Faculty Directory

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

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

1. “The Consequences to Directors for Deploying Poison Pills“

   Journal Article:with William C. Johnson and Michael D. Wittry, (forthcoming). Management Science,
2. “Corporate Takeover Defenses“

   Journal Article:with Michael D. Wittry, (2024). in Handbook of Corporate Finance, edited by David Denis, Edward Elgar Publishing, pp. 410-454.
3. “Enforcement Waves and Spillovers“

   Journal Article:with Hae Mi Choi, Xiaoxia Lou, and Gerald S. Martin, (2024). Management Science, Vol. 70, pp. 834-859.
4. “Unlikely sabotage: Comment on Bloomfield, Marvão, and Spagnolo“

   Journal Article: (2023). Journal of Accounting and Economics, Vol. 76(101606),
5. “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.
6. “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.
7. “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.
8. “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.
9. “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.
10. “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.
11. “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.
12. “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.
13. “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.
14. “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.
15. “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.
16. “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.
17. “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.
18. “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.
19. “Short Sellers and Financial Misconduct“

    Journal Article:Karpoff, J. M., & Lou, X., (2010). Journal of Finance, Vol. 65(5), pp. 1879-1913.
20. “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.
21. “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.
22. “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.
23. “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

Current:

Council Chair, Society for Financial Studies Council (2024 – current)

Associate Editor, Journal of Finance (2008 – current)

Associate Editor, Journal of Financial and Quantitative Analysis (2004 – current)

Associate Editor, The North American Journal of Economics and Finance (2010 – current)

Ethics Committee, Financial Management Association International (2023 – current)

University of Washington Senate Committee on Planning and Budgeting (2021 – current)

Previous:

Consulting Editor, British Accounting Review (2021–2024)

Coordinator, mentoring program for the American Finance Association Committee on Racial Diversity (2021–24)

Steering Committee, Financial Economists Roundtable (2018 – 2022)

Chair of the Publications Committee, Financial Management Association International (2016 – 2022)

Mentor, FMA Diversity Emerging Scholars Initiative (DESI) (2022)

Advisory Editor for Financial Management (2016 ¬– 2022)

Coordinating committee for the UCLA/Journal of Law and Economics Conference in Honor of Harold Demsetz, held in May 2022.

Associate Editor, Journal of Financial Economics (2008-2021)

Honors and Awards

Teaching excellence award, UW Executive MBA Graduating Weekly Class 40, June 2024*

Teaching excellence award, UW Executive MBA Graduating Monthly Class 25, June 2024*

Teaching excellence award, UW Executive MBA Graduating Weekly Class 39, June 2023*

Charles E. Summer Outstanding Teaching Award, UW Foster School, 2023

Teaching excellence award, UW Executive MBA Graduating Weekly Class 38, June 2022*

Teaching excellence award, UW Executive MBA Graduating Monthly Class 23, June 2022*

Outstanding Mentor Award, UW Ph.D students, June 2021*

Teaching excellence award, UW Executive MBA Graduating Monthly Class 19, June 2018*

Teaching excellence award, UW Executive MBA Graduating Weekly Class 34, June 2018*

Teaching excellence award, UW Global Executive MBA Graduating Class of 2018, June 2018*

Teaching excellence award, UW Executive MBA Graduating Monthly Class 18, June 2017*

Outstanding Mentor Award, UW Ph.D students, June 2016*

Teaching excellence award, UW Global Executive MBA Graduating Class of 2016, June 2016*

Inducted as a Financial Management Association Fellow, October 2016.

Award for Outstanding Contribution to Research in Corporate Governance, Center for Corporate Governance, Drexel University, April 2015

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

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, Eastern Finance Association meetings (April 2025, scheduled)

Overview and Research Ideas session, FMA meetings (October 2025)

Overview and Research Ideas session, FMA meetings (October 2023)

Keynote, 3rd Boca Corporate Finance and Governance Conference, Boca Raton, FL (December 2022)

Keynote, 11th Financial Markets and Corporate Governance Conference, La Trobe University (April 2021)