & Sougiannis, T. (2003). Do Financial Analysts Get Intangibles? European Accounting Review, 12 (4), 635-659.
  • Oltheten, E., Pinteris, G., & Sougiannis, T. (2003). Greece in the European Union: Policy Lessons from Two Decades of Membership. The Quarterly Review of Economics and Finance, 43 774-806.  link >
  • Easton, P., Taylor, G., Shroff, P., & Sougiannis, T. (2002). Using Forecasts of Earnings to Simultaneously Estimate Growth and the Rate of Return on Equity Investment. Journal of Accounting Research, 40 657-676.
  • Chan, L., Lakonishok, J., & Sougiannis, T. (2001). The Stock Market Valuation of Research and Development Expenditures. Journal of Finance, 56 (6), 2431-2456.  link >
  • Sougiannis, T., & Yaekura, T. (2001). The Accuracy and Bias of Equity Values Inferred from Analysts' Earnings Forecasts. Journal of Accounting, Auditing and Finance, 16 331-362.  link >
  • Whitford, D., Gentry, J., Sougiannis, T., & Aoki, S. (2001). Do Accounting Earnings or Free Cash Flow Flows Provide a Better Estimate of a Stock's Value? Security Analysts Journal, 39 (5), 66-78.
  • Amir, E., & Sougiannis, T. (1999). Analysts' Interpretation and Investors' Valuation of Tax Carryforwards. Contemporary Accounting Research, 16 1-33.  link >
  • Lev, B., & Sougiannis, T. (1999). Penetrating the Book-to-Market Black Box: The R&D Effect. Journal of Business Finance and Accounting, 26 419-449.
  • Penman, S., & Sougiannis, T. (1998). A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation. Contemporary Accounting Research, 15 343-383.  link >
  • Sougiannis, T. (1997). Recent Advances in Inflation Accounting and their Implications for the Multinational Corporation. Corporate Finance Review, 2 12-19.
  • Penman, S., & Sougiannis, T. (1997). The Dividend Displacement Property and the Substitution of Anticipated Earnings for Dividends in Equity Valuation. The Accounting Review, 72 1-21.
  • Sougiannis, T. (1997). The Cyclical Valuation of Catastrophic Losses in the Insurance Industry. Journal of Financial Statement Analysis, 3 32-43.
  • Lev, B., & Sougiannis, T. (1996). The Capitalization, Amortization, and Value Relevance of R&D. Journal of Accounting and Economics, 21 107-138.
  • Sougiannis, T. (1994). The Accounting Based Valuation of Corporate R&D. The Accounting Review, 69 44-68.
  • Sougiannis, T. (1985). Causality Between Money and the Index of Industrial Production in the Greek Economy. SPOUDAI, 35 94-103.

Case Studies

  • Sougiannis, T., & Oltheten, E. Forthcoming. Titan Cement Company S.A ALBA Case Studies The Athens Laboratory of Business Administration.

