Prof. GIFT, Michael Joseph Associate Professor of Accounting Associate Dean (Curriculum & Teaching) Faculty of Business Administration University of Macau Avenida Padre Tomás Pereira, Taipa, Macau, China.	Room: L407 Telephone: (853) 8397-4729 Fax: (853) 28838320 E-mail: MJGift@umac.mo
Academic Qualifications · Doctor of Philosophy (1983), University of Florida, Gainesville, FL. Major Field: Accounting, Minor Field: Finance. · M.B.A. (1976), B.S.-Business (1974), Shippensburg University, Shippensburg, PA. Professional Qualifications · Fellow Certified Practising Accountant (FCPA), CPA Australian.
Related Work Experience Academic: · 6/00 – 8/02 Contract teachings for several institutions including National University of Management, (Cambodia), Rangsit University, MBA program, (Thailand), Thammasat University, MPA program (Thailand), Chinese University, Department of Finance (Hong Kong) and Hong Kong University (SPACE) Accounting and Finance plus special programs with Hong Kong University and Fudan University in Shanghai, China. · 9/96-8/00 Associate Professor, Department of Accounting & Finance, Lingnan University, Tuen Mun, N.T., Hong Kong. · 8/92-7/96 Associate Professor of Accounting, Edwin L. Cox School of Business, Southern Methodist University, Dallas, Texas. · 9/95-1/96 Visiting Scholar, Department of Accounting & Finance, Lingnan University, Tuen Mun, N.T., Hong Kong. · 6/92-7/92 Visiting Associate Professor of Accounting, College of Business Administration, University of Texas at Austin, Austin, Texas. · 7/88-8/92 Associate Professor of Accounting, School of Accountancy, College of Business Administration, University of South Florida, Tampa, Florida. · 1/82‑6/88 Assistant Professor of Accounting, School of Business, Indiana University, Bloomington, Indiana. Non‑academic: · 1990-present Consultant to several clients on banking operations, product costing, quality control procedures, solid waste management issues, security concepts and other areas. · 3/80‑10/81 Financial and systems consultant to J. P. Schmitt and Assoc. (Risk Management), Gainesville FL. (Served as Vice‑President of Finance from 1/81 through 10/81.) · 6/79‑9/81 Systems consultant to the College of Engineering, University of Florida. · 6/74‑4/75 Staff Auditor, Arthur Andersen & Company, Hartford CT.
Teaching BBA Courses · Accounting for the Gaming Industry · Casino Finance · Casino Mathematics · Cost Accounting · Management Accounting · Management Control Systems · Principles of Accounting I and II MBA Courses · Corporate Financial Reporting (MBA)
Research Interests · Security Markets Research related to Earnings, Earnings Forecasts and Uncertainty · International Aspects of Business Ethics
Publications Journals and Conference Proceedings 1. “The Fundamental Determinants of Trading Volume Reaction to Financial Information: Evidence and Implications for Empirical Capital Market Research”, (with B. Ajinkya, R. Atiase and A. Dontoh), The Journal of Financial Research, forthcoming. 2. “Financial Market Reactions to Earnings Announcements and Earnings Forecast Revisions: Evidence from the U.S. and China” (with P. Gift and A. Yang), The International Journal of Business and Finance Research, Volume 4, Issue 2 (2010) 3. “An Analysis of Competitive Factors Influencing Casino Operations: Focus on Macau”, (With P. Gift), Proceedings of the 2005 Conference of the Asian Gaming Network (July, 2005) 4. "An International Comparison of Analysts’ Earnings Forecasts Accuracy", (with M. Firth), International Advances in Economic Research (February, 1999) 5. "Analyzing the Impact of Accounting Changes (Inventory) on the Accuracy and Dispersion of Analysts' Earnings Forecasts", (with S. Bhattacharya), Collected Papers of the Mid-Atlantic Region Annual Meeting, American Accounting Association (1992). 6. "Volume of Trading and the Dispersion in Financial Analysts' Earnings Forecasts", (with B. Ajinkya and R. Atiase), The Accounting Review (April 1991). 7. "Exploring the Deterrent effect of the Foreign Corrupt Practices Act", (with P. Ogan and Y. Mensah), Advances in Public Interest Accounting (1991). 8. "Differential Information and the Quality of Earnings Expectations", (with B. Ajinkya and R. Atiase) Collected Papers of the Thirty-ninth Annual Meeting, Southeast Region, American Accounting Association (1987). 9. "Dispersion of Financial Analysts' Earnings Forecasts and the (Option Model) Implied Standard Deviation of Stock Returns", (with B. Ajinkya) Journal of Finance (December, 1985). 10. "Corporate Managers' Earnings Forecasts and Symmetrical Adjustments of Market Expectations", (with B. Ajinkya) Journal of Accounting Research (Autumn, 1984). 