Janis Zaima, Ph.D.



I enjoy conducting empirical research that addresses practical questions. It has led me to investigate many topics over my career, including divestitures (or selloffs), stock repurchases, whisper numbers, economic value-added among others.”
Janis Zaima, Ph.D.

Contact Information

Office: 650.543.3709

Education Background

  • Ph.D., University of Washington, 1980
  • MBA, University of Washington, 1976
  • B.S., University of Washington, 1974

Biography / Academic Statement


Dr. Zaima taught at University of Colorado and San Jose State University prior to coming to Menlo College.  At University of Colorado she taught Investments and Corporate Finance at the undergraduate level and Investments in the MBA program.  Her teaching experience at San Jose State University included teaching at the MBA Apple program and MBA Cisco program as well as the general MBA and undergraduate programs.  At San Jose State she served on the Provost Budget Advisory Committee and the Student Union Board of Directors.  She also co-authored a book in its fourth edition, Contemporary Investments.  She also served as chair of the Department of Accounting and Finance and while in that position she established the Accounting Advisory Council which included the Big 4 and seven regional firms.  Also, in her capacity as chair she served as the Director of the Master of Science in Accountancy program at San Jose State University.

Her research work on whisper numbers has been cited in Business Week and CFO.com as well as an Italian paper, Le Corriere.

Dr. Zaima is an editor of the Review of Accounting and Finance, an academic journal, that publishes articles from authors globally, including U.S., Canada, U.K., Australia, France, Germany, Norway, Egypt, Korea,  China, among other countries.

Research Interests
  • Economic value-added
  • Whisper numbers
  • Stock repurchases

Professional Activities

Courses Taught
  • Principles of Managerial Accounting
  • Managerial Accounting
  • Corporate Financial Management
  • Cases in Corporate Management
  • Investments
Selected Publications
  • “An Empirical Examination of Negative Economic Value Added Firms”, International Journal of Business and Finance Research, Vol. 8, No. 1, 2014 (with S. Ivanov and K. Leong)
  • “Analysis of DJIA, S&P500, S&P400, NASDAQ100, and Russell 2000 ETFs and their Influence on Price Discovery”, Global Finance Journal, Vol. 24, Issue 3, 2013 (with S. Ivanov and F. Jones)
  • “The Association between Earnings Management Type and Stock Repurchases”, (with J. Cho and H. Jo), Journal of Business and Finance Research, Vol. 3, Issue 3, 2012.
  • “Analysis of the Effects of ESOP Adoption on the Company Cost of Capital”, (with S. Ivanov), Managerial Finance, Vol. 37, Issue 2, 2010.
  • “Information Content of Whispers Relative to Firm Size”, Managerial Finance, Vol. 35, Issue 7, 2009
Recent Presentations
  • “Analysis of EVA of Firms Added to the S&P500” recipient of the Best in Session Award, Global Conference on Business and Finance, January 2014 (with S. Ivanov and K. Leong)
  • “An Empirical Examination of Negative EVA Firms”, Fourth Annual Business Research Conference, June 2012 (with S. Ivanov and K. Leong)
  • “Negative EVA and Value: A Paradox?” , Financial Management Association Conference, October 2010 (with R. Fu and K. Leong)