Presentations

  • Fedyk, T., Singer, Z., & Sougiannis, T. (2011). Does the Accrual Anomaly End when Abnormal Accruals Reverse? American Accounting Association FARS Section Midyear Meeting.
  • Koh, W., & Sougiannis, T. (2011). Do Investors Value Stewardship? Evidence from Stock Price Reactions to the First News of Widespread Stock Option Backdating. European Accounting Association (EAA) Annual Congress.
  • Oltheten, E., Sougiannis, T., Travlos, N., & Zarkos, S. (2011). Greece in the Eurozone: A decade of experience. European Union Conference.
  • Sougiannis, T., Golubov, A., Petmezas, D., & Travlos, N. (2011). How Does Target Firm Auditor Reputation Affect M&As? American Accounting Association Annual Meeting.
  • Fedyk, T., Singer, Z., & Sougiannis, T. (2010). Does the Accrual Anomaly End when Abnormal Accruals Reverse? American Accounting Association Annual Meeting.
  • Fedyk, T., Singer, Z., & Sougiannis, T. (2010). Does the Accrual Anomaly End when Accruals Reverse? Canadian Academic Accounting Association Annual Conference.
  • Sougiannis, T. (2010). Balance Sheet Growth and the Predictability of Stock Returns. Athens School of Economics and Business.
  • Sougiannis, T. (2010). Balance Sheet Growth and the Predictability of Stock Returns. European Accounting Association (EAA) Annual Congress.
  • Doogar, R., & Sougiannis, T. (2009). Disaggregation and the Quality of Management Earnings Forecasts. American Accounting Association Annual Meeting.
  • Sougiannis, T. (2009). Balance Sheet Growth and the Predictability of Stock Returns. Tel Aviv University International Accounting Conference.
  • Sougiannis, T. (2009). Balance Sheet Growth and the Predictability of Stock Returns. University of Arkansas.
  • Sougiannis, T. (2009). Balance Sheet Growth and the Predictability of Stock Returns. American Accounting Association Annual Meeting.
  • Sougiannis, T. (2009). Does Earnings Acceleration Convey Information? University of Florida.
  • Sougiannis, T. (2009). Does Earnings Acceleration Convey Information? American Accounting Association Annual Meeting.
  • Lev, B., Li, S., & Sougiannis, T. (2008). The Usefulness of Accounting Estimates. American Accounting Association Annual Meeting.
  • Sougiannis, T. (2008). Balance Sheet Growth and the Predictability of Stock Return. Columbia University.
  • Sougiannis, T. (2008). Balance Sheet Growth and the Predictability of Stock Returns. European Financial Management Association Meetings.
  • Sougiannis, T. (2008). Balance Sheet Growth and the Predictability of Stock Returns. University of Illinois at Chicago.
  • Sougiannis, T. (2008). Does Earnings Acceleration Convey Information? American Accounting Association Midwest Region Meeting.
  • Sougiannis, T. (2008). The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General and Administrative Cost? American Accounting Association FARS Section Midyear Meeting.
  • Sougiannis, T. (2008). The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General and Administrative Costs? American Accounting Association Annual Meeting.
  • Sougiannis, T. (2008). The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General and Administrative Costs? Athens School of Economics and Business.
  • Sougiannis, T. (2008). The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General and Administrative Costs? Canadian Academic Accounting Association Annual Conference.
  • Sougiannis, T. (2008). The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General and Administrative Costs? Global Management Accounting Research Symposium.
  • Sougiannis, T. (2007). Does Earnings Acceleration Convey Information? 2007 ARNN Accounting Symposium, Catholic University of Leuven.
  • Sougiannis, T. (2007). Does Earnings Acceleration Convey Information? American Accounting Association Midwest Region Meeting.
  • Sougiannis, T. (2007). Does Earnings Acceleration Convey Information? Athens School of Economics and Business.
  • Sougiannis, T. (2007). Does Earnings Acceleration Convey Information? ATINER 2007 Conference.
  • Sougiannis, T. (2007). Does Earnings Acceleration Convey Information? University of Alberta.
  • Sougiannis, T. (2007). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. 2007 CGA/University of Manitoba Accounting Research Conference.
  • Sougiannis, T. (2007). The Usefulness of Accounting Estimates. 2007 Hellenic Finance and Accounting Association Conference.
  • Lev, B., Li, S., & Sougiannis, T. (2006). The Usefulness of Accounting Estimates. American Accounting Association FARS Section Midyear Meeting.
  • Sougiannis, T. (2006). Does Earnings Acceleration Convey Information? Baruch College.
  • Sougiannis, T. (2006). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. Texas A&M University.
  • Lev, B., Li, S., & Sougiannis, T. (2005). The Usefulness of Accounting Estimates. 16th Annual Conference on Financial Economics and Accounting (FEA.
  • Sougiannis, T. (2005). An Evaluation of SFAS No. 130 Comprehensive Income Disclosures. American Accounting Association Annual Meeting.
  • Sougiannis, T. (2005). The Usefulness of Accounting Estimates. University of Texas-Dallas.
  • Sougiannis, T. (2005). The Usefulness of Accounting Estimates. 2005 Columbia-NYU Seminar.
  • Doogar, R., Sougiannis, T., & Xie, H. (2004). The Impairment of Auditor Credibility: Stock-Market Evidence from the Enron-Andersen Saga. American Accounting Association Annual Meeting.
  • Doogar, R., Sougiannis, T., & Xie, H. (2004). The Value of Auditor Credibility: Stock-Market Evidence from the Enron-Andersen Saga. American Accounting Association Auditing Section Midyear Meeting.
  • Lev, B., Li, S., & Sougiannis, T. (2004). The Usefulness of Accounting Estimates. University of Illinois Accountancy Forum.
  • Sougiannis, T. (2004). An Evaluation of SFAS No. 130 Comprehensive Income Disclosures. University of Houston.
  • Sougiannis, T. (2004). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. Boston University.
