Assistant Professor September 2009-April 2015 Robert J. Boutelier Endowed Faculty Scholar July 2012-June 2015

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1 Divya Anantharaman Associate Professor of Accounting Rutgers Business School Department of Accounting and Information Systems 1 Washington Park Room 916 Newark, NJ Phone: divyaa@rutgers.edu ACADEMIC POSITIONS HELD Rutgers Business School Associate Professor April 2015-Present Assistant Professor September 2009-April 2015 Robert J. Boutelier Endowed Faculty Scholar July 2012-June 2015 Indian School of Business July 2013 Visiting Scholar EDUCATION Columbia Business School, Columbia University Ph.D. in Business Administration October 2009 Oxford Brookes University, United Kingdom B.Sc. (Hons) in Applied Accounting, First Class June 2002 The Association of Chartered Certified Accountants, United Kingdom February 2003 Affiliate status RESEARCH Interests Pension accounting and finance Executive compensation Corporate governance Auditors Information intermediaries Refereed publications in Accounting 1. Anantharaman, Divya and Elizabeth Chuk. The economic consequences of accounting standards: Evidence from risk-taking in pension plans. The Accounting Review, forthcoming. 2. Anantharaman, Divya. The role of specialists in financial reporting: Evidence from pension accounting. Review of Accounting Studies, 22(3): Anantharaman, Divya, Jeffrey Pittman and Nader Wans State liability regimes in the U.S. and auditor reporting. The Accounting Review, 91 (6): Anantharaman, Divya Understanding the evolution of SFAS 141 and SFAS 142: An analysis of comment letters. Research in Accounting Regulation 27 (2):

2 5. Anantharaman, Divya Comparing self-regulation and statutory regulation: Evidence from the accounting profession. Accounting, Organizations and Society 37: Anantharaman, Divya, and Yuan Zhang Cover me: managers responses to changes in analyst coverage in the post-reg FD period. The Accounting Review 86 (6): Refereed publications in Finance 7. Anantharaman, Divya, and Yong Gyu Lee Managerial risk-taking incentives and corporate pension policy. Journal of Financial Economics 111: Profiled in Harvard Law School Corporate Governance Forum: 8. Anantharaman, Divya, Vivian Fang, and Guojin Gong Inside debt and the design of corporate debt contracts. Management Science 60 (5): Best Paper at the AAA Mid-Atlantic Regional Meeting, 2011 Cited in The Wall Street Journal article How to Fix Executive Compensation : Profiled in Harvard Law School Corporate Governance Forum: Cited in UK Big Innovation Centre s The Purposeful Company report Refereed book chapters 9. Anantharaman, Divya, and Vivian Fang Executive debt-like compensation. In Corporate Governance: Recent Developments and New Trends, Sabri Boubaker, Bang Dang Nguyen, and Duc Khuong Nguyen (eds.), Springer Press. Working papers 10. Auditor expertise and the quality of the SOX 404 audit, with Nader Wans 11. Stakeholders demand for conservative reporting: An exploration of accounting for pension liabilities, with Darren Henderson 12. Does social responsibility begin at home? The relation between firms pension policies and corporate social responsibility (CSR) activity, with Feng Gao and Hariom Manchiraju 13. Standards or incentives: What determines financial reporting transparency for defined-benefit pension assets? with Elizabeth Chuk 14. Private pension plan investments in alternative assets Determinants and Consequences, Boston College Center for Retirement Research working paper Profiled in PlanSponsor.com: Profiled in PlanAdvisor.com: Supported by the Boston College Center for Retirement Research s Sandell Grant (funded by the U.S. Social Security Administration) Data and paper solicited by U.S. General Accountability Office in preparing Report # Defined benefit pension plans: Recent developments highlight challenges of hedge fund and private equity investing 15. Regulatory scrutiny and the reporting of internal control deficiencies: Evidence from SEC comment letters, with Li He 2

