Faculty Directory

Professor of Finance and Business Economics

Chair of the Department of Finance and Business Economics
Paul Pigott-PACCAR Professor in Business Administration

Education

PhD University of Rochester (1998)

MS University of Rochester (1996)

BS Pennsylvania State University (1993)

Academic Expertise

Current Research

“The Innovation Arms Race”

“The Economic Effects of Political Polarization: Evidence from the Real Asset Market”

“Mergers under the Microscope: Analyzing Conference Call Transcripts”

“What Do Questions Reveal? Skill Acquisition, Detection, and Recognition in the Capital Markets”

Positions Held

At the University of Washington since 2001

Assistant Professor of Finance, University of Oregon, 1997–2001

Selected Publications

1. “The Effect of Takeover Protection in Quiet Life and Bonding Firms“

   Journal Article:Fich, E.M., Harford, J., Yore, A.S., (forthcoming). The Journal of Financial and Quantitative Analysis,
2. “EPS Sensitivity and Mergers“

   Journal Article:Dasgupta, S., Harford, J., Ma, F., (2024). The Journal of Financial and Qualitative Analysis, Vol. 59(2), pp. 521-556.
3. “Disloyal Managers and Shareholders’ Wealth“

   Journal Article:Fich, E., Harford, J., Tran, A., (2023). The Review of Financial Studies, Vol. 36(5), pp. 1837-1888.
4. “Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation“

   Journal Article:Cheng, Y., Harford, J., Hutton, I., Shipe, S., (2022). Journal of Financial and Quantitative Analysis, Vol. 57(3), pp. 957-987.
5. “Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds“

   Journal Article:Dyakov, T., Harford, J., and Qiu, B., (2022). Journal of Financial and Quantitative Analysis, Vol. 57(4),
6. “Anticompetitive Effects of Horizontal Acquisitions: the Impact of Within-Industry Product Similarity“

   Journal Article:Fathollahi, M., Harford, J., and Klasa, S., (2022). Journal of Financial Economics, Vol. 144(2), pp. 645-669.
7. “International Trade and the Propagation of Merger Waves“

   Journal Article:Ahmad, M. F., de Bodt, E., and Harford, J., (2021). Review of Financial Studies, Vol. 34(10), pp. 4876-4925.
8. “The Covid-19 Crisis and the Allocation of Capital“

   Journal Article:Duchin, R., Harford, J., (2021). Journal of Financial and Quantitative Analysis, Vol. 56(7), pp. 2309-2319.
9. “How Much Do Directors Influence Firm Value“

   Journal Article:Burt, A., Hrdlicka, C., Harford, J., (2020). Review of Financial Studies, Vol. 33(4), pp. 1818-1847.
10. “Payout Policy Tradeoffs and the Rise of 10b5-1 Preset Repurchase Plans“

    Journal Article:Harford, J., Bonaime, A., Moore, D., (2020). Management Science, Vol. 66(6), pp. 2762-2786.
11. “Do Insiders Time Management Buyouts and Freezeouts to Buy Undervalued Targets?“

    Journal Article:Harford, J., Zhang, F., (2019). Journal of Financial Economics, Vol. 131(1), pp. 206-231.
12. “Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment“

    Journal Article:Harford, J., Jiang, F., Wang, R., Xie, F., (2019). Review of Financial Studies, Vol. 32(6), pp. 2179-2224.
13. “Trade Relationships, Indirect Economic Links, and Mergers“

    Journal Article:Harford, J., Schonlau, R., Stanfield, J., (2019). Management Science, Vol. 65(7), pp. 3085-3110.
14. “Financial vs. Strategic Buyouts“

    Journal Article:Harford, J., Martos-Vila, M., Rhodes-Kropf, M., (2019). Journal of Financial and Quantitative Analysis, Vol. 54(6), pp. 2635-2661.
15. “Operating Leverage, Profitability, and Capital Structure“

    Journal Article:Chen, Z., Harford, J., & Kamara, A., (2019). Journal of Financial and Quantitative Analysis., Vol. 54(1), pp. 369-392.
16. “Do Long-Term Investors Improve Corporate Decision Making?“

    Journal Article:Harford, J., Kecskes, A., Mansi, S., (2018). Journal of Corporate Finance, Vol. 50, pp. 424-452.
17. “CEO Turnover-Performance Sensitivity in Private Firms“

    Journal Article:Gao, H., Harford, J., & Li, K., (2017). Journal of Financial and Quantitative Analysis, Vol. 52(2), pp. 583-611.
18. “Foreign Cash: Taxes, Internal Capital Markets, and Agency Problems“

    Journal Article:Harford, J., Wang, C., & Zhang, K., (2017). Review of Financial Studies, Vol. 30(5), pp. 1490-1538.
19. “Precautionary Savings with Risky Assets: When Cash is Not Cash“

    Journal Article:Duchin, R., Gilbert, T., Harford, J., & Hrdlicka, C., (2017). Journal of Finance, Vol. 72(2), pp. 793-852.
20. “The Real Effects of Uncertainty on Merger Activity“

    Journal Article:Harford, J., Bhagwat, V. & Dam, R., (2016). Review of Financial Studies, Vol. 29(11), pp. 3000-3034.
21. “Do Analysts Matter for Governance? Evidence from Natural Experiments“

