Hervé STOLOWY

Professor

Accounting and Management Control

stolowy@hec.fr https://people.hec.edu/stolowy/
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Biography

Hervé Stolowy holds a Degree in Business Administration (ESCP Europe), a Master's degree in Law (University Paris-Val de Marne), a B.A. in Russian and American Studies (University Paris-Sorbonne), a Ph.D. in Financial Accounting (University Paris-Panthéon-Sorbonne) and an "Habilitation à diriger des recherches" ("Qualified Doctoral Dissertation Supervisor"). He is a certified "expert comptable" (French equivalent of a chartered accountant or certified public accountant).

He has authored and co-authored nine books (including "Financial Accounting and Reporting - A Global Perspective", Cengage, Andover, UK, 6th edition, 2020, in collaboration with Yuan Ding and Luc Paugam), chapters in 10 collective works and published over 70 articles in academic and applied journals (Abacus, Accounting Auditing & Accountability Journal, Accounting, Organizations and Society, Advances in International Accounting, Contemporary Accounting Research, Comptabilité - Contrôle - Audit, European Accounting Review, Finance - Contrôle - Stratégie, Journal of International Business Studies, The International Journal of Accounting, Issues in Accounting Education, Journal of Accounting and Public Policy, Les Echos, Review of Accounting and Finance, Revue de Droit Comptable, Revue Française de Comptabilité and Strategic Management Journal). His research and teaching interests span financial and international accounting, and focus more specifically on non-financial information, ESG reporting and performance, accounting fraud, accounts manipulation, whistleblowers, activist short sellers, intangibles, international accounting harmonization.

He is a member of the Association Francophone de Comptabilité (AFC), European Accounting Association (EAA), American Accounting Association (AAA), and Canadian Academic Accounting Association (CAAA).
He is past Editor of European Accounting Review, past president of AFC, past co-Editor of Comptabilité - Contrôle - Audit, past chair of the Standing Scientific Committee of the European Accounting Association.

Hervé Stolowy teaches financial accounting in the different graduate programs of HEC Paris:financial accounting and reporting (HEC-MBA Program, HEC Master of Science in Management - Grande Ecole and HEC EMBA).

Scientific articles

Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR visibility

Strategic Management Journal, September 2019, vol. 40, n° 9, pp 1471-1490, (in coll. with R. DURAND, L. PAUGAM)

Building the legitimacy of whistleblowers: A multi-case discourse analysis

Contemporary Accounting Research, Spring 2019, vol. 36, n° 1, pp 7-49, (in coll. with Y. GENDRON, J. MOLL, L. PAUGAM)

The expansion of non-financial reporting: an exploratory study

Accounting and Business Research, July 2018, vol. 48, n° 5, pp 525-548, (in coll. with L. PAUGAM)

Non-additivity in accounting valuation: Theory and applications

Abacus, September 2018, vol. 54, n° 3, pp 381-416, (in coll. with L. PAUGAM, Jean-François CASTA)

Media bias and the persistence of the expectation gap: An analysis of press articles on corporate fraud

Journal of Business Ethics, September 2017, vol. 144, n° 3, pp 637-659, (in coll. with J. COHEN, Y. DING, C. LESAGE)

The Effect of Business and Financial Market Cycles on Credit Ratings: Evidence from the Last Two Decades

Abacus, July 2017, vol. 53, n° 1, pp 59-93, (in coll. with G. LOBO, L. PAUGAM, P. ASTOLFI)

Letter from the Editor: Why Are Papers Desk Rejected at European Accounting Review? (note)

European Accounting Review, July 2017, vol. 26, n° 3, pp 411-418,

International evidence on the impact of adopting English as an external reporting language

Journal of International Business Studies, February 2015, vol. 46, n° 2, pp 180-205, (in coll. with T. JEANJEAN, M. ERKENS, T. YOHN)

Non-financial information: State of the art and research perspectives based on a bibliometric study

Comptabilité Contrôle Audit [Accounting Auditing Control], 3 February 2015, vol. 3, n° 21, pp 15-92, (in coll. with M. ERKENS, L. PAUGAM)

The construction of a trustworthy investment opportunity: Insights from the Madoff fraud

Contemporary Accounting Research, Summer 2014, vol. 31, n° 2, pp 354-397, (in coll. with R. Baker, T. Jeanjean, M. Messner)