11. "Voluntary Disclosure of Unfavorable Private Information: An Empirical Investigation", (with B. Ajinkya) Proceedings of the 1984 Canadian Academic Accounting Association (Concurrent Research Papers) (1984). Conference Presentations - Academic 1. “An Investigation of the Effects of Differences in Investor Prior Beliefs, Differential Interpretation and the Consensus Effect of Quarterly Earnings Signals and Volume of Trade", (with Bipin Ajinkya, Rowland Atiase and Alex Dontoh), 2010 American Accounting Association’s Annual Meeting. 2. “Heterogeneous Prior Beliefs, Differential Interpretation and the Consensus Effect of Quarterly Earnings Signals and Trading Volume”, (with Bipin Ajinkya, Rowland Atiase and Alex Dontoh), The 18^th Annual conference on Pacific Basin Finance, Economics, Accounting and Management, (July 2010, Beijing China) 3. “An Analysis of Competitive factors influencing Casino operations: Focus on Macau”, (With Paul Gift), 2005 Conference of the Asian Gaming Network (July, 2005) 4. "Country Specific Factors Affecting the Accuracy of Financial Analysts’ Forecasts of Earnings per Share", (with Michael Firth), 1999 International Symposium on Forecasting (June, 1999). 5. "The Impact of Country Risk Characteristics on the Accuracy of Analysts Earnings Forecasts", (with Michael Firth, 1998 Atlantic Economic Conference, Rome. 6. "Differential Interpretations of Quarterly Earnings Signals and Trading Volume", (with Bipin Ajinkya and Rowland Atiase), 1997 American Accounting Association’s Annual Meeting. 7. "An International Examination of the Accuracy of Analysts Earnings Forecasts",(with Rowland Atiase), 1997 Atlantic Economic Conference, London. 8. “An Investigation of A/B Share Price Behavior in the Chinese Securities Markets”, (With Michael Firth and Winnie Poon), 1996 Global Finance Conference (May, 1996) 9. "Differential Interpretations of Quarterly Earnings Signals and Trading Volume", (with B. Ajinkya and R. Atiase), 1996 Pacific Rim Business Conference (Taiwan, January 1996) 10. "Differential Interpretations of Quarterly Earnings Signals and Trading Volume", (with B. Ajinkya and R. Atiase), 1995 International Symposium on Forecasting (June, 1995). 11. "The Effect of Selected Macroeconomic Factors of the Accuracy of Financial Analysts' Forecasts of Corporate Earnings", (with K. Lanese), 1992 Southeast Regional AAA Meeting. 12. "The Ex-ante Dispersion of Analysts' Forecasts and the Incremental Prediction of Variance of Returns Around Earnings Announcements", (with B. Ajinkya), 1992 Southeast Regional AAA Meeting. 13. "Analyzing the Impact of Accounting Changes (Inventory) on the Accuracy and Dispersion of Analysts' Earnings Forecasts", (with S. Bhattacharya), 1992 Mid-Atlantic Regional AAA Meeting. 14. "Interim Earnings Announcements and the Dispersion of Financial Analysts' Earnings Forecasts", (with K. Yeaton), 1991 Northeast Regional AAA meeting. 15. "The Association Between Firm Characteristics and Involvement in Sensitive Payments", (with P. Ogan and Y. Mensah), The Second Annual Critical Perspectives Symposium: Ethics, Regulation, and Professionalism in Accounting (1991). 16. "The Incremental Contribution of Financial Analysts' Earnings Forecast Dispersion for Predicting the Future Variability (Riskiness) of Common Stock Returns", (with B. Ajinkya), 1989 AAA's Annual Meeting. 17. "Management Versus Analysts' Forecasts of EPS: Timing and Comparative Accuracy", (with T. Yohn), 1989 International Symposium on Forecasting. 18. "Is the Dispersion of Analysts' Forecasts Useful in Modeling the Riskiness of Equity Returns?", (included research with B. Ajinkya and G. Salamon), presented at the 1989 Earnings Expectation Research Forum: Linking Theory with Applications, a seminar sponsored by Lynch, Jones & Ryan for the Institutional Brokers Estimate System [I/B/E/S], (March, 1989) 19. "Volume of Trading and the Dispersion in Financial Analysts' Earnings Forecasts", (with B. Ajinkya and R. Atiase), 1987 AAA's Annual Meeting. 20. "Deterrent Effect of the Foreign Corrupt Practices Act and Characteristics of Firms Involved in Sensitive Payments", (with P. Ogan and Y. Mensah), 1987 AAA's Annual Meeting. 21. "The Incremental Contribution of Financial Analysts' Earnings Forecasts Dispersion for Predicting the Future Variability (Riskiness) of Common Stock Returns", (with B. Ajinkya), 1987 International Symposium on Forecasting. 22. "Management Earnings Forecast Information: Implications for Shifts in Earnings Expectations and Risk Perceptions", 1987 International Symposium on Forecasting. 23. "Differential Information and the Quality of Earnings Expectations", (with B. Ajinkya and R. Atiase), 1987 AAA Southeast Regional Meeting. 