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Victor L. Bernard
Regents' Proceedings 239

The Regents of the University of Michigan acknowledge
with profound sadness the death on November 14, 1995, of Victor
L. Bernard, the Price Waterhouse Professor of Accounting and
director of the Paton Accounting Center.

Professor Bernard was a model faculty member who was
among the most highly regarded researchers in his field as well as
an outstanding teacher. His combination of academic excellence,
approachability, and an unusual ability to communicate his
knowledge effectively placed him in high demand. He was
extremely generous in sharing his considerable knowledge and
insights and never disappointed the many students, faculty,
colleagues, and others from around the world who so frequently
called upon him. In one of many acknowledgments of his
extraordinary ability and character, Professor Bernard was the first
recipient, in 1994, of the business school's "Leadership in Teaching
Award," which recognized his contributions to students and to the
development of junior faculty members.

Professor Bernard's research was sometimes controversial
and always highly respected. His work had significant impact in
academia and business and provided his students with leading-edge
knowledge. Professor Bernard was considered an expert on the
savings and loan industry; he co-authored a book on the subject in
1989 and testified before Congress about the industry several
times. A controversial series of publications he researched and
wrote with a colleague documented a systematic inefficiency in the
stock market; his work continues to generate interest and study on Wall Street
and in academia. At the time of his death, Professor Bernard was
excited about his work in the area of fundamental analysis, a
method for company valuation on which he was breaking new
ground. The recently published textbook he co-authored, Business
Analysis and Valuation, provided state-of-the-art information on
this subject.

Professor Bernard won the American Institute of Certified
Public Accountants/American Accounting Association "Notable
Contribution to the Accounting Literature Award" twice, a rare
achievement. Another reflection of the esteem in which he was
held was his selection as research director and executive
committee member of the American Accounting Association. He
earned his Ph.D. degree from the University of Illinois in 1982 and
joined the Michigan faculty the same year. In just six years, he was
promoted to tenured full professor.

Despite enviable achievement in his work, Professor
Bernard's life was filled with other pursuits that were profoundly
important to him. He valued his work as a scout leader for his son
Lewis, 11, and he was proud to serve as a softball coach for
neighborhood girls when his daughter Marie, now 14, was
younger. And he considered scaling Mount Kilimanjaro to be one
of his greatest accomplishments.

Victor Bernard left behind a powerful legacy and set high
standards for the School of Business Administration and the
University. As we mourn the loss of this great scholar, teacher,
advisor, and friend, our condolences go to his companion, Dara
Faris; his former wife Maureen; his two children; his sisters,
Brenda Custis and Connie Bishop; and his parents, Glenn Lewis
and Erma S. Bernard.