Daniel McCarthy Directory Page
Daniel McCarthy
Associate Professor
Ph.D., Statistics, Wharton School of Business, University of Pennsylvania
Daniel McCarthy is an Associate Professor of Marketing at the University of Maryland's Robert H. Smith School of Business. Dan popularized customer-based corporate valuation, a "bottom-up" approach to valuing firms by assessing the value of their customers. His other areas of research focus include data fusion, data privacy, missing data problems, machine learning, and causal inference.
Dan's research has been accepted and published in top-tier academic journals such as the Journal of Marketing Research, Marketing Science, Journal of Marketing, Journal of the American Statistical Association: Theory and Methods, and Annals of Applied Statistics. His work has also been featured in media outlets such as the Harvard Business Review, Wall Street Journal, FT, Fortune, The Economist, Inc, USA Today, Barron's, CBS, CNBC, Slate, Business Insider, and CFO Magazine. He has won numerous awards, including the Don Lehmann Award, Robert J. Lavidge Award, MSI Alden G. Clayton Award, ISMS Award, Shankar-Spiegel Award, Gary Lilien ISMS-MSI-EMAC Practice Prize; he was also a finalist for many others, including the Paul Green, John A. Howard/AMA, JM Hunt/Maynard, and MSI H. Paul Root Awards.
In 2015, Dan co-founded a predictive analytics company, Zodiac, where he served as the Chief Statistician. Zodiac was acquired by Nike in March 2018. Dan subsequently co-founded Theta to commercialize his work on customer-based corporate valuation.
Dan was as an Assistant Professor of Marketing at Emory University's Goizueta School of Business before joining University of Maryland. He holds a Ph.D. in Statistics from The Wharton School of the University of Pennsylvania. He also earned a BSc in Economics with a concentration in Statistics and Finance from The Wharton School and a BAS in Systems Science Engineering from the School of Engineering and Applied Science, as part of the Jerome Fisher Program in Management and Technology at the University of Pennsylvania.
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Academic Publications
Tracking-Based Advertising After Apple's App Tracking Transparency: Firm-Level Evidence and Policy Implications
TechREG CHRONICLE, November 2025
We discuss the impact of Apple’s App Tracking Transparency's (“ATT”) on targeted, online advertising. We overview the empirical results of Aridor, Che, Hollenbeck, Kaiser & McCarthy (2025) that measured the impact of ATT on e-commerce firms. The results point to a large reduction in the efficacy of targeted advertising and subsequently large revenue losses, borne primarily by smaller firms. We discuss the competition policy implications of this by highlighting the potentially anticompetitive implications of privacy measures implemented by private firms and the lack of substitutability between advertising networks, despite a large exogenous shock in the efficacy of Meta advertising.
Aridor, Guy: Assistant Professor of Marketing, Northwestern University
Hollenbeck, Brett: Associate Professor of Marketing, UCLA
McCarthy, Daniel: Associate Professor of Marketing, University of Maryland