3 16. PCAOB inspections and SEC comment letters, with Li He AWARDS AND GRANTS Best Paper Prize for Standards or incentives: What determines financial reporting transparency for defined-benefit pension assets? (with Elizabeth Chuk), Haskell & White Corporate Reporting & Governance Conference (2017) Rutgers Business School Junior Faculty Research Award (2014) Robert J. Boutelier Faculty Scholar Endowment, Department of Accounting and Information Systems of Rutgers Business School ( ) Best Paper Prize for Inside debt and the design of corporate debt contracts (with Vivian Fang and Guojin Gong), AAA Mid-Atlantic Meeting, from over 90 papers presented (2011) Boston College Center for Retirement Research & Social Security Administration s Sandell Grant ($25,000) for Pension plan investments in alternative assets (2010) Rutgers University Research Council Grants ($3,000) for projects on pensions (2010, 2014) Bronze Medal (Association of Chartered Certified Accountants, U.K.) for placing third worldwide in the final examinations (2003) Matthew Sykes Memorial Research Award (Oxford Brookes University) for the best Research & Analysis Project, from a pool of 110 graduates (2002) PEER-REVIEWED CONFERENCES ( # indicates presentations by coauthors) Standards or incentives: What determines financial reporting transparency for definedbenefit pension assets? o AAA Annual Meeting (2017) #, Haskell & White Corporate Reporting & Governance Conference, Irvine, CA # Does social responsibility begin at home? The relation between firms pension policies and corporate social responsibility o Wake Forest University s Conference on Corporate Social Responsibility (2016), AAA Annual Meeting # (2016) Regulatory scrutiny and the reporting of internal control deficiencies o First CQU-SWUFE Joint Accounting Research Conference # (2015), 7 th Workshop on Accounting and Regulation of EIASM # (European Institute for Advanced Studies in Management, 2016) The economic consequences of accounting standards: Evidence from risk-taking in pension plans : o Utah Winter Accounting Conference # (2015) Stakeholders demand for conservative reporting: Evidence from accounting for pension liabilities, previously titled Understanding pension liabilities: A closer examination of discount rates : o Canadian Academic Accounting Association Annual Meeting # (2015), AAA Annual Meeting # (2015) State Liability Regimes within the U.S. and auditor reporting : 3

4 o MIT Asia Conference in Accounting # (2014), AAA Annual Meeting # (2014), 20 th International Symposium on Audit Research (ISAR) at Maastricht University # (2014), Conference on Empirical Legal Studies (2013), AAA Auditing Midyear Meeting (2013), 20 th Annual Pacific Basin Finance, Economics, Accounting, and Management Conference (2012), CAAA Annual Meeting # (2013), AAA Annual Meeting # (2013) Auditor expertise and the quality of the SOX 404 audit : o AAA Annual Meeting # (2014), CAAA Annual Meeting # (2014), AAA Auditing Midyear Meeting # (2014), Journal of Accounting, Auditing, and Finance Annual Conference # (2016) The role of specialists in financial reporting: Evidence from pension accounting (previously circulated and presented as The role of actuaries in defined-benefit pension reporting and Actuarial independence, client importance, and pension assumptions ): o AAA Annual Meeting (2013), AAA 17 th Annual Ethics Research Symposium (2012), Indian Institute of Management India Finance Conference (2011), HKUST Accounting Research Symposium (2011), Conference on Financial Economics and Accounting (2011), AAA Mid-Atlantic Regional Meeting (2011), Midwest Finance Association Annual Meeting (2011), AAA FARS Midyear Meeting (2011) Inside debt and the design of corporate debt contracts (previously circulated and presented as Are executive pensions and other deferred compensation inside debt? Evidence from corporate private loan contracts ): o London Business School Accounting Symposium (2012), Indian Institute of Management India Finance Conference (2011), AAA Annual Meeting (2011), AAA Mid-Atlantic Regional Meeting (2011), Utah Winter Accounting Conference (2011), CAPANA Conference # (2011), Singapore International Conference on Finance # (2011), China International Conference on Finance # (2011) Managerial risk-taking incentives and corporate pension policy (previously circulated and presented as Governance and corporate pension policy ): o AAA Annual Meeting # (2011), Netspar International Pension Research Workshop at Tilburg University # (2011) Cover Me: Managers responses to decreases in analyst coverage : o AAA Northeast Regional Meeting (2008), AAA FARS Midyear Meeting (2009) Self-regulation versus statutory regulation: Evidence from the accounting profession (previously circulated and presented as How objective is peer review? Evidence from selfregulation of the accounting profession ): o AAA Auditing Midyear Meeting (2008), AAA Midwest Regional Meeting (2008) Pension plan investments in alternative assets : o AAA Northeast Regional Meeting (2008) INVITED TALKS 2013: Georgetown University, Columbia University 2012: University of North Carolina-Charlotte, Yeshiva University 4

