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11:00-12:15 pm Salon D
These experts will lay out the size of the problem, the risks involved, likely policy changes, and the implications of potential solutions for companies and state and local governments.
Dick Berner and Trevor Harris slides (PDF, 462 K)
Dallas Salisbury, President & CEO, Employee Benefit Research Institute, moderator
Richard Berner
Chief U.S. Economist
Morgan Stanley
Richard Berner is a Principal in Morgan Stanley's Equity Research Department,
and has responsibility for U.S. economic and financial research activities.
A native of Boston, Massachusetts, Mr. Berner received a bachelor of arts degree in economics from Harvard College, and a doctorate in economics from the University of Pennsylvania. He conducted dissertation research under SSRC-Ford Foundation grants at both the University of Louvain, Belgium, and at the University of Bologna, Italy.
Prior to joining Morgan Stanley, Mr. Berner was Executive Vice President and Chief Economist at Mellon Bank Corporation, and a member of Mellon Bank's Senior Management Committee. Previously, he served as a Principal and Senior Economist for Morgan Stanley and a Director and Senior Economist for Salomon Brothers. He has also served as Economist for Morgan Guaranty Trust Company, Director of the Washington, DC office of Wharton Econometrics and Economist for the Board of Governors of the Federal Reserve System. He has been an adjunct professor of economics at Carnegie-Mellon University and at George Washington University.
Mr. Berner is also a member of the Board of the National Association for Business Economics and a member of the Board of Advisors of Macroeconomic Advisers, LLC. He has been a member of the Economic Advisory Committee of the American Bankers Association, Chairman of the Economic Advisory Board of the Pennsylvania Bankers Association, a member of the Board of Directors and past President of the Economic Club of Pittsburgh, a member of the Advisory Board of the Center for Economic Development at Carnegie Mellon University's Heinz School, a member of the Board of Trustees of Sewickley Academy, and a member of the Finance Advisory Committee of the Quaker Valley School District. He has also served as a member of the Pennsylvania Legislative Joint Task Force on Exports.
Trevor Harris
Managing Director
Morgan Stanley
Trevor Harris is a Managing Director at Morgan Stanley who joined the firm
in mid-2000. He heads the global valuation and accounting policy team in
Equity Research. Mr. Harris began his work at Morgan Stanley in 1997 as a
consultant on global accounting and valuation issues, heading the Apples-to-Apples global
equity research project, and has continued to publish widely recognized research
on issues of valuation and accounting.
He is a Chartered Accountant (SA) and was a local manager with Arthur Andersen
before moving into academia in 1980. He is co-Director of Columbia's newly
formed Center for Excellence in Accounting and Security Analysis. He also serves
as a member of the Standards Advisory Council to the International Accounting
Standards Board, the User Advisory Council of the Financial Accounting Standards
Board, and the International Capital Markets Advisory Committee at the New
York Stock Exchange (NYSE).
Prior to joining Morgan Stanley, he assisted Daimler-Benz with their move
to US-GAAP and their listing on the NYSE and worked with several companies
in evaluating their accounting relative to International Accounting Standards
and US-GAAP. He provided consulting services on international accounting,
controllership and valuation issues to many large international corporations
as well as Salomon Brothers and their clients, Standard & Poors and TIAA/CREF's
investment group. He also served as the accounting and economics expert on
a team hired to evaluate the pricing and ratemaking structure of the US postal
service.
He earned his doctorate from the University of Washington and joined the faculty
at Columbia University in 1983. During his time at Columbia Business School he
was the Jerome A. Chazen Professor of International Business, Chair of the Accounting
Department, and won several teaching awards. He also spent a year as a visiting
professor at the University of Chicago.
He has published widely in the academic accounting literature. His research has focused on the value-relevance of accounting information with an additional focus on international issues. His publications include: Conflicts of Interest in the Financial Services Industry: What Should We Do About Them? (CEPR, 2003) with Andrew Crocket, Frederic Mishkin, and Eugene White, "The Share Price Effects of Dividend Taxes and Tax Imputation Credits" with G. Hubbard and D. Kemsley Journal of Public Economics (February 2001), International Accounting Standards versus U.S.-GAAP: Empirical Evidence Based on Case Studies (Southwestern Publishing Company, 1995), and "A Comparison of the Value-Relevance of U.S. Versus Non-U.S.-GAAP Accounting Using Form 20-F Reconciliations" with E. Amir and E. Venuti Journal of Accounting Research (Supplement 1993).