24. "Does Dispersion of Financial Analysts Forecasts Have Implications for the Variability of Stock Market Returns?", (with B. Ajinkya), The Practical Applications of Expectational Earnings Seminar, Lynch, Jones and Ryan/Institutional Brokers Estimate System [I/B/E/S], (Oct. 1986). 25. "Voluntary Disclosure of Unfavorable Private Information: An Empirical Investigation", (with B. Ajinkya), 1984 Annual Conference of the Canadian Academic Accounting Association. Presentations – Other 1. “Statistical Tools in the Management of Casinos”, 2007, Special Presentation to Chulalongkorn University, Faculty and Graduate Programs. Conducted at Chulalongkorn University. 2. “Casino Operations in Macau”, 2007, Special Presentation to Michigan State University, Hospitality Management, Asia Mission. Conducted at Sands, Macau; June 2007. 3. “Contemporary Research Approaches and the Study of Accounting and Finance Issues in Asia”, 1998, Business School Seminar, the University of the Philippines, Dillman. 4. “Contemporary Issues in Activity Based Costing and Strategic Cost Management”, 1997 Seminars in Accounting and Research Updates, De La Salle University, Manila, Philippines. 5. “Activity Based Costing and Strategic Cost Management” Executive Development Seminars prepared for Senior Financial Managers at Electronic Data Systems, Plano, TX, 1995 6. "Cost Allocations in Not-for-Profit Operations", presented at the 1993 Nonprofit Conference, May 1993, Dallas TX. (Sponsored by the Texas Society of Certified Public Accountants.) 7. "The Use of the Mead Data Central System (NAARS/LEXIS/EXCHANGE) at Indiana University", presented at the Trueblood Seminars, 1986 and 1987. 8. "The Use of Data Bases in Education", 1986 AAA's Annual Meeting, (panel presentation.) Projects and Working Papers 1. "An Investigation of the Relative Accuracy of Earnings Forecasts by Analysts and Management: A Test of the Analysts' Ability to Assess the Management Forecast Accuracy". 2. “An Analysis of Cross-Cultural Ethical Positions and Perceptions” (With P. Gift and Q. Zheng). 3. “Heterogeneous Prior Beliefs, Differential Interpretation and the Consensus Effect of Quarterly Earnings Signals and trading Volume", (with B. Ajinkya, R. Atiase, and A. Dontoh). 4. “An Empirical Investigation of the Impact of Transactions Costs on the Relationship between Heterogeneous Prior Beliefs, Differential Interpretation and the Consensus Effect with Trading Volume”, (with R. Atiase and A. Dontoh). 5. “An Analysis of Market Sophistication and the Price Response to Changing Earnings Forecasts”, (with P. Gift).
Services Prior Editorial/Review Responsibilities · Member of the Editorial Board of The Accounting Review for 1987-1989 (and ad hoc reviewer.) · Ad hoc reviewer for the Journal of Financial and Quantitative Analysis. · Ad hoc reviewer for the Journal of Accounting Literature. University Service (Selected) · Interim Dean (January 2008 to December 2009) · Associate Dean (October 2007 to January 2008) · Department Head, Accounting and Information Management (September 2006 to September 2007) · Academic Council (FBA) · Faculty Senate · Graduate Studies Committee (University and Faculty level) · Organizing Committee for the 2005 Conference of the Asian Gaming · Organizing Committee for the 2006 and 2010 World Business Ethics Forum Other Professional Service · Local Conference Chair, e-Case and e-Tech 2010, 2010 International Conference on e-Commerce, e-Administration, e-Society, e-Education and e-Technology, Macau SAR, 25-27 January 2010 · Frequent participant in external examinations and reviews for Hong Kong University and HK Polytechnic University (2001 through 2010) · Council member (96-99), Co-Chair for Fund Raising, and Organization Committee (97-98), Hong Kong Academic Accounting Association (Founding member) (1996-2000) · Education Committee Member, Financial Executives Institute, Dallas Chapter, (1993-1994). · Session Coordinator, International Forecasting Symposium, Pittsburgh, Pa., 1993. · Member of Academic Liaison Committee with the Institutional Brokers Estimate System (I/B/E/S) (Formerly associated with Lynch, Jones and Ryan). (1989 - 1991). · Member of the Doctoral Program Committee for 1991 meeting (American Accounting Association). · Member of the Technical Program Committee for the 1990 Southeast American Accounting Association Region Annual Meeting. · Session Coordinator, International Forecasting Symposium, Vancouver, B.C., 1989. · Faculty moderator and discussant for the Managerial Accounting Section of the Big Ten Doctoral Consortium, 1984 (Bloomington, IN). · Discussant for a session on the impact of FASB 33, National Convention of the American Accounting Association, 1984 (Toronto, ON).
Faculty of Business Administration University of Macau