Lloyd John D. Tanlu

Doctoral Candidate, Accounting and Management

Soldiers Field

Boston, MA 02163

617.495.5883 / Cell 781.354.8189 / Fax 617.496.7363

ltanlu@hbs.edu

Education

Harvard Business School

DBA, Accounting and Management, June 2008 (Expected)

Brandeis University

MA, International Economics and Finance, May 1999

Ateneo de Manila University

Bachelor of Arts, Psychology, March 1995

Bachelor of Science, Management (Honors), March 1994

Magna Cum Laude; Candidate for Valedictorian

Dissertation

“Does the Adoption of Rolling Forecasts Improve Planning? An Empirical Investigation of the Consequences of Rolling Forecasts”

Abstract: This study investigates the effects of the adoption of rolling forecasts on forecast quality. Using quarterly regional product-line forecasted and realized sales data from several product lines of a multinational biotechnology supplier, I find evidence of improved forecast accuracy after the adoption of rolling forecasts, particularly for more profitable product lines. However, no improvement in forecast accuracy was documented for product lines that operated in environments exhibiting higher demand uncertainty. Furthermore, subsequent to the use of rolling forecasts, forecast errors (defined as the scaled difference between actual and forecasted results) became more negative, suggesting the mitigation of sandbagging behaviors in setting forecasts. The reduction in sandbagging is evident even for projections that are tied explicitly to compensation, suggesting that the rolling forecast process in itself can deter manipulation of forecasts. Furthermore, the reduction in sandbagging is driven largely by forecasts made for shorter horizons. Forecasts made for quarters that are further out (1) tend to have as much slack as projections made prior to the adoption of rolling forecasts, and (2) appear to be gradually walked upward over time. Finally, consistent with the findings in the literature on analyst forecasts, regularly updated rolling forecasts do not incorporate all information. Forecast revisions tend to be overly optimistic, reflecting a systematic overreaction to good news and underreaction to bad news.

Publications

“On the Timing of Dividend Initiations,” with L. Bulan and N. Subramanian, Financial Management 36 (2007), 31-65.

“Conflicts of Interest and the Case of Auditor Independence: Moral Seduction and Strategic Issue Cycling,” with D. Moore, P. Tetlock, and M. Bazerman, Academy of Management Review 31 (2006), 10-29. (Runner-up for 2007 Academy of Management Review Best Paper Award)

“Reports of Solving the Conflicts of Interest in Auditing Are Highly Exaggerated,” with M. Bazerman, D. Moore, and P. Tetlock, Academy of Management Review 31 (2006), 43-49.

Working Papers and Research in Progress

“The Unintended Consequences of Rolling Forecasts.”

“When Are Dividend Omissions Good News?” with L. Bulan and N. Subramanian.

“Running Out of Options? The Case for Restricted Stock,” with W. Wong.

“Conflict of Interest and the Unconscious Intrusion of Bias,” with D. Moore, G. Lowenstein, and M. Bazerman.

Presentations

“Does the Adoption of Rolling Forecasts Improve Planning? An Empirical Investigation of the Consequences of Rolling Forecasts.”

- AAA MAS Midyear Meeting, Long Beach, CA, January 2008. Received Outstanding Conference Paper Award.

- International Symposium on Forecasting, New York, NY, June 2007.

- London Business School Trans-Atlantic Doctoral Consortium, London, England, May 2007.

“When Are Dividend Omissions Good News?” (with Laarni Bulan and Narayanan Subramanian).

- Eastern Finance Association Conference, April 2006.

“Running Out of Options? The Case for Restricted Stock” (with Wan Wong).

- Midwest Finance Association Conference, March 2005.

“On the Timing of Dividend Initiations” (with Laarni Bulan and Narayanan Subramanian).

- Eastern Finance Association Conference, Groton, CT, April 2004.

- Midwest Finance Association Conference, Chicago, IL, March 2004. Received Best Paper Award in Corporate Finance.

Research Interests

Budgeting, Performance Measurement, Control Systems, Conflicts of Interest in Accounting.

Teaching Interests

Managerial Accounting, Cost Accounting, Financial Accounting, Financial Statement Analysis and Valuation.

Teaching

Hult International Business School

Faculty, January-October 2007

Financial and Managerial Accounting MBA Core; Financial Statement Analysis. Average evaluation: 4.83 (out of 5.00). Awarded Professor of the Year, 2007.

Boston University

Adjunct Lecturer, School of Management, Fall 2004-Spring 2005, Fall 2007

Financial and Managerial Accounting. Average evaluation: 4.77 (out of 5.00).

Harvard University

Teaching Fellow, Department of Economics, Spring 2005, 2006, 2007

Sophomore Tutorial: Financial Statement Analysis and Equity Valuation. Joseph R. Levenson Teaching Prize Nomination, 2005. Average evaluation: 4.92 (out of 5.00)

Brandeis University

Adjunct Professor, International Business School, January 2000 – May 2007

MBA: Accounting Principles I and II; Financial Statement Analysis; Managerial Accounting; Issues in Global Financial Reporting. Undergraduate: Introduction to Accounting and Statistics. Average evaluation: 4.71 (out of 5.00).

Harvard Business School

Teaching Assistant, August 2005

MBA Analytics Program; Introduction to Financial Statements and Financial Statement Analysis for research associates.

Ateneo de Manila University

Faculty, March 1994 – July 1997

Financial and Managerial Accounting; Corporate Finance; Financial Statement Analysis; Business Statistics. Average evaluation: 4.50 (out of 5.00).

Professional Experience

Brandeis University

Assistant Director, Budget and Planning, August 1999 – March 2002

Procter and Gamble, Philippines

Finance and Accounting Manager, April 1995 – July 1996