Books

Financial Accounting and Reporting - a global perspective - 3rd edition

Cengage (in coll. with M. LEBAS, Y. DING )

Comptabilité financière de l'entreprise (J. Y. Eglem, H. Stolowy Eds)

Montchrestien - Gualino éditeur (in coll. with D. PHAM, C. GUERLAIN )

Comptabilité et analyse financière – Une perspective globale - 1ère édition

Editions De Boeck, Bruxelles (in coll. with M. LEBAS, Y. DING, G. LANGLOIS )

Financial Accounting and Reporting - a global perspective - 2nd edition

Thomson Learning, London (in coll. with M. LEBAS )

Comptabilité financière de l'entreprise (J. Y. Eglem, H. Stolowy Eds)

Montchrestien - Gualino éditeur (in coll. with C. GUERLAIN, D. PHAM )

Corporate Financial Reporting : A Global Perspective

Thomson Learning, London (in coll. with M. LEBAS )

Financial Accounting and Reporting - a global perspective - 1st edition

Cengage (in coll. with M. LEBAS, Y. DING )

Les mécanismes comptables de l'entreprise

Montchrestien - Gualino éditeur (in coll. with C. CAUVIN, Y. DING, D. PHAM, C. BONNIER, P. DELVAILLE, J. EGLEM, C. GUERLAIN, C. MAILLET, A. MIKOL, C. SIMON )

Controle de gestion - DECF épreuve n° 7 - cas pratiques corrigés

Gualino Editeur (in coll. with A. Mikol )

Cas pratiques de comptabilité analytique et contrôle de gestion

Dunod-Clet (in coll. with A. Mikol )

Chapters in edited books

Le bilan d'une nation selon la Banque Mondiale, IFRS et comptabilité environnementale

Comptabilité, Contrôle Et Société - Mélanges En L'Honneur Du Professeur Alain Burlaud, C. Hoarau, J. L. Malo, C. Simon (Eds), Foucher, Paris, 171-181

Compatibilité créative

Encyclopédie De Comptabilité, Contrôle De Gestion Et Audit, B. Colasse, Editions Economica, 187-207

Les analystes financiers contribuent-ils à la qualité de l'information financière ?

L'Art Du Management - Leadership, Performance, Développement Durable, B. Ramanantsoa (Ed.), Pearson Education France, Partie 2 - chap 2

La manipulation des comptes : motivations et pratiques

L'Art Du Management 3, HEC Paris, Dunod, 151-156

Manipulation of accounts

The Blackwell Encyclopedia Of Management, C. Clubb (ed.), Blackwell Publishing, 1: Accounting , 290-295

Le point de vue de Hervé Stolowy

Les Leçons D'Enron, M. A. Frison-Roche, Autrement, 163-167

Les documents de synthèse

Comptabilité Financière De L'Entreprise, J. Y. Eglem, H. Stolowy (Eds), Montchrestien - Gualino éditeur

Un cadre d'analyse : les tableaux de financement et de flux

Comptabilité Financière De L'Entreprise, J. Y. Eglem, H. Stolowy, Montchrestien - Gualino éditeur

Change in international accounting harmonisation: the French viewpoint

Informazione Societaria E Nuovi Processi Di Armonizzazione Internazionale - Alle Soglie Del Cambiamento, S. Zambon (Ed.), Il Mulino

A Integraçao da contabilidade geral, da contabilidade analitica e dos fluxos de tesouraria: uma resposta as necessidades das empresas, traduction de "L'intégration de la comptabilité générale, de la comptabilité analytique et des flux de trés

Questoes De Controlo E Gestao, RES Editore LDA, Lisbonne, chap. 10

Proceedings

L'intégration de la comptabilité générale, de la comptabilité analytique et des flux de trésorerie - une réponse aux besoins des entreprises

Actes du 18e congrès de l'Association Française de Comptabilité , 1998 (P. Touron)

The Definition of International Accounting Through Textbook Contents

Actes du 8th World Congress of the IAAER (cédérom) , 1997 , Paris

La comptabilité internationale : essai de définition sur la base d'ouvrages et de syllabus

Actes du 17e Congrès de l'Association Française de Comptabilité , 1996 , Valenciennes

Et si le SFAS 106 devenait applicable en France ou la comptabilisation des avantages autres que les retraites, consentis aux retraités

Actes du Congrès de l'Association Française de Comptabilité , 1993 , Toulouse

Working papers

Media Bias and the Persistence of the Expectation Gap: An Analysis of Press Articles on Corporate Fraud

Cahier de Recherche du Groupe HEC , 2015

Are auditors' duties concilable with Public Opinion?

