Joshua Livnat, PhD, CPA, is a Senior Advisor to QMA. Previously, he was Head of Research for QMA, responsible for alpha and implementation research that may be applicable across markets and strategies. His primary research areas include capital markets, the effects of various accounting disclosures on stock prices, market anomalies, valuation issues, and ESG. Prior to joining QMA, Joshua was on the faculty of the New York University Stern School of Business, where he taught accounting and was Chairman of the department. Previously, he taught at Vanderbilt University, University of California, Berkeley, Northwestern University and Hebrew University in Jerusalem. Joshua co-authored the book “Cash Flow and Security Analysis” and has been published in many journals, including Journal of Accounting Research, Journal of Accounting & Economics, The Accounting Review, Journal of Finance, Journal of Portfolio Management and the Financial Analysts Journal. He earned a BS in both mathematics and statistics from Hebrew University and a PhD in accounting from New York University.