  • Sougiannis, T. (2004). The Market Value of R&D: An Application to Telecommunication Companies. 2004 Bocconi University Conference on Sustainability, Financial Performance and Market Valuation.
  • Sougiannis, T. (2004). The Usefulness of Accounting Estimates. 2004 London Business School Summer Conference.
  • Sougiannis, T. (2004). The Usefulness of Accounting Estimates. 2004 Washington University-St. Louis Mini-Conference.
  • Sougiannis, T. (2004). The Usefulness of Accounting Estimates. Penn State University.
  • Sougiannis, T. (2003). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. Florida State University.
  • Sougiannis, T. (2003). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. McMaster University.
  • Sougiannis, T. (2003). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. Notre Dame University.
  • Sougiannis, T. (2003). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. University of Cincinnati.
  • Sougiannis, T. (2003). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. University of Illinois at Chicago.
  • Sougiannis, T. (2003). The Impairment of Auditor Credibility: Stock Market Evidence from the Enron-Andersen Saga. University of Kentucky.
  • Sougiannis, T. (2003). The Relevance of Quantifiable Audit Qualifications in the Valuation of IPOs. 2003 European Accounting Association Meeting.
  • Sougiannis, T. (2002). The Relevance of Quantifiable Audit Qualifications in the Valuation of IPOs. 2002 Capital Markets Conference-University of Cyprus.
  • Sougiannis, T. (2001). Do Accounting Earnings or Free Cash Flows Provide a Better Estimate of a Stock's Value? Security Analysts Association of Japan.
  • Sougiannis, T. (2001). Liability/Equity Classification Decisions and Shareholder Valuation. European Accounting Association (EAA) Annual Congress.
  • Sougiannis, T. (2000). Estimating the Cost of Capital Using Forecasts of Profitability? (now titled "Using Forecasts of Earnings to Simultaneously Estimate Growth and the Rate of Return on Equity Investment"). European Financial Management Association Meetings.
  • Lakonishok, J., Chan, L., & Sougiannis, T. (2000). The Stock Market Valuation of Research and Development Expenditures. American Finance Association Meetings.
  • Sougiannis, T. (2000). Liability/Equity Classification Decisions and Shareholder Valuation. American Accounting Association Annual Meeting.
  • Sougiannis, T. (2000). R&D Reporting Biases and their Consequences. Contemporary Accounting Research.
  • Sougiannis, T. (2000). R&D Reporting Biases and their Consequences. European Accounting Association (EAA) Annual Congress.
  • Sougiannis, T. (2000). The Accuracy and Bias of Equity Values Inferred from Analysts' Earnings Forecasts. Journal of Accounting, Auditing and Finance Conference.
  • Sougiannis, T. (2000). The Incremental Value of Analysts' Earnings Forecasts in Explaining Stock Returns (now titled "Do Financial Analysts Get Intangibles?"). Burton Workshop, Columbia University.
  • Sougiannis, T. (2000). The Incremental Value of Analysts' Earnings Forecasts in Explaining Stock Returns (now titled "Do Financial Analysts Get Intangibles?"). Canadian Academic Accounting Association Annual Meeting.
  • Sougiannis, T. (2000). The Stock Market Valuation of Research and Development Expenditures. Third Annual Conference on Contemporary Issues in Capital Markets.
  • Sougiannis, T. (2000). The Stock Market Valuation of Research and Development Expenditures. European Financial Management Association Meetings.
  • Sougiannis, T. (1999). The Stock Market Valuation of Research and Development Expenditures. Accounting Association of Australia and New Zealand Doctoral Colloquium.
  • Sougiannis, T. (1999). Analysts' Interpretation and Investors' Valuation of Tax Carryforwards. 1999 Summer Symposium on Accounting Research.
  • Sougiannis, T. (1999). R&D Reporting Biases and their Consequences. Second Intangibles Conference.
  • Sougiannis, T. (1999). The Incremental Value of Analysts' Earnings Forecasts in Explaining Stock Returns (now titled "Do Financial Analysts Get Intangibles?"). American Accounting Association Annual Meeting.
  • Sougiannis, T. (1999). The Stock Market Valuation of Research and Development Expenditures. American Accounting Association Annual Meeting.
  • Sougiannis, T. (1999). The Stock Market Valuation of Research and Development Expenditures. European Finance Association Annual Meeting.
  • Lakonishok, J., Chan, L., & Sougiannis, T. (1998). The Stock Market Valuation of Research and Development Expenditures. National Bureau of Economic Research, Behavioral Finance Meetings.
  • Sougiannis, T. (1997). Analysts' Interpretation and Investors' Valuation of Tax Carryforwards. Contemporary Accounting Research Conference.
  • Sougiannis, T. (1997). Analysts' Interpretation and Investors' Valuation of Tax Carry Forwards. Eighth Annual Conference on Financial Economics and Accounting.
  • Sougiannis, T. (1997). The Accuracy and Bias of Equity Values Inferred from Analysts Earnings Forecasts. American Accounting Association Annual Meeting.
  • Sougiannis, T. (1996). Penetrating the Book-to-Market Black Box. Third International Conference on Contemporary Accounting Issues.
  • Sougiannis, T. (1996). The Accuracy and Bias of Equity Values Inferred from Analysts' Earnings Forecasts. Sixteenth Annual International Symposium on Forecasting.
  • Sougiannis, T. (1995). A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation. American Accounting Association Annual Meeting.
  • Sougiannis, T. (1995). A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation. European Finance Association Annual Meeting.
  • Sougiannis, T. (1995). A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation. Midwest Finance Association Annual Meeting.
  • Sougiannis, T. (1995). A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation. Western Social Science Association Meeting, Finance Section.
  • Sougiannis, T. (1993). Penetrating the Book-to-Market Black Box. Fourth Conference on Financial Economics and Accounting.