Mimeo , 2011

Information, trust and the limits of intelligent accountability in investment decision making: Insights from the Madoff case

Cahier de Recherche du Groupe HEC , 2011

The Economic Consequences of Increasing the International Visibility of Financial Reports

Cahier de Recherche du Groupe HEC , 2011

An Experiment in the Economic Consequences of Additional Disclosure: The Case of the Fair Value of Unlisted Equity Investments

Mimeo , 2010

Determinants of board members' financial expertise - Empirical evidence from France

Cahier de Recherche du Groupe HEC , 2008

La publication d'une information financière non conforme à la loi et aux normes : déterminants et conséquences

Cahier de Recherche du Groupe HEC , 2008

The role of managers' attitude in corporate fraud: Extending auditing standards

Cahier de Recherche du Groupe HEC , 2008

The usefulness of disclosing both direct and indirect cash flows: An empirical study

Mimeo , 2008

Too much information kills the message: the case of the fair value of unlisted investments

Mimeo , 2008

Scientific articles

Competing for narrative authority in capital markets: Activist short sellers vs. financial analysts

Accounting, Organizations and Society, July 2022, vol. 100, n° 101334, (in coll. with L. PAUGAM, Y. GENDRON)

Disclosures about key value drivers in M&A announcement press releases: An exploratory study

Abacus, July 2022, vol. 58, n° 1, pp 62-104, (in coll. with A. FILIP, G. J. LOBO, L. PAUGAM)

Name and Shame: A Comparative and International Analysis of Whistleblowing Laws

Journal of Business Law, 2022, vol. 5, n° 2022, pp 357-382, (in coll. with N. STOLOWY)

Deploying narrative economics to understand financial market dynamics: an analysis of activist short sellers’ rhetoric

Contemporary Accounting Research, Fall 2021, vol. 38, n° 3, pp 1809-1848, (in coll. with L. PAUGAM, Y. GENDRON)

Books

Comptabilité et Analyse Financière - 4ème édition

De Boeck Supérieur (in coll. with Y. DING, G. LANGLOIS )

Financial Accounting and Reporting

South-Western Cengage Learning (in coll. with Y. DING )

(Cai wu bao gao yu fen xi: yi zhong guo ji hua shi ye), adaptation chinoise de Financial Accounting and Reporting - a global perspective

CEIBS Publishing (in coll. with Y. DING, M. LEBAS )

Comptabilité et analyse financière - 3ème édition

De Boeck Université, Bruxelles (in coll. with M. Lebas, G. Langlois )

Chapters in edited books

De la dénonciation à l’alerte éthique – Histoire et institutionnalisation du « whistleblowing » comme mode de contrôle social”

L'Histoire Comme Méthode Pour Comprendre Le Managment, Mathieu Floquet, Pierre Labardin, Yves Levant, Editions L'Harmattan, 123-136

IFRS and France: A Marriage of Convenience

Ifrs In A Global World: International And Critical Perspectives On Accounting - Essays In Honor Of Professor Jacques Richard, D. Bensadon and N. Praquin, Springer, New York, 247-261

Le format des états financiers : évolutions et réflexions

La Comptabilité En Action – Mélanges En L’honneur Du Professeur Geneviève Causse, Alain Burlaud, Arnaud Thauvron, Editions L'Harmattan, 129-159

La recherche sur les tableaux de flux : panorama, analyse et recherches futures

Comptabilité, Finance, Et Politique - Mélanges En L’honneur Du Professeur Christian Hoarau, A. Burlaud (Ed.), Experts-Comptables Services, 157-172

Proceedings

L'intégration de la comptabilité générale, de la comptabilité analytique et des flux de trésorerie - une réponse aux besoins des entreprises

Actes du 18e congrès de l'Association Française de Comptabilité , 1998 (P. Touron)

The Definition of International Accounting Through Textbook Contents

Actes du 8th World Congress of the IAAER (cédérom) , 1997 , Paris

La comptabilité internationale : essai de définition sur la base d'ouvrages et de syllabus

Actes du 17e Congrès de l'Association Française de Comptabilité , 1996 , Valenciennes

Et si le SFAS 106 devenait applicable en France ou la comptabilisation des avantages autres que les retraites, consentis aux retraités

