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	MBA Update
	Overview
	Schedule

Time

6:00pm - Class Session
8:30pm - Discussion, Networking, Reception

Venue

Kellogg School of Management
Kellogg Chicago Campus
Wieboldt Hall
340 E. Superior Street
Chicago, IL 60611

Fee

$75 for Kellogg Alumni
$100 Guests of Kellogg

Kellogg MBA Update

Looking for Trouble in all the Right Places:
New Lessons for Managers, Executives and Investors from WorldCom and Their Buddies
February 18, 2004
Chicago, IL

Professor Thomas Lys
Gary A. Rosenberg Distinguished Prof of Real Estate Mngmt, Prof. of Acct Info & Mngmt

Many recent governance failures have centered around massive accounting frauds. From Enron to WorldCom, companies were able to hide their overstating of earnings and assets, and understating of liabilities for years. How was this possible? How could so many smart sophisticated investors be fooled? As a manager, executive or investor, how can you be alert to the warning signs in a company?

In this talk, we will revisit the basic accounting model from a forensic accounting perspective, identifying key areas where fraud may occur. Then, we will examine the tell-tale signs of accounting miss-statements and sleights of hand. Our analysis will focus on our understanding of the basics of the accounting model and the relationships among the accounts. For example, what is the basic relation between operating cash flows and operating income? What signals indicate there may be a fraud? Similarly, how do we spot channel stuffing by analyzing changes in sales, changes in accounts receivables, changes in allowances for bad debt, and changes in inventories.

This is an important opportunity to ensure that you are prepared as a manager, executive or investor to spot potential accounting frauds before they develop into major failures.

Detailed Information
Agenda:
6:00 - 8:30pm	Class Session: "Looking for Trouble in all the Right Places"
8:30 - 9:00pm	Discussion, Networking, Reception
Venue:
	Kellogg School of Management Kellogg Chicago Campus Wieboldt Hall 340 E. Superior Street Chicago, IL 60611
Attendees:
	Open to all interested Kellogg Alumni and guests.
Cost:
	$75 for Kellogg Alumni $100 Guests of Kellogg
Registration:
	Online registration is no longer available.
Featured Professor:
Professor Thomas Lys (Full profile page)	Professor Thomas Lys Gary A. Rosenberg Distinguished Prof of Real Estate Mngmt, Prof. of Acct Info & Mngmt Professor Lys’ research investigates the stock price consequences that result from alternate financial reporting standards, changes in capital structure, changes in the money supply, and from corporate disclosures. He is an editor of the Journal of Accounting and Economics and has served on the editorial board of the Accounting Review. He is a member of the American Accounting Association. His research has been published in prominent academic journals, including the Journal of Accounting and Economics, Journal of Financial Economics, Journal of Accounting Research, Journal of Business, and the Journal of Monetary Economics. In Kellogg’s MBA program, Professor Lys teaches courses in real estate finance, financial reporting, security analysis, and mergers and acquisitions. He co-teaches this course with a faculty member from Northwestern School of Law and the course is offered jointly to both business and law school students. In Kellogg's Executive Master's Program, Professor Lys conducts a course on financial reporting, a course on security analysis, and a course on behavioral finance integrating both the economic and the behavioral perspective of financial decision-making. He was awarded the Outstanding Professor of the Year Award, Executive Masters’ Program 32 (1996), 35 (1997), 38 (1998), 44 (2000), and 46 (2000), and the Sidney J. Levy Teaching Award, Master of MBA Program 1998-99. Professor Lys has consulted with Cox Communications, Ciba Chemical, General Electric, IBM, USX and Guidant Corporation. Professor Lys holds a Bachelor’s degree in Economics from the University of Bern, Switzerland, and a master and PhD in Accounting and Finance from the University of Rochester. Professor Lys is also the Director of the Guthrie Center for Real Estate Research.

©2001 Kellogg School of Management, Northwestern University