    Journal Article:Chen, T., Harford, J., & Lin, C., (2015). Journal of Financial Economics, Vol. 115(2), pp. 383-410.
22. “Bonus-Driven Repurchases“

    Journal Article:Cheng, Y., Harford, J., & Zhang, T., (2015). Journal of Financial and Quantitative Analysis, Vol. 50(3), pp. 447-475.
23. “Motivated Monitors: The Importance of Institutional Investors Portfolio Weights“

    Journal Article:Fich, E., Harford, J., & Tran, R. A., (2015). Journal of Financial Economics, Vol. 118(1), pp. 21-48.
24. “Financial Flexibility, Risk Management, and Payout Choice“

    Journal Article:Adams Bonaimé, A., Harford, J., & Watson Hankins, K., (2014). The Review of Financial Studies, Vol. 27(4), pp. 1074-1101.
25. “The Importance of Industry Links in Merger Waves“

    Journal Article:Ahern, K., & Harford, J., (2014). Journal of Finance, Vol. 69(2), pp. 527-576.
26. “Do Private Equity Returns Result from Wealth Transfers and Short-Termism? Evidence from a Comprehensive Sample of Large Buyouts“

    Journal Article:Harford, J., & Kolasinski, A., (2014). Management Science, Vol. 60(4), pp. 888-902.
27. “Bond Market Access and Investment“

    Journal Article:Harford, J., & Uysal, V., (2014). Journal of Financial Economics, Vol. 112(2), pp. 147-163.
28. “Refinancing Risk and Cash Holdings“

    Journal Article:Harford, J., Klasa, S., & Maxwell, W., (2014). Journal of Finance, Vol. 69(3), pp. 975-1012.
29. “Determinants of Corporate Cash Policy: Insights from Private Firms“

    Journal Article:Gao, H., Harford, J., & Li, K., (2013). Journal of Financial Economics, Vol. 109(3), pp. 623-639.
30. “Does the Director Labor Market Offer Ex Post Settling-up for CEOs? The Case of Acquisitions“

    Journal Article:Harford, J., & Schonlau, R., (2013). Journal of Financial Economics, Vol. 110(1), pp. 18-36.
31. “CEO Pay Cuts and Forced Turnover: Their Causes and Consequences“

    Journal Article:Gao, H., Harford, J., & Li, K., (2012). Journal of Corporate Finance, Vol. 18(2), pp. 291-310.
32. “The Sources of Value Destruction in Acquisitions by Entrenched Managers“

    Journal Article:Harford, J., Humphery, M., & Powell, R., (2012). Journal of Financial Economics, Vol. 106(2), pp. 247-261.
33. “Institutional Cross-holdings and their Effect on Acquisition Decisions“

    Journal Article:Harford, J., Jenter, D., & Li, K., (2011). Journal of Financial Economics, Vol. 99(1), pp. 27-39.
34. “Do Firms Have Leverage Targets? Evidence from Acquisitions“

    Journal Article:Harford, J., Klasa S., & Walcott, N., (2009). Journal of Financial Economics, Vol. 93(1), pp. 1-14.
35. “Information Asymmetry, Information Dispersion, and the Effect of Regulation FD on the Cost of Capital“

    Journal Article:Duarte, J., Han, X., Harford, J., & Young, L., (2008). Journal of Financial Economics, Vol. 87(1), pp. 24-44.
36. “Corporate Governance and Firm Cash Holdings in the U.S.“

    Journal Article:Harford, J., Mansi, S., & Maxwell, W., (2008). Journal of Financial Economics, Vol. 87(3), pp. 535-555.
37. “Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs“

    Journal Article:Harford, J., & Li, K., (2007). Journal of Finance, Vol. 62(2), pp. 917-949.
38. “Monitoring: Which Institutions Matter?“

    Journal Article:Harford, J., (2007). Journal of Financial Economics, Vol. 86(2), pp. 279-305.
39. “Correlated Order Flow: Pervasiveness, Sources, and Pricing Effects“

    Journal Article:Harford, J., & Kaul, A., (2005). Journal of Financial and Quantitative Analysis, Vol. 40(1), pp. 29-55.
40. “What Drives Merger Waves“

    Journal Article:Harford, J., (2005). Journal of Financial Economics, Vol. 77(3), pp. 529-560.
41. “Takeover Bids and Target Directors’ Incentives: Retention, Experience, and Settling-up“

    Journal Article:Harford, J., (2003). Journal of Financial Economics, Vol. 69(1), pp. 51-83.
42. “Managerial Opportunism? Evidence from Directors’ and Officers’ Insurance Purchases“

    Journal Article:Chalmers, J., Dann, L., Harford, J., (2002). Journal of Finance, Vol. 57(2), pp. 609-636.
43. “The Cash Flow Permanence and Information Content of Dividend Increases vs. Repurchases“

    Journal Article:Guay, W., & Harford, J., (2000). Journal of Financial Economics, Vol. 57(3), pp. 385-415.
44. “Corporate Cash Reserves and Acquisitions“

    Journal Article:Harford, J., (1999). Journal of Finance, Vol. 54(6), pp. 1969-1997.

Honors and Awards

Undergraduate Professor of the Year in Finance, 2005, 2010, 2012, 2016 & 2017

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