Working Papers

  • Anand, V., Sougiannis, T., & Anand, A. Fundamental Analysis Using Machine Learning.
  • Anand, V., Sougiannis, T., Brunner, R., & Ikegwu, K. Predicting Profitability Using Machine Learning.  link >
  • Anand, V., Sougiannis, T., & Nikulin, E. Life Cycle Models versus Random Walk in Forecasting Growth and Profitability.
  • Chang, H., Donohoe, M., & Sougiannis, T. The Effects of Derivatives on the Informativeness of Analyst Research.
  • Chen, P., Narayanamoorthy, G., Sougiannis, T., & Zhou, H. Analyst Underreaction and the Post-Forecast Revision Price Drift.
  • Sougiannis, T. Mandatory IFRS Adoption and the Usefulness of Accounting Information in Predicting Future Earnings and Cash Flows.

Honors and Awards

  • Dean's Impact Award, University of Illinois, Gies College of Business, 2021

Grants

  • Gies Grant, Gies College of Business, 2021-2023

Teaching Interests

Teaches courses in financial accounting.

Research Interests

Research focuses on the use of accounting numbers in stock market valuations, the choice of financial accounting rules, and accounting regulation. Has consulted for the Law and Economics Consulting Group, Inc.

Contact

209 Wohlers Hall

1206 S Sixth St

Champaign, IL 61820

217-244-0555

sougiani@illinois.edu

Google Scholar

SSRN

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