Max Hewitt

Associate Professor of Accounting
Eller Fellow

McClelland Hall 301P
1130 E. Helen St.
P.O. Box 210108
Tucson, Arizona 85721-0108


Areas of Expertise

Forecasting and valuation implications of financial statement information
Implications of financial statement presentation
Investors’ reaction to disaggregated financial statement information
Max is an Associate Professor of Accounting in the Dhaliwal-Reidy School of Accountancy at the University of Arizona. He earned his Ph.D. from the University of Washington where his dissertation examined financial analysts’ fixation on earnings when they process financial statement information for forecasting purposes. Max’s research considers the information processing biases of financial analysts, investors, and managers when they make important judgments and decisions. This research has been presented at universities and conferences around the world, as well as being published in leading accounting journals, such as Contemporary Accounting Research, Review of Accounting Studies, and The Accounting Review. Max is also a Chartered Accountant and has earned masters degrees in both commerce and teaching. For over twenty years, he has taught a variety of accounting courses to undergraduate, masters, and doctoral students across the U.S. (University of Arizona, Indiana University, and University of Washington) and Australia (University of New South Wales and Macquarie University). Max’s colleagues and students have recognized him with awards for his teaching and he has also won the Arizona CPA Foundation for Education & Innovation Excellence in Teaching Award. Before entering academia, Max worked for several years as a financial advisor for PricewaterhouseCoopers in their corporate finance and recovery division.


  • ACCT 545 Introduction to Managerial Accounting (MBA)
  • ACCT 696A Introduction to Accounting Research (Doctoral)
  • ACCT 310 Cost and Managerial Accounting (Undergraduate)


  • Call, A. C., M. Hewitt, J. Watkins, and T. L. Yohn. 2021. Analysts’ annual earnings forecasts and changes to the I/B/E/S database. Review of Accounting Studies 26 (1): 1-36.
  • Hewitt, M., F. D. Hodge, and J. H. Pratt. 2020. Do shareholders assess managers’ use of accruals to manage earnings as a negative signal of trustworthiness even when its outcome serves shareholders’ interests? Contemporary Accounting Research 37 (4): 2058-2086.
  • Erickson, D., M. Hewitt, and L. A. Maines. 2017. Do investors perceive low risk when earnings are smooth relative to the volatility of operating cash flows? Discerning opportunity and incentive to report smooth earnings. The Accounting Review 92 (3): 137-154.
  • Call, A. C., M. Hewitt, T. Shevlin, and T. L. Yohn. 2016. Firm-specific estimates of differential persistence and their incremental usefulness for forecasting and valuation. The Accounting Review 91 (3): 811-833.
  • Hewitt, M., A. Tarca, and T. L. Yohn. 2015. The effect of measurement subjectivity classifications on analysts’ use of persistence classifications when forecasting earnings items. Contemporary Accounting Research 32 (3): 1000-1023.
  • Esplin, A., M. Hewitt, M. Plumlee, and T. L. Yohn. 2014. Disaggregating operating and financial activities: Implications for forecasts of profitability. Review of Accounting Studies 19 (1): 328-362.
  • Hewitt, M. 2009. Improving investors’ forecast accuracy when operating cash flows and accruals are differentially persistent. The Accounting Review 84 (6): 1913-1931.


  • Evening MBA Most Valuable Professor, Eller College of Management (2021, 2022, 2023)
  • Full-Time MBA Most Valuable Professor, Eller College of Management (2019, 2020, 2022, 2023)
  • Executive MBA Most Valuable Professor, Eller College of Management (2022, 2023)
  • Evening MBA Most Inspirational Professor, Eller College of Management (2023)
  • Full-Time MBA Most Inspiring Professor, Eller College of Management (2023)
  • Executive MBA Most Inspiring Professor, Eller College of Management (2023)
  • Sunlight Award – Women Who Shine, Eller College of Management (2023)
  • Excellence in Teaching Award, Arizona CPA Foundation for Education and Innovation (2022)
  • The Suzanne Cummins Faculty Engagement Award, Eller College of Management (2021)
  • Eller Fellowship, Eller College of Management (2020-present)
  • Most Valuable Professor (Graduate; Tenure-Track), School of Accountancy (2020)
  • Full-Time MBA Outstanding Faculty of the Year, Eller College of Management (2018)
  • Dean's Fellowship, Eller College of Management (2017-2020)
  • Undergraduate Faculty Member of the Year (Small Class), Eller College of Management (2015-2016)
  • Harry C. Sauvain Teaching Award, Kelley School of Business (2010-2011)
  • Trustees Teaching Award, Kelley School of Business (2008, 2010, 2012)
  • Ph.D. Program Teaching Award, Foster School of Business (2006)
  • National Winners (First Place), PwC xFAC Competition (with Andy Call and D. Shores) (2006)


  • PhD, University of Washington, 2007
  • Master of Commerce, University of New South Wales, 2003
  • Master of Teaching, University of Sydney, 2001
  • Bachelor of Economics, Macquarie University, 1999