MARY S. STONE
Ernst & Young Professor of Accountancy
VITA

PERSONAL DATA

Office: 327 Alston Hall
School of Accountancy
University of Alabama
Box 870220
Tuscaloosa, AL 35487-0220
(205) 348-2915
Email: MSTONE@CBA.UA.EDU

EDUCATIONAL AND PROFESSIONAL DEGREES

Degree: Ph.D. in Accountancy (1981)
Dissertation: An Examination of the Effect of Disclosures Concerning Unfunded Pension Benefits on Market Risk Measures

Dissertation Committee: Charles H. Smith (Chairman),
James McKeown (Research Director),
Tom Frecka, Frank Reilly, James Gentry

Degrees: M.S. in Accountancy (1975)
B.A. in English with a concentration in Accounting (1974)

C.P.A., Florida, 1975, Certificate Number 5541

HONORS AND AWARDS

The University of Alabama National Alumni Association 1999 Outstanding Commitment to Teaching Award
President-Elect, American Accounting Association
Ernst & Young Professor of Accountancy (reappointed April 1, 1998)
Ernst & Young Professor of Accountancy (appointed March 1993)
University of Alabama Board of Visitors' Research Professor (1991; 3 year nonrenewable appointment)
C&BA Outstanding Researcher Award (1988)
C&BA Burlington Northern Award Nominee (1988)
Arthur Andersen & Co. Research Scholar (1989)
American Accounting Association Council
Peat Marwick Main Research Scholar (1988)
American Accounting Association New Faculty Consortium (1988)
Peat Marwick Mitchell & Co. Research Scholar (1987)
Price Waterhouse & Co. Research Scholar (1985)
American Accounting Association Doctoral Consortium Resident Faculty (1985)
Nominated for Outstanding Young Educator Award of American Association of University Women (1984)
Van Pelt Award for Outstanding Contribution to the Accounting Literature (1984)
Van Pelt Award for Outstanding Contribution to the Accounting Literature (1983)
Peat Marwick Mitchell & Co. Research Fellowship (1983)
Doctoral Consortium Fellow, American Accounting Association (1979)
R. Warner Ring Foundation Fellowship (1975)
Manuscript Recognition - Institute of Certified Internal Auditors (1975)

PROFESSIONAL EMPLOYMENT RECORD

8/90 to date -- Professor, School of Accountancy,

The University of Alabama

8/84 to 8/90 -- Associate Professor, School of Accountancy,

The University of Alabama

1/81 - 8/84 -- Assistant Professor, School of Accountancy,

The University of Alabama

1979 - 1980 -- Assistant Professor of Accounting,

University of Alabama (Birmingham)

1976 - 1978 -- Teaching Assistant, University of Illinois

(Champaign-Urbana)

1975 - 1976 -- Instructor of Accounting, Central Florida University

1975 - 1976 -- Accounting practice - Orlando, Florida

1973 - 1974 -- Teaching and Research Assistant, Department of Accountancy, Central Florida University

1971 - 1973 -- Editor of Monthly newsletter - East Central Florida Regional Planning Council, Winter Park, Florida

PUBLICATIONS IN REFEREED JOURNALS

"How Effective is Joint Public and Private Monitoring? The Case of the AICPA Auditor Change Notification Letter." Auditing: Journal of Theory and Practice (forthcoming) (with Michael Ettredge and David B. Smith).

"An Examination of Substitution Among Monitoring Devices: The Case of Internal and External Audit Expenditures" Review of Quantitative Finance and Accounting pp. 57-79 (July 2000) (with Mike Ettredge and Margaret Reed)

"The Effect of the External Accountant's Review on the Timing of Adjustments to Quarterly Earnings," Journal of Accounting Research, Vol. 38, No. 1, pp. 195-207 (with Michael L. Ettredge, Daniel T. Simon, and David B. Smith)

"Would Switching to Timely Reviews Delay Quarterly and Annual Earnings Releases?" Review of Quantitative Finance and Accounting, Vol. 14, No. 2, pp. 195-207 (with Mike Ettredge, Dan Simon, and Dave Smith).

