Bruce Miller

Profile photo of Bruce Miller
“There is a lot of merit to the Fed model. If the S&P 500 earnings-to-price ratio is greater than the yield on the 10-year treasury bond, you want to be in the stock market.”

Professor Emeritus, Accounting

Areas of Expertise

  • Employee Stock Options
  • Financial Accounting
  • Managerial Accounting
  • Pro Forma Earnings
  • Profitability Measures




Professor Bruce Miller’s expertise includes both financial and managerial accounting. His current research centers on the Fed model valuation methodology. He has studied valuation implications of the various components of earnings and the accounting return on equity.

Miller has served as the accounting department editor of Management Science and is on the editorial board of Journal of Accounting and Public Policy. He has published in a number of academic journals, including the Journal of Accounting Research, Journal of Accounting Public Policy, The Accounting Review, Econometrica, Journal of Economic Theory, Journal of Applied Probability and Management Science.

From 2005 to 2008 Miller was the director of undergraduate programs at UCLA Anderson. Before joining the UCLA Anderson faculty in 1984, he was on the faculty of UCLA’s School of Engineering and Applied Science. Prior to coming to UCLA, he worked for two years at the RAND Corporation in Santa Monica, taught for one year at the Center for Operations Research and Econometrics in Louvain, Belgium, and taught for one year in the business school at UC Berkeley. He passed the May 1979 CPA exam.



Ph.D. Operations Research, 1967, Stanford University

M.S. Statistics, 1965, Stanford University

B.S. Physical Science, 1962, Oklahoma State University


Published Papers

Wayne Landsman, Bruce Miller and Shu Yeh. (January 2011). Do Investors Understand Really Dirty Surplus?. The Accounting Review,

Joseph Chen and Bruce Miller. (October 2009). On the Relative Performance of Linear vs. Piecewise-Linear-Threshold Intertemporal Incentives. Management Science.,

Wayne Landsman, Bruce Miller, and Shu Yeh. (June 2007). Implications of Components of Income excluded from Pro forma Earnings for Future Profitability and Equity Valuation. Journal of Business Finance & Accounting,