5 2011: University of Michigan, University of Pennsylvania 2010: Temple University 2009: University of Pennsylvania, Penn State University, Rutgers, NYU, MIT, Yale, Harvard INVITED CONFERENCE DISCUSSIONS 2014: AAA Annual Meeting, Discussion of Investor sentiment and stock option vesting terms by Huang, Keskek, and Sanchez 2014: AAA Annual Meeting, Discussion of Inside debt use in CEO compensation by Cascino and Veenman 2012: AAA Annual Meeting Ethics Research Symposium, Discussion of Honoring one s word: CEO integrity and earnings quality by Dikolli, Mayew, and Steffen 2011: AAA Mid-Atlantic Meeting, Discussion of Reaching for the stars and stripes: How Canadian CEO compensation is approaching U.S. levels by Balsam, Fan, and Mawani 2011: Midwest Finance Association Annual Meeting, Discussion of Does a banking relationship help a firm on the syndicated loan market at a time of crisis? by Refait- Alexandre, Alexandre, and Bouaiss 2010: AAA Mid-Atlantic Meeting, Discussion of An analysis of the effectiveness of PCAOB inspections on the audit quality of triennial audit firms by Blankley, Kerr, and Wiggins 2007: London Business School Transatlantic Doctoral Consortium, Discussion of Do IFRS- UK GAAP reconciliations convey new information? by Christensen, Lee, and Walker DOCTORAL THESIS COMMITTEE MEMBERSHIP Rutgers Business School: o Yushi Wang (current Ph.D. student at Rutgers) o Lingyi Zheng (current Ph.D. student at Rutgers) o Jongkyum Kim (2016, currently at SUNY New Paltz) o Amal Al-Abbad (2015, currently at Iona College, New York) o Seokyoun Hwang (2015, currently at CUNY-Staten Island) o Li He (2015, currently at South-Western University of Finance and Economics, China) o Rebecca Bloch (2013, currently at Fairfield University) o David Chan (2012, currently at St. John s University) o Nader R. Wans (2012, currently at Memorial University of Newfoundland) Columbia University Graduate School of Business: o Oded Rozenbaum (2014, currently at George Washington University) o Meng Li (2013, currently at George Mason University) o Helen Hurwitz (2011, currently at St. Louis University) o Bugra N. Ozel (2010, currently at UCLA) Temple University Fox School of Business: o Tom Hsu (2013, currently at University of Louisiana) SERVICE TO THE PROFESSION 5

6 Referee work for journals in Accounting: Review of Accounting Studies, The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Contemporary Accounting Research, Accounting Horizons, Journal of Accounting, Auditing, and Finance, European Accounting Review, Review of Quantitative Finance and Accounting, Accounting and Business Research, Managerial Auditing Journal, Hong Kong University Research Grants Council Referee work for journals in Finance: Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Review of Finance, Financial Management, Journal of Banking and Finance, The Financial Review, Management Science Referee work for conferences: Conference on Financial Economics and Accounting 2017,CAAA Annual Meeting 2017, Conference on Financial Economics and Accounting 2015 (3 papers), AAA Annual Meeting 2016 (3 papers), 2015 (4 papers), 2014 (4 papers), 2013 (6 papers), 2011 (2 papers), AAA Auditing Section Midyear Meeting 2014 (2 papers),indian School of Business Annual Accounting Research Symposium 2013 (2 papers),aaa Annual Meeting 17 th Annual Ethics Research Symposium 2012 (2 papers),aaa FARS Section Midyear Meeting 2009 (1 paper) SERVICE TO POLICYMAKING AND PRACTICE Provided input to U.S. General Accountability Office on #12-324, Defined benefit pension plans: Recent developments highlight challenges of hedge fund and private equity investing TEACHING Cost Accounting, Rutgers Business School, Spring 2014, Spring 2016, Spring 2017 o 5 sections: 4.6/5 average teaching effectiveness rating PhD Seminar in Accounting Research, Rutgers Business School, Spring 2013, Spring 2016, Fall 2016 o 2 sections: 4.8/5 teaching effectiveness rating Introduction to Managerial Accounting, Rutgers Business School, Fall 2009-Spring 2013 o 13 Sections across 7 semesters: Average 60 students per section and 4.1/5 teaching effectiveness rating Financial Accounting, Columbia University School of Continuing Education, Summer 2008 PRIOR PROFESSIONAL EXPERIENCE Finance Manager, NIIT Education & Training Centre, Botswana May 2003 Aug 2004 Member of team that turned around Botswana s largest private education institute Developed a comprehensive management information system and internal controls for student registration and records, debtors and inventory management, and course logistics Designed incentive-based compensation structures for teachers and sales personnel 6