Peter Joos

Peter Joos is an Associate Professor of Accounting and Control and the current the Area Chair of the Accounting and Control group at INSEAD. Prior to (re-)joining INSEAD in 2014, Peter served on the faculty of Baruch College, MIT Sloan School of Management, Chicago Booth School of Business and INSEAD.

Peter holds a PhD in Business and an MSc in Statistics from Stanford University. Peter’s research focuses on the capital market effects of accounting information, broadly speaking. His earlier work focuses on how investors use information prepared under different accounting regimes and how they value firms that report losses, among other things. Focusing on analysts, he explores the properties of analyst forecasts, and in particular, how analysts assess and model fundamental firm risk. He also conducts ‘macro-to-micro’ research that studies how macroeconomic information and policy variables map into corporate financial statements. Recently, he has turned his focus on the capital market effect of ESG disclosures and the measurement of sustainability efforts by firms. His research has been published in top-tier accounting and finance academic journals including The Accounting Review, Journal of Accounting Research, Journal of Financial Economics, Management Science, and Contemporary Accounting Research.

In addition to being an academic, Peter joined Morgan Stanley in Hong Kong in 2006 to head the valuation and accounting team in the Asia-Pacific Equity Research Department. In 2011, he relocated to London to become Global Head of Valuation and Accounting in the Equity Research Department. During his tenure at Morgan Stanley, Peter was part of the Global Equity Research management team and served on regional Stock Selection Committees. Further, as principal SME, he designed a fundamental forecasting/ valuation framework and managed its implementation into the proprietary Morgan Stanley equity research platform. In his client-facing capacity, he designed and implemented an earnings quality scoring methodology for global firms for a target clientele of PMs, CIOs, Heads of Research. He also led a team that carried out bespoke fundamental and accounting analysis to guide client investment strategies and provided advice on valuation matters and valuation implications of accounting standard implementation (e.g., IFRS Standards).

Peter was an elected member (2012-2019) and co-chair (2015-2017) of the Capital Markets Advisory Committee (CMAC) that advises the International Accounting Standards Board (IASB) on the practical implications for users of financial statements of its intended standard proposals.

In synch with his research, Peter teaches financial accounting and valuation and is currently focusing on ESG and sustainability reporting topics. He has been nominated for teaching awards at MIT’s Sloan School of Management and INSEAD and he has been the recipient of the Outstanding Teacher Award for Core and Elective Courses at INSEAD.

Research Areas

• Capital Markets, Fundamental Firm Valuation, Financial Analyst Behaviour, Forecasting

Teaching Areas

• Financial Accounting, Financial Statement Analysis, Valuation

Education

• Phd Stanford University Graduate School of Business (1992 — 1997)
• Msc Stanford University (1992 — 1995)
• Ms Vlerick Business School (1989 — 1991)
• Lic Ghent University (1984 — 1988)

Publications

• Bochkay K., Joos P. (2021). Macroeconomic Uncertainty and Quantitative vs. Qualitative Inputs to Analyst Risk Forecasts. The Accounting Review, 96(3)

• Drake M. S., Joos P., Pacelli J., Twedt B. J. (2020). Analyst Forecast Bundling. Management Science, 66(9)

• Joos P., Piotroski J. D. (2017). The Best of All Possible Worlds: Unraveling Target Price Optimism Using Analysts’ Scenario-Based Valuations. Review of Accounting Studies, 22(4)

• Joos P., Piotroski J. D., Srinivasan S. (2016). Can Analysts Assess Fundamental Risk and Valuation Uncertainty? An Empirical Analysis of Scenario-based Value Estimates?. Journal of Financial Economics, 121(3)

• Balachandran S., Joos P., Weber J. (2012). Do Voting Rights Matter? Evidence From the Adoption of Equity-Based Compensation Plans. Contemporary Accounting Research, 29(4)

• Joos P., Plesko G. A. (2005). Valuing Loss Firms. The Accounting Review, 80(3)

• Gordon E. A., Joos P. (2004). Unrecognized Deferred Taxes: Evidence from the U.K.. The Accounting Review, 79(1)

• Joos P. (2003). Discussion of How Representative Are Firms That Are Cross-Listed in the United States? An Analysis of Accounting Quality. Journal of Accounting Research, 41(2)

• Joos P. (2000). Discussion of The Economic Consequences of Increased Disclosure. Journal of Accounting Research, 38

• Joos P., Lang M. (1994). The Effects of Accounting Diversity: Evidence from the European Union. Journal of Accounting Research, 32