"The Differential Predictive Ability of Opaque and Transparent Firms' Earnings Numbers," Quarterly Journal of Business and Economics, Vol. 38, No. 3, pp. 3-19 (Summer 1999) (with Ken Lorek and Lee Willinger)

"Economic Agency and Auditing Committees: Responsibilities and Membership Composition," International Journal of Auditing Volume 1 (1997) (with Tom Lee), pp. 97-116.

"Competence and Independence: The Congenial Twins of Auditing?" Journal of Business Finance & Accounting (December 1995) (with Tom Lee), pp. 1169-1177.

"Stock-Based Compensation," National Public Accountant (February 1995) (with Emmett Griner), pp. 24-27.

"Why Do Companies Purchase Timely Quarterly Reviews?" Journal of Accounting & Economics (September 1994) (with Mike Ettredge, Dan Simon, and Dave Smith), pp. 131-155.

"The Effect of Trading in Eighths on Security Return Behavior," Journal of Business Finance & Accounting (April 1994) (with Robert Ingram and Michael Dugan), pp. 409-427.

"The Assessment of Predictive Accuracy and Model Overfitting: An Alternative Approach," Journal of Business Finance & Accounting (January 1993) (with John Rasp), pp. 125-131.

"The Role of SEC Materials in the Accounting Curriculum," Journal of Accounting Education 10 (1992) (with Dave Smith, Dave Stout, Charles Mulford, and Tom Weirich), pp. 113-132.

"Bridging the Gap Between Accounting Education and Practice: The SEC Academic Fellow Program," Accounting Horizons (December 1992) (with Dave Smith, David Stout, Charles Mulford and Tom Weirich), pp. 86-92.

"Firm Financial Stress and Pension Plan Continuation/Replacement Decisions," Journal of Accounting and Public Policy (Fall 1991), pp. 175-206.

"Tradeoffs in the Choice Between Logit and OLS for Accounting Choice Studies," The Accounting Review (January 1991) with John Rasp.

"Bethlehem Steel: Understanding Pension Fund Disclosures," Issues in Accounting Education (Spring 1990), pp. 88-107 (with Ken Ferris).

"The Effect of Costly vs. Costless Pension Disclosures on Common Share Prices: The Case of SFAS 36: Discussion Comments," Journal of Accounting Literature Vol. 7 (1988), pp. 197-201.

"The Effect of Statement No. 87 on the Financial Reports of Early Adopters," Accounting Horizons Vol. 2, No. 3 (September 1988), pp. 48-61 (with Rob Ingram).

"Financial Reporting Practices of Local Governments: An Overview" Government Finance Review Vol. 4, No. 2 (April 1988), pp. 17-21 (with Rob Ingram and Walt Robbins).

"PERS Pension Reporting: Past Practices and Attitudes Toward Change," Municipal Finance Journal Vol. 9, No. 3 (April 1988), pp. 235-246 (with Walt Robbins).

"A Financing Explanation for Overfunded Pension Plan Terminations," Journal of Accounting Research Vol 25, No. 2 (Autumn 1987), pp. 317-326.

"The Measurement and Reporting of the Assets and Benefits of Public Employee Retirement Systems: Disclosure Incentives and Practices," Research in Government and Non Profit Accounting Vol. 3, edited by James L. Chan, (1987), pp. 149-180 (with Walt Robbins and Dave Phipps).

"GASB Statement 1: Sources of Currently Recognized GAAP for Governmental Units," The Massachusetts CPA Journal Vol. 60, No. 3 (Summer 1986), pp. 26-31, (with Walt Robbins).

"The Pension Accounting Myth," The Accounting Historians Journal Vol. 11, No. 2 (Fall 1984), pp. 19-38.

"An Analysis of the Reliability of the FASB Data Tapes," The Accounting Review (July 1984) (with Bruce Bublitz), pp. 469-73.

"Pension Plan Reversions and the FASB's Preliminary View," Georgia Journal of Accounting (Spring 1984), pp. 113-132.

"Planning for Retirement with a Tax Sheltered Mutual Fund," The Journal of College and University Personnel Association (Winter 1983), pp. 19-25 (with Ed Schnee and Charles Caldwell).

"FAS 34 -- Accounting Gimmickry," The National Public Accountant (June 1984), pp. 50-55 (with Bruce Bublitz and Yehia Salama).

