Leeds School of Business

University of Colorado Boulder

Yonca Ertimur

Yonca Ertimur
EKS&H Faculty Fellow - Associate Professor • Accounting


Yonca Ertimur is an Associate Professor of Accounting at the Leeds School of Business at the University of Colorado. Yonca earned her PhD at New York University in 2003, her MBA at University of Rochester in 1998, and her BS in Business Administration at Bosphorus University in 1992. Prior to joining Leeds, Yonca was an Assistant Professor of Accounting at Duke University (2006 – 2012) and Stanford University (2003 – 2006).

Yonca Ertimur’s expertise is on the effectiveness of direct monitoring by shareholders in solving the governance problems that arise from the separation of ownership and control. Direct monitoring can take a variety of forms. Yonca’s research focuses on direct expressions of shareholder voice through non-binding governance related shareholder proposals, vote-no campaigns, and shareholder votes at the annual meeting. Yonca also conducts research on the production and disclosure of information by management and external information intermediaries. Yonca’s research has appeared in such publications as the Journal of Accounting Research, Review of Accounting Studies, and Review of Financial Studies.

Yonca currently teaches Financial Accounting, MBAC 6020, in the daytime and evening MBA programs at the Leeds School of Business.


Published Papers

Ertimur, Y., E. Sletten and J. Sunder. Forthcoming. Large Shareholders and Disclosure Strategies: Evidence from IPO Lockup Expirations. Journal of Accounting and Economics.

Ertimur, Y., F. Ferri and D. Oesch, Forthcoming. Does the Director Election System Matter? Evidence from Majority Voting. Review of Accounting Studies.

Ertimur, Y., F. Ferri and D. Oesch, Forthcoming. Shareholder Votes and Proxy Advisors: Evidence from Say on Pay. Journal of Accounting Research 51, 951-996.

Ertimur, Y., F. Ferri and D. Maber, 2012. Reputation Penalties for Poor Monitoring of Executive Pay: Evidence from Option Backdating. Journal of Financial Economics 104, 118-144.

Ertimur, Y., V. Muslu and F. Zhang, 2011. Why are Recommendations Optimistic? Evidence from Analysts’ Coverage Initiations. Review of Accounting Studies 16, 679-718.

Ertimur, Y., F. Ferri and V. Muslu, 2011. Shareholder Activism and CEO Pay. Review of Financial Studies 24(2), 535-592.

Ertimur, Y., W. J. Mayew and S. Stubben, 2011. Analyst Reputation and the Issuance of Disaggregated Earnings Forecasts to I/B/E/S. Review of Accounting Studies 16, 29-58.

Ertimur, Y., F. Ferri and S. Stubben, 2010. Board of Directors’ Responsiveness to Shareholders: Evidence from Shareholder Proposals. Journal of Corporate Finance 16, 53-72.

Ertimur, Y., J. Sunder and S. V. Sunder, 2007. Measure for Measure: The Relation between Forecast Accuracy and Recommendation Profitability of Analysts. Journal of Accounting Research 45, 567-606.

Ertimur, Y., J. Livnat and M. Martikainen, 2003. Differential Market Reactions to Revenue and Expense Surprises. Review of Accounting Studies 8, 185-211.

Ertimur, Y. and J. Livnat, 2002. Confirming or Conflicting Signals: Differential Returns for Growth and Value Companies. Journal of Portfolio Management 28, 45-56.

Published Discussions

Ertimur, Y., 2007. Discussion of How Disclosure Quality Affects the Level of Information Asymmetry. Review of Accounting Studies 12, 479-485.

Current Research

Effects of Customer Satisfaction on Earnings Components, Persistence and Shocks. September 2013. Manuscript (with A. Bordeman and B. Ertimur)

Abstract: Building on the literature at the marketing-accounting interface, this paper addresses three questions regarding the impact of customer satisfaction on firms: i) how does customer satisfaction manifest in profitability, with a focus on components of earnings, ii) what is the effect of customer satisfaction on earnings persistence, and iii) to what degree does customer satisfaction play a moderating role for earnings shocks. Using firm-level customer satisfaction scores from the American Customer Satisfaction Index, we demonstrate that firms with higher customer satisfaction generate higher earnings and this manifests through higher revenues. Also, firms with higher levels of customer satisfaction have, on average, more persistent earnings, revenue, and expense streams. Finally, the results show that customer satisfaction plays a cushioning (amplifying) role when there are negative (positive) shocks to earnings and that investors take this into account when they react to earnings news. This study contributes to our understanding of the relation between non-financial assets and firm value/profitability and demonstrates one mechanism through which higher customer satisfaction manifests in lower risk.

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