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.
Jonathan M. Karpoff
- Professor of Finance and Business Economics Washington Mutual Endowed Chair in Innovation
Education
- PhD University of California, Los Angeles (1982)
- MA University of California, Los Angeles (1980)
- BA University of Alaska (1978)
Academic Expertise
- business valuation
- corporate finance
- corporate governance
Current Research
- 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, 2000-2002
Selected Publications
- “The Lifecycle Effects of Firm Takeover Defenses“Journal Article:Johnson, W. C., Karpoff, J., & Yi, S., (2022). Review of Financial Studies, Vol. 36(5), pp. 2879-2927.
- “SEC should mandate ESG disclosure limited to matters that directly affect the firm’s cash flows“Journal Article:Karpoff, J., Litan, R., Schrand, C., & Weil, R., (2022). Financial Analysts Journal, Vol. 78(2), pp. 9-18.
- “The Tragedy of ‘The Tragedy of the Commons’ – Hardin vs. the Property Rights Theorists“Journal Article:Karpoff, J., (2022). Journal of Law and Economics, Vol. 65(S1), pp. 65-84.
- “Shareholder Perks, Ownership Structure, and Firm Value“Journal Article:Kaproff, J., Schonlau, R. J., & Suzuki, K., (2021). Review of Financial Studies, Vol. 34(2), pp. 5676-5722.
- “The Trust Triangle: Laws, Reputation, and Culture in Empirical Finance Research“Journal Article:Karpoff, J., Dupont, Q., (2020). Journal of Business Ethics, Vol. 163(2), pp. 217-238.
- “Financial Reporting Fraud and Other Forms of Misconduct: A Multidisciplinary Review of the Literature“Journal Article:Karpoff, J., Amiran, D., Bozanic, Z., Cox, J., Dupont, Q., Sloan, R., (2018). Review of Accounting Studies, Vol. 23(2), pp. 732-783.
- “Institutional and Legal Context in Nagtural Experiments: The Case of State Antitakeover Laws“Journal Article:Karpoff, J. M., & Wittry, M., (2018). The Journal of Finance, Vol. 73(2), pp. 657-714.
- “Do Takeover Defense Indices Measure Takeover Deterrence?“Journal Article:Karpoff, J. M., Schonlau, R., & Wehrly, E., (2017). The Review of Financial Studies, Vol. 30(7), pp. 2359-2412.
- “Proxies and Databases in Financial Misconduct Research“Journal Article:Karpoff, J., Koester, A., Lee, D. S., & Martin, G. S., (2017). The Accounting Review, Vol. 92(6), pp. 129-163.
- “Thirty Years of Shareholder Activism: A Survey of Empirical Research“Journal Article:Denes, R., Karpoff, J. M., & McWilliams, V. B., (2017). Journal of Corporate Finance, Vol. 44, pp. 405-424.
- “Short Selling and Earnings Management: A Controlled Experiment“Journal Article:Fang, V., Huang, A., & Karpoff, J. M., (2016). Journal of Finance, Vol. 71(3), pp. 1251-1294.
- “The Bonding Hypothesis of Takeover Defenses“Journal Article:Johnson, W., Karpoff, J. M., & Yi, S., (2015). Journal of Financial Economics, Vol. 117(2), pp. 307-332.
- “Evidence of Optimal Contracting: Lockup Agreements in Seasoned Equity Offerings“Journal Article:Karpoff, J. M., Lee, G., & Masulis, R., (2013). Journal of Financial Economics, Vol. 110(3), pp. 607-626.
- “Internal Corporate Governance, CEO Turnover, and Earnings Management“Journal Article:Hazarika, S., Karpoff, J. M., & Nahata, R., (2012). Journal of Financial Economics, Vol. 104(1), pp. 44-69.
- “Short Sellers and Financial Misconduct“Journal Article:Karpoff, J. M., & Lou, X., (2010). Journal of Finance, Vol. 65(5), pp. 1879-1913.
- “The Consequences to Managers for Financial Misrepresentation“Journal Article:Karpoff, J. M., Lee, S. D., & Martin, G. S., (2008). Journal of Financial Economics, Vol. 88(2), pp. 193-215.
