Jarrad Harford

Jarrad Harford

Marion B. Ingersoll Professor of Finance
Chair, Department of Finance and Business Economics

PhD, University of Rochester, 1998
MS, Univeristy of Rochester, 1996
BS, Pennsylvania State University, 1993

Corporate Finance, Mergers and Acquisitions, Payout Policy, Corporate Governance

Positions Held
At the University of Washington since 2001
Assistant Professor of Finance, University of Oregon (1997–2001)

Current Research
“Mergers that Matter: The Value Impact of Economic Links”
“Financial Buyers vs. Strategic Buyers”
“Do Analysts Matter for Governance? Evidence from Natural Experiments”
“Corporate Financial Policies in Misvalued Credit Markets”

Honors and Awards
Undergraduate Professor of the Year in Finance (2005, 2010,2012)
Interfraternity / Panhellenic Council Teaching Excellence Award (2011, 2013)
William A. and Helen I. Fowler Endowment for Special Achievement in Finance (2009, 2013)
Dean's Faculty Research Award (2008)
ISMBA Excellence in Teaching Award (2006)
Wells Fargo Faculty Award for Undergraduate Teaching (2005)
Dean's Junior Faculty Research Award (2004)

Selected Publications
"Financial flexibility, risk management, and payout choice," with Alice Bonaime and Kristine Hankins, forthcoming, Review of Financial Studies
"Bonus-driven repurchases," with Yingmei Chen and Tianming Zhang, forthcoming, Journal of Financial and Quantitative Analysis
“The importance of industry links in merger waves,” with Kenneth Ahern, forthcoming, Journal of Finance
“Does the director labor market offer ex post settling-up for CEOs? The case of acquisitions,” with Rob Schonlau, Journal of Financial Economics, October 2013
“Bond Market Access and Investment,” with Vahap Uysal, forthcoming, Journal of Financial Economics
“Determinants of Cash Holdings: Evidence from Private Firms,” with Huasheng Gao and Kai Li, Journal of Financial Economics, September 2013
“Do private equity sponsor returns result from wealth transfers and short-termism? Evidence from a comprehensive sample of large buyouts and exit outcomes,” with Adam Kolasinski, forthcoming, Management Science
“Refinancing risk and cash holdings,” with Sandy Klasa and William Maxwell forthcoming, Journal of Finance
“The sources of value destruction in acquisitions by entrenched managers,” with Mark Humphery and Ronan Powell, Journal of Financial Economics, November 2012
"Institutional Cross-holdings and Their Effect on Acquisition Decisions," with D. Jenter and K. Li, Journal of Financial Economics, January 2011.
"Do Firms Have Leverage Targets: Evidence from acquisitions," with S. Klasa and N. Walcott, Journal of Financial Economics, July 2009. (Lead article)
"Corporate Governance and Firm Cash Holdings in the U.S.," with W. Maxwell and S. Mansi, Journal of Financial Economics, March 2008. (Lead article)
"Information Asymmetry, Information Dissemination and the Effect of Regulation FD on the Cost of Capital," with J. Duarte, X. Han and L. Young, Journal of Financial Economics, January 2008.
"Monitoring: Which Institutions Matter?" with X. Chen and K. Li, Journal of Financial Economics, November 2007. (Lead article)
"Decoupling Firm Performance and CEO Wealth: The Case of Acquiring CEOs," with Kai Li, Journal of Finance, April 2007.
"What drives merger waves?" Journal of Financial Economics, Vol. 77, No. 3, September 2005, pp. 529-560.
"Correlated order flow: Pervasiveness, sources, and pricing effects," with Aditya Kaul, Journal of Financial and Quantitative Analysis, Vol. 40, No. 1, March 2005, pp. 29-55.
"Takeover Bids and Target Directors' Incentives: Retention, Experience, and Settling-up," Journal of Financial Economics, Vol. 69, No. 1, July 2003, pp. 51-83.
"Managerial opportunism? Evidence from Directors' and Officers' Insurance Purchases," with J. Chalmers and L. Dann, Journal of Finance, Vol. 57, No. 2, April 2002, pp. 609-36.
"The Cash flow Permanence and Information Content of Dividend Increases vs. Repurchases," with Wayne Guay, Journal of Financial Economics, Vol. 57, No. 3, September 2000, pp. 385-415.
"Corporate Cash Reserves and Acquisitions," Journal of Finance, Vol. 54, No. 6, December 1999, pp. 1969-97.

Contact Information

Office:571 Paccar Hall

Mailing Address

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