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Department of Accounting Studies

+  Next Seminars

The information below is subject to change without notice


Friday 8 November 2019 (11:00am to 12:00pm EST)

Webinar - Discover the PhD in Accounting Studies
Click here to register or copy the following address in your browser

Offered by Samuel Sponem - Associate Professor, HEC Montreal & President elect - Canadian Academic Accounting Association (CAAA)

This webinar will be held in English.


Friday 18 October 2019 (10:00am to 11:30am)

The Role of Earnings Management via Real Activities and Accrual Management in PIPEs” co-authored with Troy Pollard

Katherine Gunny, Associate Professor at University of Colorado, Denver and Director of the MS Accounting Program


Private investment in public equity (PIPE) under Regulation D has played an increasingly important role in capital formation for U.S. listed firms. We study the role of earnings management around PIPE transactions and the relative use of real vs. accrual-based earnings management. It is unclear whether the documented earnings management strategies around public equity offerings (e.g., Cohen and Zarown 2010; Kothari et al. 2016) apply to private placements given the significant differences between the two ways to raise capital. PIPEs, relative to public offerings, have minimal registration requirements, more accredited investors, shorter completion times, and less external monitoring by the SEC, auditors, and analysts. We find firms engage in significantly more real earnings management relative to accrual-based earnings management in PIPE years compared to non-PPE years, however, overall earnings management is not different because the higher incidence of real earnings management is offset by a lower incidence of accrual-based earnings management. In addition, we find when PIPE investors have a strong incentive to monitor earnings management (i.e. when investors cannot price protect against stock price declines by shorting the PIPE stock), there is less real earnings management. Our results suggest PIPE investors are able to detect and prevent real earnings management when the benefits of monitoring outweigh the costs.


Salle Louis-Laberge, 1st floor, red section (South Elevator)
HEC Montréal, 3000, chemin de la Côte-Ste-Catherine, Montréal, H3T 2A7

For information

Zvi Singer 514-340-1847 
Eduardo Schiehll 514-340-6516
Caroline Lambert 514-340-7794 

Department of Accounting Sciences

3000, Cote-Ste-Catherine Road, Suite 5.468

Montreal (QC) H3T 2A7

Site français

+  Certificate

Certificate Programs Office

5255, Decelles Ave., 6th floor

Montreal QC H3T 2B1

  • Fax: (514) 340-5679
  • Office: 6.270 (secretariat)

+  Publications in 2017

BRIEGER, S., FRANCOEUR, Claude, WELZEL, C., BEN AMAR, W. (2017) Empowering Women: The Role of Emancipative Forces in Board Gender Diversity, Journal of Business Ethics, Forthcoming

CHATELAIN-PONROY, S., MIGNOT-GÉRARD, S., MUSSELIN, C. et SPONEM, Samuel. (2017). Is Commitment to Performance-based Management Compatible with Commitment to University “Publicness”? Academics’ Values in French Universities. Organization Studies, à paraître.


DAMBRIN, C. and LAMBERT, Caroline (2017) Beauty or not beauty: Making up the producer of popular culture, Management Accounting Research, 35: 35-46


FEDYK, Tatiana, SINGER, Zvi et SOLIMAN, M. (2017). The Sharpest Tool in the Shed: IPO Financial Statement Management of STEM vs. Non-STEM firms. Review of Accounting Studies, 22(4), 1541-1581.

FRANCOEUR, Claude, MELIS, A., GAIA, S. and ARESU, S. (2017) Green or Greed? An Alternative Look At CEO Compensation and Corporate Environmental Commitment, Journal of Business Ethics, 140(3), 439-453

FRANCOEUR, Claude, LABELLE, Réal, BALTI, S. and EL BOUZAIDI, S. (2017) To what extent do gender diverse boards enhance corporate social performance?, Journal of Business Ethics, Forthcoming


LE THIEULE, M.A., LAMBERT, Caroline et MORALES, J. (2017) Accompagner la mort, organiser la fin de vie Ethnographie d’un service de soins aigus de gériatrie Revue Française de Gestion, 262 (1): 105-121


SCHIEHLL, Eduardo, LEWELLYN, K. et MULLER-KAHLE, M. (2017). Pilot, Pivot and Advisory Boards: The Role of Governance Configurations in Innovation Commitment. Organization Studies

SINGER, Zvi, and ZHANG, J. (2017) Auditor Tenure and the Timeliness of Misstatement Discovery, The Accounting Review, Forthcoming




+  Publications in 2016

SPONEM, Samuel and LAMBERT, Caroline (2016) Exploring Differences in Budget Characteristics, Roles and Satisfaction: A Configurational Approach, Management Accounting Research, 30: 47–61

GARCIA-CASTRO, R., FRANCOEUR, Claude (2016) When More Is Not Better: Complementarities, Costs and Contingencies in Stakeholder, Strategic Management Journal, 37 (2): 406-424

+  Publications in 2015

HAZGUI, Mouna (2015) Dynamique de pouvoir dans l’espace régulatoire de l’audit légal en France, Comptabilité, Contrôle, Audit, 21 (1): 11-43

HAZGUI, Mouna and GENDRON, Y. (2015) "Blurred roles and elusive boundaries: On contemporary forms of oversight surrounding professional work", Accounting, Auditing & Accountability Journal, Vol. 28 Issue: 8, pp.1234-1262,

CARASCO, A., FRANCOEUR, Claude, LABELLE, Réal, LAFFARGA J. and RUIZ-BARBADILLO, E. (2015) Appointing women to boards: Is there a cultural bias?, Journal of Business Ethics, 129 (2): 429-444