"Accounting for Multi-employer Pension Plans," Management Accounting (November 1983), pp. 71-74.

"The Changing Picture for Pension Accounting," The CPA Journal (April 1983), pp. 32-42.

"A Survey of Research on the Effects of Corporate Pension Plan Sponsorship: Implications for Accounting," The Journal of Accounting Literature, Vol. 1 (Fall 1982), pp. 1-33.

"An Analysis of the Multiemployer Pension Plan Amendments Act of 1980," The CPA Journal (December 1981), pp. 34-40 (with Thomas J. Frecka and Robert W. Jamison).

OTHER PUBLICATIONS

"Accounting for Postretirement Benefits," in Encyclopedia of Accounting, Blackwell Publishing (with Jan Barton).

"Discussion of Accounting Research and Accounting Standard Setting," The State of Accounting Research As We Enter the 1990's, The Board of Trustees of The University of Illinois, 1989, pp. 203-207.

"Overfunded Defined Benefit Pension Plan Terminations: Financing, Agency, and Tax Considerations," Accounting for Post-Employment Obligations, ed. James C. McKeown, University of Illinois (1987).

COMMISSIONED ACADEMIC REPORTS

"An Introduction to Statement of Financial Accounting Standards No. 87, Employers' Accounting for Pensions," 19 page outline prepared for and distributed by The American Accounting Association (Spring 1986).

"Response of The American Accounting Association Pension Subcommittee to An Exposure Draft of a Proposed Statement on Employers' Accounting for Pensions," (with James McKeown), American Accounting Association Response Series (Fall 1985).

"Response of The American Accounting Association Pension Subcommittee to the Preliminary Views of the FASB on Employers' Accounting for Pensions and Other Postemployment Benefits and the FASB Discussion Memorandum on Additional Issues 'Relating to Employers' Accounting for Pensions and Other Postemployment Benefits," (with James McKeown and Roy Imdieke), American Accounting Response Series (Fall 1983).

"Response of The American Accounting Association Pension Subcommittee to the FASB Discussion Memorandum on Employers' Accounting for Pension and Other Post-Retirement Benefits" (with James McKeown and Gerry Arnold), American Accounting Association Response Series (Fall 1981).

CHAPTERS IN BOOKS

Business in a Changing World, 4th Edition (William H. Cunningham, Ramon J. Aldag, and Mary S. Stone)

PUBLISHED BOOK REVIEWS

Financial Reporting by Private Companies: Analysis and Diagnosis, A. Rashad Abdel-Khalik, The Accounting Review (July 1985).

Illustrations and Analyses of Disclosures of Inflation Accounting Information, H. Goodman, F. C. Mann, A. Phillips, and M. Vasarhelyi, The Accounting Review (October 1982).

Fundamentals of Private Pensions, D.M. McGill and D.S. Grubbs, Jr., The Accounting Review (April 1981).

PROCEEDINGS & PRESENTATIONS

"Uncertainty and Accounting Education: Responses from the AAA," Plenary Speech, 48th Annual Meeting of the Southeast American Accounting Association, April 10, 1996.

"Change is the Only Constant," 28th Annual Seminar: Trends in the Education of Accountants, Virginia Polytechnic Institute & State University, Blacksburg, VA, October 26, 1995.

"The Competence and Independence of Corporate Audit Committees of Multinational Enterprises," The Fifth Accounting Theory and Practice Conference Program, Taipei, Taiwan, November 16, 1993.

"Factors Affecting the Purchase of Timely Reviews of Quarterly Data," AAA National Meeting, Washington, D.C., August 1992.

"Security Return Bias Associated with the Institutional Constraint on Share Prices," AAA National Meeting, Toronto, Canada, August 10, 1990.

"Sample Size Requirements for Logistic Regression," American Statistical Association, 148th Annual Meeting, New Orleans, August 22-25, 1988.

"Pension Plan Replacement Decisions," Southeast Doctoral Consortium, Knoxville, TN, April 1988.

"The Role of Education in Developing the Future Professional," AICPA Centennial Meeting, September 21, 1987 (New York, NY).

