Paul A. Zarowin

Paul A. Zarowin

Joined Stern 1984

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 10-90
New York, NY 10012

Personal website

View/Download C.V.


Paul Zarowin is a Professor of Accounting at the Stern School of Business, New York University. Professor Zarowin earned his B.A. in History from the University of Pennsylvania in 1977, and his M.B.A. and Ph.D. from the University of Chicago in 1981 and 1985. He has won numerous research awards, including the New York University Presidential Fellowship, the Peat Marwick National Research Fellowship, and the Glucksman Institute Fellowship.

Professor Zarowin's research focuses on the relation between stock market prices and financial accounting data. He has studied how and why this relation varies over time and across firms, and how factors such as firms, regulators, and the economic environment affect the relation. Professor Zarowin's recent work deals with the extent to which stock prices reflect firms' future prospects, and how this is affected by firm's disclosures, accounting choices, and regulations.

Professor Zarowin has published articles in a wide range of journals, including the Journal of Accounting Research, the Journal of Accounting and Economics, The Accounting Review, the Review of Accounting Studies, The Journal of Finance, and the Journal of Financial and Quantitative Analysis. He teaches Financial Accounting and Financial Reporting and Analysis in the undergraduate and MBA programs at the Stern School.

Research Interests

  • Accounting information, Security prices, Regulation

Courses Taught

  • Accounting for Lawyers (NYU Law School)
  • Financial Accounting - Intro, Intermediate, PhD.
  • Financial Statement Analysis
  • Forensic Accounting and Financial Statement Fraud

Academic Background

Ph.D., Business Economics, 1985
University of Chicago

M.B.A., Finance, 1981
University of Chicago

B.A., History, 1977
University of Pennsylvania

Selected Publications

Oswald, D., A. Simpson, and P. Zarowin (2020)
Capitalization vs Expensing and the Behavior of R&D Expenditures
Review of Accounting Studies, forthcoming

Bonacchi, M., A. Marra, and P. Zarowin (2019)
Organizational Structure and Earnings Quality of Private and Public Firms
Review of Accounting Studies 24(3), 1066-1113

Bonacchi, M., Cipollini, F. and P. Zarowin (2017)
Parents’ Use of Subsidiaries to “Push Down” Earnings Management: Evidence from Italy
Contemporary Accounting Research, doi:10.1111/1911-3846.12330

P. Zarowin (2015)
Estimation of Discretionary Accruals and the Detection of Earnings Management
Oxford, Research Reviews, May.

Tang, M and P. Zarowin (2015)
How Do Analysts Interpret Management Range Forecasts
Accounting, Organizations and Society, 42, 48-66

Cohen, D. and P. Zarowin (2010)
Accrual-based and real earnings management activities around seasoned equity offerings
Journal of Accounting and Economics, 50(1):2-19

Oswald D. and P. Zarowin (2007)
Capitalization of R&D and the Informativeness of Stock Prices
European Accounting Review, December, Vol. 16, Issue 4, 703-726

Ryan S., Tucker, J. and P. Zarowin (2006)
The Classification and Market Pricing of Banks’ Cash Flows and Accruals
The Accounting Review, March, 443-472.

Areas of Expertise


  • Accounting Liability
  • Earnings Management
  • Financial Accounting
  • Financial Reporting
  • Financial Statement Analysis
  • Shareholder Issues/Activism
  • Valuation