Susan Machuga

Affiliated Expert

Associate Professor of Accounting, University of Hartford 




View CV (pdf)



Ph.D., University of Massachusetts, Amherst, MA, 1996

MBA, University of Hartford, 1991

B.S., Rider University, 1986

Research/Teaching Interests:

Financial Accounting, Financial Reporting, Financial Statements Analysis and valuation, Managerial Accounting and Control.


Selected Publications:

"Co-movements of U.S. and Asian Equity Markets: Evidence from Asymmetric and Time-Varying Coefficients", (with Profs. Bharat Kolluri and Mahmoud Wahab), Review of Pacific Basin Financial Markets and Policies, Forthcoming 2013.

"Evidence of Earnings Management and Managers' Choice of Actuarial Assumptions for the Accounting of Retiree Health Care Costs", (with Profs. Karen Teitel and Ann Costello), Advances in Quantitative Analysis of Finance and Accounting, Forthcoming 2013.

"Do Earnings Lie? - A Case Demonstrating Legally-Permissible Manipulation of Corporate Net Income", (with Prof. James Bannister), Journal of Accounting and Finance, Forthcoming 2013.

"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 Prof. Mahmoud Wahab), International Journal of Finance, Vol. 23, 2011.

"Explaining the Surprising Performance of Whisper Forecasts of Earnings" with Karen Tietel, 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 Director's 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.


"The Effects of the Mexican Corporate Governance Code on Quality of Earnings and its Components," with Karen Teitel.  Journal of International Accounting Research, 2007.


"The Impact of Generating Initial Hypothesis Sets of Different Sizes on the Quality of the Initial Set, and the Resulting time Efficiency and Final Judgment Accuracy," with Sudip Bhattacharjee.  International Journal of Auditing 8:49-65, 2004.


"Earnings Management Surrounding Top Executive Turnover in Japanese Firms," with Miranda Detzler. Review of Pacific Basin Financial Markets and Policies, December 2002.


"Economic Value AddedTM, Future Accounting Earnings and Financial Analysts' Forecasts," with Ray Pfeiffer and Kiran Verma. Review of Quantitative Finance and Accounting, 2002.


"Use of Fuller's Technique to Reduce Measurement Error in the Returns/Earnings Relation."  Review of Quantitative Finance and Accounting, May 2000.


"Measurement Error and Simultaneity in the Returns-Earnings Relation."  with Ray Pfeiffer and Bernard Morzuch.  Advances in Quantitative Analysis of Finance and Accounting, July 2000.


"A comparison of Financial-Statement-Analysis-Based and Price-Based Earnings Forecasts." with Ray Pfeiffer.  The Journal of Business and Economic Studies, Spring 2000.


Academic and Professional Activities:

Member of the American Accounting Association.

Director, Northeast Region, Teaching and Curriculum Section of the American Accounting Association (2002-2003)

Member of Connecticut Society of Certified Public Accountants. 

Member of the Relations with Secondary Schools Committee (1996 to 2004).

Chair of the of the Accounting Educators Committee 2004-2005 (member since 1999).

Chair, CAFÉ (Connecticut Accounting Forum of Educators) 2003.

Member of American Institute of Certified Public Accountants (Including AICPA on-campus champion).

Certified Public Accountant in Connecticut.



Received the Best Manuscript Award from the International Accounting Section of the American Accounting Association in 2007.

2008 Graduate Research/Creativity Symposium paper presentation at University of Hartford.

2007 Barney International Studies Committee Grant