"Tobin's q Market Value Measurement of Leverage Ratios and Accounting Betas in the Assessment of Systematic Risk," (with David Cheng and C.F. Lee) presented at the annual meeting of The Financial Management Association, New York City, October 18, 1986.

"Disclosures Practices of Public Employee Retirement Systems" (with Walt Robbins) presented at the 1986 annual meeting of The Government Finance Officers' Association, Los Angeles, June 1986.

"The Economic Determinants of Overfunded Pension Plan Terminations," presented at The Conference on Accounting for Post Employment Obligations, University of Illinois, November 1985.

"The Impact of Changes in Leverage on Systematic Risk" Proceedings of The American Accounting Association Southeast Regional Meeting (April 1984).

"Understanding Multiemployer Pension Plans," Proceedings of The American Accounting Association Southeast Regional Meeting (1982).

"Regulation of the Advertisement of Professional Services: Implications for Accounting Standard Setting," (with R. Thomas Stone, Jr.), Collected Abstracts of The American Accounting Association Annual Meeting (1981).

"The Response of the Accounting Profession to ERISA: Implications for Accounting Research," Proceedings of The American Accounting Association Southeast Regional Meeting (1981).

REPRINTS

"Bethlehem Steel: Understanding Pension Fund Disclosures," in Selected Cases from Financial Accounting and Corporate Reporting, Third Edition, 1995 (with Ken Ferris).

"The Effect of Statement No. 87 on the Financial Reports of Early Adopters," Originally published in Accounting Horizons, Vol 2, No. 3 (September 1988). Reprinted in Readings and Notes on Financial Accounting: Issues and Controversies, 4th edition, eds. Zeff and Dharan, McGraw-Hill, 1993.

"The Pension Accounting Myth," Originally published in The Accounting Historians Journal (Fall 1984). Reprinted in the book Historical Perspectives of Selected Financial Accounting Topics.

"A Survey of Research on the Effects of Corporate Pension Plan Sponsorship: Implications for Accounting," Originally published in The Journal of Accounting Literature Vol I (Fall 1982). Reprinted in the Chartered Financial Analysts' (CFA Digest).

DIGESTS

"Pension Disclosure in the Public Sector: A Current Dilemma," Management Accounting Digest Service Management Accounting (July 1985) (with Walt Robbins): 68.

TEACHING

COURSES TAUGHT:

Accy 630 - Accounting Research Seminar II
Accy 620 - Accounting Research Seminar I
Accy 522 - Continuing Developments in Accounting Theory
Coordinated Accounting Research Workshop 1986-1987

Accy 201 - Principles of Accounting I
Accy 308 - Principles of Accounting I
Accy 309 - Principles of Accounting II
Accy 310 - Financial Accounting I
Accy 311 - Financial Accounting II
Accy 497 - Undergraduate Seminar, Professional Ethics and Auditing

Financial Accounting and Reporting section (ended spring 2000)

PROFESSIONAL ACTIVITIES

President-Elect, American Accounting Association
Member, AICPA Accounting Standards Executive Committee (1998-1999)
Chair, Joint AAA-AICPA Accounting Literature Award Selection Committee (1998-1999)
Chair, American Accounting Association/Deloitte & Touche Doctoral Consortium Planning Committee (1997-1998)
Member, American Accounting Association Nominating Committee (1997-1998)
Member, Joint AAA-AICPA Accounting Literature Award Selection Committee (1997-1998)
Member, American Accounting Association Finance Committee (1995-1996, 1996-1997)
Secretary-Treasurer, American Accounting Association (1994-1996)
Chair, American Accounting Association Finance Committee (1994-1996)
Chair, American Accounting Association, 1992-93 Outstanding Educator Committee
Vice-Chair, American Accounting Association, 1992 Annual Meeting Planning Committee
Chair, American Accounting Association, SEC Liaison Committee (1990-91)
Member, American Institute of Certified Public Accountants (AICPA)
Member, American Accounting Association (AAA)

Council, 1988-1989
SEC Liaison Committee, 1988-89
Annual Meeting Planning Committee, 1987-88