MAZOUZ, B., ROUSSEAU, A. et SPONEM, Samuel (2015) Le gestionnaire public en question; La difficile conciliation des logiques bureaucratique et managériale, Revue Française de Gestion, 41(250):89-104

SPONEM, Samuel (2015) Introduction aux numéros spéciaux de la Revue Française de Gestion :

  • Vol 41, No 250 (Juin-Juillet); Le gestionnaire public en question : 1 Institution et organisation
  • Vol 41, No 251 (Août–Septembre); Le gestionnaire public en question : 2 Administration et instrumentation

GOSSELIN, M., HENRI, J.F. and LAURIN, Claude (2015) Costing Governmental Services in a Reformed Environment: Unreachable Goal or Unfinished Business?, Canadian Public Administration, Vol. 58 (3), Sept., pp. 384-405.

VINING, A.R., LAURIN, Claude and WEIMER, D.E. (2015) The Longer-Run Performance Effects of Agencification: Theory and Evidence from Quebec Agencies, Journal of Public Policy, Vol. 35 (2), Aug., pp. 193-222.

+  Publications in 2014

MARMOUSEZ, Sophie, FILIP, A., ANDRÉ, P. (2014) L'impact des normes IFRS sur la relation entre le conservatisme et l'efficacité des politiques d'investissement, Comptabilité Contrôle, Audit, Tome 20 (3) : 101-124

BOZEC, Yves, LAURIN, Claude and MEIER, I. (2014) The Relation between Excess Control and Cost of Capital under Different Law Regimes, International Journal of Managerial Finance, Vol. 10 (1), jan., pp. 93-114.

+  Publications in 2013

MORALES, J. and LAMBERT, Caroline (2013) Dirty work and the construction of identity An ethnographic study of management accounting practices, Accounting Organizations and Society, 38 (3): 228-244

BEN AMAR, W., FRANCOEUR, Claude, HAFSI, T. and LABELLE, Réal (2013) What Makes Better Boards? A Closer Look at Diversity and Ownership, British Journal of Management, 24 (1): 85-101

LE MAUX, Julien, SMAILI, N. and BEN AMAR, W. (2013) De la fraude en gestion à la gestion de la fraude, Revue Française de Gestion, 39/231: 73-85

MULLER-KAHLE, M. I., SCHIEHLL, Eduardo (2013) Gaining the ultimate power edge: Women in the dual role of CEO and Chair, Leadership Quarterly, 24 (5), 666-679

BOZEC, Yves, MEIER, I. and LAURIN, Claude (2013) Financial Flexibility and the Performance During the Recent Financial Crisis, International Journal of Commerce and Management, Vol. 23 (2), juin, pp. 2-22.

+  Publications in 2012

LAMBERT, Caroline and SPONEM, Samuel (2012) Roles, Authority and Involvement of the Management Accounting Function: A Multiple Case-study Perspective, European Accounting Review, 21 (3): 565-589


OZKAN, N., SINGER, Zvi and YOU, H. (2012) Mandatory IFRS Adoption and the Contractual Usefulness of Accounting Information in Executive Compensation, Journal of Accounting Research, 50 (4): 1077-1107


MALSCH, Bertrand, GENDRON, Y. and TREMBLAY, M.S. (2012) Sense making in Compensation Committees: A cultural theory perspective, Organization Studies, 33: 389-421


MARMOUSEZ, Sophie (2012) Étude d’une exception française : Les déterminants du choix de la composition du collège de commissaires aux comptes, Comptabilité, Contrôle, Audit, 1: 121-151


TESSIER, Sophie and OTLEY D. (2012) A conceptual development of Simons’ Levers of Control Framework, Management Accounting Research, 23 (3): 171-185

+  Officers of Teaching Programs

Bachelor's degree in Business Administration (BAA - CPA)

Graduate Diploma in Professional Accounting (DESS-CPA)

Postgraduate Diploma in Taxation (Master's degree in Law, tax option, Faculty of Law, University of Montreal)

Master of Science in Management (M.Sc.)

Doctorate (Ph.D.)

CPA Canada Professional Education Program (National CPA Program)

+  Certificate Team


  • Master of Education
  • Office: 6.434 (Decelles)
  • Téléphone : (514) 340-6389
  • Email:

Zoffirath DISSOU

  • Master of Education



+  Teaching Assistants 2018-2019


  • Office: 5.621
  • Telephone: (514) 340-6546
  • email :
  • Courses assigned: 1-901, 1901A, 1-902, 1902A, 2-905, 3-910, 3-911, MBA 


  • Office: 5.623
  • Telephone: (514) 340-5617
  • email :
  • Courses assigned: 1-901, 1-902, 2-905, 3-910, 3-911, MBA 


  • Office: 5.627
  • Telephone: (514) 340-6549
  • email :
  • Courses assigned: 1-901, 1-902, 2-900, 3-921, 3-930


  • Office: 5.629
  • Telephone: (514) 340-6547
  • email :
  • Courses assigned: 1-901, 1-902, 3-902, 3-916, 3-922, 3-925




  • To consult the teaching assistants, we ask you that you make an appointment.

  • For their availability, check their schedule that is posted on their doorstep.

  • The teaching assistants report to Marie-Eve Quenneville.

September 2018, mf

Department Head


Administration of programs


Senior Assistant


+  Administrative support


Office: 5.468

Activities Officers


Michèle ALLARD

Brigitte LEONARD

Chantal ROSA




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