Jonathan Karpoff

Jonathan M. Karpoff

Washington Mutual Endowed Chair in Innovation Professor of Finance


PhD, University of California, Los Angeles, 1982
MA, University of California, Los Angeles, 1980
BA, University of Alaska, 1978

Specialties
Corporate governance, corporate crime and punishment, corporate finance.

Positions Held
At the University of Washington since 1983
John M. Olin Visiting Professor at the University of Chicago (1998)
Visiting Alumni Professor of Finance at Emory University (2000-02)

Current Research
Corporate governance, corporate crime and punishment, corporate finance.

Honors and Awards
Best Paper Award, Financial Research Association Conference, for "Why Do IPO Firms Have Takeover Defenses?" (2011)
TMMBA Professor of the Quarter (Spring 2011)
Best Teacher Award, UW Technology Management MBA graduating class (2011)
TMMBA Professor of the Quarter (Spring 2010)
William F. Sharpe Award for Scholarship in Financial Research, awarded by the JFQA, for "The Cost to Firms of Cooking the Books" (July 2009)
Best Paper Award at the Conference on Corporate Governance and Fraud Prevention, for "Internal Governance, Earnings Management, and CEO Turnover" (June 2009)
Ron Crockett Award for Academic Excellence (2009)
Best paper award, CRSP Forum for “Do Short Sellers Detect Overpriced Firms? Evidence from SEC Enforcement Actions” (2008)
Q-Group grant for “Do Short Sellers Detect Overpriced Firms? Evidence from SEC Enforcement Actions,” (2008)
Best paper award, CRSP Forum, for “The Cost to Firms of Cooking the Books” (2006)
KPMG/Peat Marwick Ph.D Project – Finance Doctoral Students Association inaugural award for “Outstanding Service, Leadership, and Commitment to the Finance Profession,” (2005)
Griliches Prize in Empirical Economics awarded by the Journal of Political Economy (2003)


Academic Service
International Research Fellow at the Oxford University Centre for Corporate Reputation
Searle Civil Justice Institute Task Force on the Foreign Corrupt Practices Act
Financial Management Association:
   Board of Trustees (2008-present)
   President (2007-2008)
   Vice President-Program for the 2005 program
   Faculty Director (2002-2004)
Advisory Committee for the National Association of Corporate Directors, Seattle Chapter (2006-2011)
Director, CFO Forum (2004-2007)
Director of the Environmental Management Program (1991-93)
Managing Editor of the Journal of Financial and Quantitative Analysis (1989-2003)
Consulting Editor of the Journal of Financial and Quantitative Analysis (2003-2004)


Associate Editor for:

The Journal of Finance
Journal of Financial Economics
Journal of Financial and Quantitative Analysis
Management Science
Managerial and Decision Sciences
The North American Journal of Economics and Finance



Selected Publications
"Internal Corporate Governance, CEO  Turnover, and Earnings Management," with Sonali Hazarika and Rajarishi Nahata, Journal of Financial Economics, forthcoming.

“Short Sellers and Financial Misconduct,” with Xiaoxia Lou, Journal of Finance, Vol. 65 (5), October 2010, pp. 1879-1913.

“The Cost to Firms of Cooking the Books,” with D. Scott Lee and Gerald S. Martin, Journal of Financial and Quantitative Analysis, Vol. 43, September 2008, pp. 581-612.

“The Consequences to Managers for Financial Misrepresentation,” with D. Scott Lee and Gerald S. Martin, Journal of Financial Economics, Vol. 88, May 2008, pp. 193-215.

“The Determinants of Corporate Board Size and Composition: Empirical Evidence,” with Audra L. Boone, Laura Casares Field, and Charu G. Raheja, Journal of Financial Economics, Vol. 85, July 2007, pp. 66-101.

“The Operating Performance of Poison Pill Adopters,” with Morris G. Danielson, Journal of Corporate Finance, Vol. 12, June 2006, pp. 536-559.

"The Reputational Penalties for Environmental Violations: Empirical Evidence," with John R. Lott, Jr. and Eric Wehrly), Journal of Law and Economics, Vol. 68, October 2005, pp. 653-675.

"Takeover Defenses of IPO Firms," with Laura Casares Field, Journal of Finance, Vol. 57, No. 5, October 2002, pp. 1857-1889.

"Public Versus Private Initiative in Arctic Exploration: The Effects of Incentives and Organizaitonal Structure," Journal of Political Economy, Vol. 109, No. 1, February 2001, pp. 38-78. Winner of the prestigious Griliches Prize in Empirical Economics in 2003.

"Defense Procurement Fraud, and Contractor Influence", with D.S. Lee and V. Vendrzyk, Journal of Political Economy, Vol. 107, No. 4, August 1999, pp. 809-842.

"On the Determinants and Importance of Punitive Damages Awards," with John R. Lott, Jr., Journal of Law and Economics, Vol 62, No. 1, April 1999, pp. 527-573.

"Management Turnover and Corporate Changes Following the Revelation of Criminal Fraud," with A. Agrawal and J. Jaffe, Journal of Law and Economics, Vol. 62, No. 1, April 1999, pp. 309-342.

"Corporate Governance and Shareholder Initiatives: Empirical Evidence," with P. Malatesta and R. Walkling, Journal of Financial Economics, Vol. 42, No. 3, 1996, pp. 365-395.

"The Reputational Penalty Firms Bear for Committing Criminal Fraud," with J. R. Lott, Jr., Journal of Law and Economics, Vol. 36, No. 2, October 1993, pp. 757-802.

Selected Consulting Experience
Corporate governance, securities fraud, and natural resource valuation issues

Selected Presentations
Keynote, Conference on  Ethics, Fraud and Regulation, CFA Institute, Toronto (April 2012, scheduled)
Dodd-Frank Financial Reform Bill Conference, Seattle University (October 2010)
California Corporate Finance Conference (November 2009)
Intel Corporation training day (August 2009)
Keynote, Midwest Finance Association, Chicago (March 2009)
Public talk on the Economic Crisis, Seattle Town Hall (November 2008)
Keynote, Symposium on Reputational Penalties in Business Regulation, Rotterdam, Netherlands (June 2008)
Keynote, USF/NACD Conference on the Relationship of Value to Governance, Tampa, FL (April 2008)

Contact Information

Phone:206-685-4954
Fax:206-543-7472
Office:563 Paccar Hall
Email:karpoff@u.washington.edu
Web:http://faculty.washington.edu/karpoff

Mailing Address

Foster School of Business
University of Washington
Box 353226
Seattle, WA 98195-3226

Every firm seeks to create value. The structure of its financial claims and corporate governance rules affect its ability to succeed.