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Susan Machuga

Prof Machuga

Professor of Accounting
Phone: 860-768-4184 Room 406E



AC 210
Financial Accounting

AC 211
Managerial Accounting

AC 321
Financial Reporting Theory II

AC 615
Financial Statement Analysis and Valuation

AC 715
Financial Reporting and Analysis

MBA 612
Accounting Concepts


Susan Machuga received her BS in accounting from Rider University in 1986. She became a CPA in 1989. Her work experience includes Ernst and Young, along with a local CPA firm and Aetna in Hartford CT.

She is an alumnus of University of Hartford receiving her MBA in 1991.

She earned her Ph.D. from UMASS in 1996 and has taught accounting at both the undergraduate and graduate level at University of MASS - Boston and CCSU.

Her research interest focuses on investigating how earnings are manipulated by management in both the US and internationally.

University of Massachusetts, Amherst, MA, Ph.D., 1996. Major field, accounting; Minor field, econometrics.                                                           University of Hartford, West Hartford, CT, MBA Taxation, 1991.          
Rider University, Lawrenceville, NJ, BS Accounting, 1986.

Research Interests: Research interest includes earnings manipulation in both the U.S. and internationally.

Selected Scholarship Books and Articles:
“Comovement of U.S. and Asian Equity Markets: Evidence from Asymmetric and Time-Varying Coefficients” (with Bharat Kolluri, and Mahmoud Wahab), Review of Pacific Basin Financial Markets and Policies, Forthcoming 2014.

“Do Earnings Lie? – A Case Demonstrating Legally-Permissible Manipulation of Corporate Net Income” (with James Bannister), Journal of Accounting and Finance, Forthcoming 2014.

"A Case Method Approach of Teaching How Cost-Volume-Profit Analysis is Connected to the Flexible Budgeting Process and Variance Analysis (with Carl Smith), Journal of Accounting and Finance, Forthcoming, 2014.

“Evidence of Earnings Management and Managers’ Choice of Actuarial Assumptions for the Accounting of Retiree Health Care Costs” (with Karen Teitel, and Ann Costello), Advances in Quantitative Analysis of Finance and Accounting, Vol. 11, 2013, pp.87-111).

“A Case Method to Teaching Cost-Volume-Profit Analysis” Journal of Accounting and Finance, Fall Issue, 2012.

“Performance and Asymmetric Co-movements of Asia-Pacific Equity Markets and U.S. Equities: Recent Evidence” (with Mahmoud Wahab), International Journal of Finance, Vol. 23, No 1, 2011.

“Explaining the Surprising Performance of Whisper Forecasts of Earnings” (with Karen Teitel, Ray Pfeiffer, and Eng Wu), Advances in Quantitative Analysis of Finance and Accounting, 2011.

“The Interaction of Audit Firm-Quality and the Mexican Code of Best Practices on Earnings Quality” (with Karen Teitel), Review of Business Research, June 2010.

“Board of Directors’ Characteristics and Earnings Quality Surrounding Implementation of the Corporate Governance Code in Mexico” (with Karen Teitel), Journal of International Accounting, Auditing and Taxation, Vol.18, 2009, January 2009.

"Whisper forecasts:  An Alternative Information Source for Advisors in Predicting Earnings-Per-Share and Stock Price Movement,” (with Ray Pfeiffer, Karen Teitel and Brian Boyer), Financial Advisor Magazine, June 2008.

Professional Activities:
Member of the American Accounting Association.
Member of Connecticut Society of Certified Public Accountants.                                                                 Member of American Institute of Certified Public Accountants.    
Certified Public Accountant in Connecticut.

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