Faculty & Research

Elizabeth A. Demers

Elizabeth A. Demers, Associate Professor of Business Administration

  • BA, MAcc University of Waterloo (Canada); MS, PhD Stanford University
Office: FOB 269
Phone: +1-434-243-7689
E-mail: DemersE@darden.virginia.edu


Elizabeth Anne Demers is currently an Associate Professor and has held positions at the University of Michigan, INSEAD, and the University of Rochester. She has taught in graduate, executive, and professional programs in Canada, the US, Europe, Asia, Australia, and the Middle East, and she has presented her work at over 100 academic institutions, conferences, and invited practitioner forums around the world.

Elizabeth’s current research interests broadly relate to the use of accounting and non-financial information in making economic decisions about the firm. Her studies investigate IPO failure prediction, technology stock market bubbles, Internet stock valuations, the marketing role of IPOs, the influence of CEO career concerns on earnings management, and the relation between managerial linguistic properties and various stock performance metrics. Other research interests include corporate equity valuations and risk management activities in the property-casualty insurance industry, for which she was one of six winners of the KPMG/University of Illinois at Urbana-Champaign Competitive Manuscript Competition. Elizabeth’s research has been published in top peer reviewed journals such as The Journal of Accounting Research, The Journal of Financial Economics, The Review of Accounting Studies, and Contemporary Accounting Research, and she has also been quoted or cited in leading popular press outlets such as Fortune, Forbes, The Industry Standard, eCompany, Money, and The Economist.

Elizabeth is on the editorial board of The Journal of Business Finance & Accounting, The Journal of International Accounting Research, and Accounting & Finance, and has served as an ad hoc referee for more than 50 scholarly journals and conferences.

Elizabeth holds an M.S. in Statistics and a PhD in Business Administration, both from Stanford University, as well as B.A. and Masters of Accounting degrees from the University of Waterloo (Ontario, Canada). Before pursuing her PhD, Demers practiced as a Chartered Accountant specializing in business valuations and litigation accounting. Demers' ongoing consulting activities include the analysis of financial statements and accounting red flag reviews for hedge funds and other investment managers, litigation support for the quantification of economic damages in accounting fraud and high tech industry cases, and academic research and teaching presentations to executives and finance practitioners.


Initial public offerings (IPOs)
Textual analysis
Non-financial performance measures
Critical accounting analysis and "red flag reviews"

MBA Courses

First Year Accounting
Accounting for Managers, EMBA & GEMBA


Peer-Reviewed Accounting & Finance Publications

A Rude Awakening: Internet Shakeout in 2000(with Baruch Lev), 2001, Review of Accounting Studies, Vol. 6, No. 2/3 (June/September): 331-359.

The Marketing Role of IPOs: Evidence from Internet Stocks(with Katharina Lewellen),2003, Journal of Financial Economics, Vol. 68, No. 3 (June): 413-437. 
 - Abbreviated version reproduced in Betriebswirtschaftliche Forschung und Praxis, Vol. 58, No. 5 (October 2006): 468-480.

IPO Failure Risk (with Philip Joos), 2007, Journal of Accounting Research, Vol. 45, No. 2 (May):333-371

The Juxtaposition of Social Surveillance Controls with Traditional Organizational Design Components (with Margaret Shackell and Sally Widener), 2008, Contemporary Accounting Research, Vol. 25, n°2 (Summer): 605-638. Study funded by CIMA.

The Relevance of Accounting Information in a Stock Market Bubble: Evidence from Internet IPOs (with Neil Bhattacharya and Philip Joos), 2010, Journal of Business Finance & Accounting, Vol. 37 (3) & (4), 291-321, (April-May 2010).

Invited Published Discussions:

Discussion of "High Technology Intangibles and Analysts' Forecasts",2002, Journal of Accounting Research, Vol. 40, No. 2 (May): 313-319.

Discussion of "Biases in Multi-Year Management Financial Forecasts: Evidence from Private Venture-Backed U.S. Companies", 2007, Review of Accounting Studies, Vol 12, n°2/3 (September): 217-225.

Other Invited Publications:

Linguistic Certainty in Managerial Announcements (with Julia Yu), 2013, in The Handbook of Institutional Language, ed. Roderick Hart, IGI-GlobalPress, forthcoming. 

Late Afternoon Earnings Calls Can Hurt a Stock, 2013, Harvard Business Review, forthcoming.

Professional Publications

The Value Drivers of Internet Stocks Before and After the Bursting of the Bubble, TIAA-CREF Investment Forum, March 2001.  

Is That Fair?CMA Magazine, January/February 1999, p. 8-9.

Other Peer-Reviewed Publications

Alterations in Airway Inflammation and Lung Function During Corticosteroid Therapy for Atopic Asthma (with J. L. Faul, C. M. Burke, and L. W. Poulter), 2002, Chest, Vol 121, n°5 (May): 1414-1420.

The Reproducibility of Repeat measures of Airway Inflammation in Stable Atopic Asthma(with J.L. Faul, C.M. Burke, and L.W. Poulter), 1999, American Journal of Respiratory and Critical Care Medicine, Vol. 160, n°5 (November): 1457-1461.


Equity Valuation and The Determinants of Equity Risk in the Property-Casualty Insurance Industry, PhD Dissertation, Stanford University, 2000 (one of six winners of the KPMG & UIUC Competitive Manuscript Competition on Reporting Risk).