Actes du Congrès de l'Association Française de Comptabilité , 1993 , Toulouse

Working papers

Deploying Narrative Economics to Understand Financial Market Dynamics: An Analysis of Activist Short Sellers’ Rhetoric

Cahier de Recherche du Groupe HEC , 2020

Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR Visibility

Cahier de Recherche du Groupe HEC , 2019

Building the Legitimacy of Whistleblowers: A Multi-Case Discourse Analysis

Cahier de Recherche du Groupe HEC , 2018

The Expansion of Non-Financial Reporting: An Exploratory Study

Cahier de Recherche du Groupe HEC , 2018

Education

  • Habilitation a diriger des recherches (Qualified Research Supervisor), Accounting, Université Paris - Est Créteil Val-de-Marne - France
  • Doctorat de sciences de gestion (Ph.D. in Financial Accounting), Université Paris I Panthéon Sorbonne - France
  • "Expert comptable degree" (French C.P.A.). Best dissertation award, _ - France
  • Maitrise de Droit Prive, Université Paris - Est Créteil Val-de-Marne - France
  • Diplome Grande Ecole (Master Degree in Management), Ecole Supérieure de Commerce de Paris - ESCP - France
  • B.A. in Russian and American Studies, Université Paris Sorbonne Lettres et Civilisations - France

Scientific Activities

Membership in Academic or Professional Organisation

  • Secretary-Treasurer, International Association for Accounting Education and Research
  • Member of the executive committee and treasurer of the French Accounting Association
  • Fellow of the Center for International Accounting Education and Research (CIAER), Niagara University, USA (2001-)
  • Member of the Centre de Recherche en Controle et en Comptabilite Internationale (CRECCI), IRGAE, Universite de Montesquieu Bordeaux IV (2002-)
  • Member of the executive committee, vice-president (2003-2007) and president (2007-2009) of the French Accounting Association
  • Member, Association Francophone de Comptabilite (AFC)
  • Member, American Accounting Association
  • Member, Association Canadienne des Professeurs de Comptabilite

Editorial activities

  • 2016-2019 Editor of The European Accounting Review

    • Conference organisation

  • 2014- Organisation de la 9ème Journée de formation en Méthodologie de la Recherche en Comptabilité - Contrôle – Audit
  • 2010-2013 Chairman of the Standing Scientific Committee of the European Accounting Association
  • 2006-2006 Organization of the Illinois International Accounting Symposium (The International Journal of Accounting), HEC (in collaboration with Yuan Ding and Thomas Jeanjean)
  • 2006-2006 Member of the scientific committee of the 29th EAA Annual Congress (Dublin)
  • 2005-2005 Member of the scientific committee of the 28th EAA Annual Congress (Göteborg)
  • 2003-2003 Member of the scientific committee of the 26th EAA Annual Congress (Sevilla)
  • 2002-2002 Member of the scientific committee of the 25th EAA Annual Congress (Copenhagen)
  • 1997-1997 Chairman of the Scientific Committee and member of the Organizing Committee of the IAAER 8th World Congress (International Association for Accounting Education and Research), Paris
  • 1994- Co-organization of the French Accounting Association symposium: Pédagogie en comptabilité et relations entre milieux académiques et professionnels - France / USA, ESCP.
  • 1989- Organization of the French Accounting Association seminar: Le tableau de financement à l'ère des réformes, ESCP

    • Awards & honors

    • 2021 2021 Pierre Vernimmen - BNP Paribas Teaching Award: Career Achievement Award for teaching excellence
    • 2017 2017 Award for Excellence in accounting 2017 in the category Academics, Autorite des normes comptables (ANC)
    • 2013 Best Paper Award: "Evidence on the impact of adopting English as an external reporting language and foreign investment, analyst following, and liquidity", American Accounting Association International Accounting Section 2013 Mid-year conference, 21-23 February (in coll. with M. Erkens, T. Jeanjean and T. Yohn)
    • 2005 Best Paper Award: "Differences between Domestic Accounting Standards and IAS: Measurement, Determinants and Implications", International Research Conference for Accounting Educators, Bordeaux
    • 2005 HEC Foundation award for the book: Corporate Financial Reporting: A Global Perspective, 2002, Thomson, London (in coll. with M. Lebas).
    • 2003 BNP Paribas Pierre Vernimmen Teaching Award
    • 1986 1986 - Best CPA Disssertation Award