- “The Cost to Firms of Cooking the Books“Journal Article:Karpoff, J. M., Lee, S. D., & Martin, G. S., (2008). Journal of Financial and Quantitative Analysis, Vol. 43(3), pp. 581-612.
- “The Determinants of Corporate Board Size and Composition: Empirical Evidence“Journal Article:Boone, A. L., Field, L. C., Karpoff, J. M., & Raheja, C. G., (2007). Journal of Financial Economics, Vol. 85(1), pp. 66-101.
- “Corporate Governance and Shareholder Initiatives: Empirical Evidence“Journal Article:Karpoff, J. M., Malatesta, P., & Walkling, R., (1996). Journal of Financial Economics, Vol. 98(2), pp. 256-278.
Consulting
- Corporate governance, Securities fraud, Natural resource valuation issues
Honors and Awards
- Best Teacher Award, UW Executive MBA graduating class, June 2015
- Award for Outstanding Contribution to Research in Corporate Governance, Center for Corporate Governance, Drexel University, April 2015
- Best Teacher Award, UW Executive MBA graduating class, June 2014
- Best Teacher Award, UW Global Executive MBA graduating class, June 2013
- Best Paper Award in Corporate Finance for “Why do IPO firms have takeover defenses?” at the 2012 Financial Management Association conference, October 2012
- Emerald Management Review’s Citations of Excellence Award (for a top-50 cited paper in business journals, 2008-2012) for “The Cost to Firms of Cooking the Books,” September 2012
- Best Paper Award for “Why Do IPO Firms Have Takeover Defenses?” at the Financial Research Association Conference, December 2011
- Best Teacher Award, UW Technology Management MBA graduating class, June 2011
- William F. Sharpe Award for Scholarship in Financial Research (for best JFQA paper in 2008) for “The Cost to Firms of Cooking the Books,” July 2009
- Best Paper Award, CRSP Forum for “Do Short Sellers Detect Overpriced Firms? Evidence from SEC Enforcement Actions,” November 2008
- Best Paper Award, CRSP Forum 2006, for “The Cost to Firms of Cooking the Books,” November 2006
- KPMG/Peat Marwick Ph.D Project – Finance Doctoral Students Association inaugural award for “Outstanding Service, Leadership, and Commitment to the Finance Profession,” June 2005
- Griliches Prize in Empirical Economics, for “Public Versus Private Initiative in Arctic Exploration: The Effects of Incentives and Organizational Structure.” The award is selected from papers published in the Journal of Political Economy from 1999 through 2002
Academic Service
- Associate Editor, The Journal of Finance (current)
- Associate Editor, Journal of Financial Economics (current)
- Associate Editor, Journal of Financial and Quantitative Analysis (current)
- Associate Editor, Management Science (current)
- Associate Editor, Managerial and Decision Sciences (current)
- Associate Editor, The North American Journal of Economics and Finance (current)
- Member, Financial Economists Roundtable (current)
- International Research Fellow at the Oxford University Centre for Corporate Reputation (current)
- Board of Trustees, Financial Management Association, 2008-present
- Searle Civil Justice Institute Task Force on the Foreign Corrupt Practices Act, 2011-2014
- President, Financial Management Association, 2007-2008
- Vice President-Program for the 2005 program, Financial Management Association, 2005
- Faculty Director, Financial Management Association, 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, 1991-1993
- Managing Editor, Journal of Financial and Quantitative Analysis, 1989-2003
Selected Presentations
- Keynote address, Drexel Corporate Governance Conference, April 2015
- Keynote address, Challenges in Corporate Governance conference, Helsinki, March 2014
- University Forum guest speakers series, University of Nevada, Las Vegas, November 2013
- Keynote address, Financial Markets and Corporate Governance Conference 2013, Wellington, NZ, April 2013
- Keynote address, Property and Environment Research Center’s conference on “Financial Contracting, Transaction Costs, and Environmental Amenities”, July 2012
- Keynote address, “Conference on Ethics, Fraud and Regulation,” CFA Institute, Toronto, April 2012