SCHOOL, COLLEGE, AND UNIVERSITY SERVICE

COMMITTEE ASSIGNMENTS AND SERVICE

Chair, C&B Promotion and Tenure Committee (1998-1999)
Alternate, University of Alabama Faculty Senate (1997)
Member, University of Alabama Provost Search Committee (1996)
Member, C&BA Faculty Executive Board (1992-93)
Member, Committee on University Plans (1991-1993)
Member, University Graduate Council (1991-1994)
Member, University Committee to Select Candidates for Rhodes, Truman, and Marshall Scholarships (1989-present)
Director Search Committee, Culverhouse School of Accountancy, Chairman (1990 - 1991)
C&BA Faculty Executive Board (1990-1991)
C&BA Tenure and Promotion Committee (1990-1991)
Ph.D., Ed.S., M.A. Committee, Chairman (1988-89)
Ernst & Whinney Professor Search Committee (1988-89)
Faculty Executive Board (1987-1988)
Dean's Planning Task Force (1986-1987)
School of Accountancy Director's Search Committee (1986-1987)
University Graduate Council (1986-1989)
Subcommittee to Review Graduate School (1986-1987)
Subcommittees on Student Research Grants and Scholarships (1986-1987)
University Academic Futurecasting Committee (1985-86)
Graduate Scholarship Committee(1985-86)
Ph.D., Ed.S., M.A. Committee (1985-86)
Chairman, Ph.D., Ed.S., M.A. Committee (1984-85)
School of Accountancy Ph.D. Advisory Committee (1983-84, 1985-86, 1986-87, 1987-88)
C&BA Undergraduate Programs Committee (1982-83)
Committee to Evaluate School of Accountancy (Maurice Newman, Chairman) (1983-1984)
Sponsor to Alpha Lambda Delta Freshman Honorary (1982-86)
Instructor in CPA Review Course

Ph.D. PROGRAM AND DISSERTATION COMMITTEES

Stan Davis
Jan Barton
Rick Turpin
Michele Matherly
Cynthia Sneed - co-recipient Outstanding Dissertation Award - Government and Not-for-Profit Section, American Accounting Association
Tim Forsyth
Paul Copley - recipient Outstanding Dissertation Award - Government and Not-for-Profit Section, American Accounting Association
David Culpepper
Claudia Kelley
Rick Turpen - recipient of C&BA Outstanding Dissertation Award (1987-88)
Sheree Ma
In Mu Haw - recipient of C&BA Outstanding Dissertation Award
Yehia Salama

DIRECTOR, GARNER CENTER FOR CURRENT ACCOUNTING ISSUES

Programs organized for 1991-1992 included:

SEC Update Workshop by George Diacont, SEC Associate Chief Accountant; Case Teaching Workshop by Bob Sack, Darden
School of University of Virginia

Presentations by Bill Kinney, University of Texas, Clyde Stickney, Dartmouth University

Programs organized for 1992-1993:

Workshop in Financial Reporting Issues by Jim Leisenring of the Financial Accounting Standards Board

EDITORIAL POSITIONS

Editorial Review Board, The Accounting Review (1989-1995), (1996-1999)
Editorial Review Board, Issues in Accounting Education (1995-1998)
Editorial Review Board, Journal of Accounting and Public Policy (1992-present)
Co-Editor, The Accounting Historians Journal (1985-1989)
Editorial Board, Accounting, Auditing, and Accountability (1988-1990)
Editorial Board, Advances in Accounting (1984-present)
Editorial Review Board, Journal of Accounting Education (1994-present)
Ad Hoc Reviewer, Contemporary Accounting Research (1990-present)
Ad Hoc Reviewer, The Journal of Accounting Research (1986-present)
Ad Hoc Reviewer, The Accounting Review (1984-1987)
Ad Hoc Reviewer, Journal of Research in Governmental and Non-profit Accounting (1984-87)
Ad Hoc Reviewer, Accounting Horizons (1990-present)
Ad Hoc Reviewer, Issues in Accounting Education (1989-present)
Ad Hoc Reviewer, Auditing: A Journal of Theory and Practice (1991-present)
Manuscript Committee of the South Birmingham Chapter National Association of Accountants (NAA) (1982-1984)

TO E-MAIL PROFESSOR STONE: mstone@cba.edu