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Jarrad Harford
Professor 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)

Expertise

business valuation, corporate finance, corporate governance, dividend and payout policy / stock splits, mergers and acquisitions, private equity

Positions Held

At the University of Washington since 2001
Assistant Professor of Finance, University of Oregon, 1997–2001

Selected Publications

“The Effect of Takeover Protection in Quiet Life and Bonding Firms”
Fich, E. M., Harford, J., and Yore, A. S., (forthcoming). The Journal of Financial and Quantitative Analysis.

“EPS Sensitivity and Mergers”
Dasgupta, S., Harford, J., and Ma, F., (2024). The Journal of Financial and Quantitative Analysis, Vol. 59(2), pp. 521–556.

“Disloyal Managers and Shareholders’ Wealth”
Fich, E., Harford, J., and Tran, A., (2023). The Review of Financial Studies, Vol. 36(5), pp. 1837–1888.

“Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation”
Cheng, Y., Harford, J., Hutton, I., and Shipe, S., (2022). Journal of Financial and Quantitative Analysis, Vol. 57(3), pp. 957–987.

“Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds”
Dyakov, T., Harford, J., and Qiu, B., (2022). Journal of Financial and Quantitative Analysis, Vol. 57(4).

“Anticompetitive Effects of Horizontal Acquisitions: The Impact of Within-Industry Product Similarity”
Fathollahi, M., Harford, J., and Klasa, S., (2022). Journal of Financial Economics, Vol. 144(2), pp. 645–669.

“International Trade and the Propagation of Merger Waves”
Ahmad, M. F., de Bodt, E., and Harford, J., (2021). Review of Financial Studies, Vol. 34(10), pp. 4876–4925.

“The Covid-19 Crisis and the Allocation of Capital”
Duchin, R., and Harford, J., (2021). Journal of Financial and Quantitative Analysis, Vol. 56(7), pp. 2309–2319.

“How Much Do Directors Influence Firm Value”
Burt, A., Hrdlicka, C., and Harford, J., (2020). Review of Financial Studies, Vol. 33(4), pp. 1818–1847.

“Payout Policy Tradeoffs and the Rise of 10b5-1 Preset Repurchase Plans”
Harford, J., Bonaime, A., and Moore, D., (2020). Management Science, Vol. 66(6), pp. 2762–2786.

“Do Insiders Time Management Buyouts and Freezeouts to Buy Undervalued Targets?”
Harford, J., and Zhang, F., (2019). Journal of Financial Economics, Vol. 131(1), pp. 206–231.

“Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment”
Harford, J., Jiang, F., Wang, R., and Xie, F., (2019). Review of Financial Studies, Vol. 32(6), pp. 2179–2224.

“Trade Relationships, Indirect Economic Links, and Mergers”
Harford, J., Schonlau, R., and Stanfield, J., (2019). Management Science, Vol. 65(7), pp. 3085–3110.

“Financial vs. Strategic Buyouts”
Harford, J., Martos-Vila, M., and Rhodes-Kropf, M., (2019). Journal of Financial and Quantitative Analysis, Vol. 54(6), pp. 2635–2661.

“Operating Leverage, Profitability, and Capital Structure”
Chen, Z., Harford, J., and Kamara, A., (2019). Journal of Financial and Quantitative Analysis, Vol. 54(1), pp. 369–392.

“Do Long-Term Investors Improve Corporate Decision Making?”
Harford, J., Kecskes, A., and Mansi, S., (2018). Journal of Corporate Finance, Vol. 50, pp. 424–452.

“CEO Turnover–Performance Sensitivity in Private Firms”
Gao, H., Harford, J., and Li, K., (2017). Journal of Financial and Quantitative Analysis, Vol. 52(2), pp. 583–611.

“Foreign Cash: Taxes, Internal Capital Markets, and Agency Problems”
Harford, J., Wang, C., and Zhang, K., (2017). Review of Financial Studies, Vol. 30(5), pp. 1490–1538.

“Precautionary Savings with Risky Assets: When Cash is Not Cash”
Duchin, R., Gilbert, T., Harford, J., and Hrdlicka, C., (2017). Journal of Finance, Vol. 72(2), pp. 793–852.

“The Real Effects of Uncertainty on Merger Activity”
Harford, J., Bhagwat, V., and Dam, R., (2016). Review of Financial Studies, Vol. 29(11), pp. 3000–3034.

“Do Analysts Matter for Governance? Evidence from Natural Experiments”
Chen, T., Harford, J., and Lin, C., (2015). Journal of Financial Economics, Vol. 115(2), pp. 383–410.

“Bonus-Driven Repurchases”
Cheng, Y., Harford, J., and Zhang, T., (2015). Journal of Financial and Quantitative Analysis, Vol. 50(3), pp. 447–475.

“Motivated Monitors: The Importance of Institutional Investors’ Portfolio Weights”
Fich, E., Harford, J., and Tran, R. A., (2015). Journal of Financial Economics, Vol. 118(1), pp. 21–48.

“Financial Flexibility, Risk Management, and Payout Choice”
Adams Bonaimé, A., Harford, J., and Watson Hankins, K., (2014). The Review of Financial Studies, Vol. 27(4), pp. 1074–1101.

“The Importance of Industry Links in Merger Waves”
Ahern, K., and Harford, J., (2014). Journal of Finance, Vol. 69(2), pp. 527–576.

“Do Private Equity Returns Result from Wealth Transfers and Short-Termism? Evidence from a Comprehensive Sample of Large Buyouts”
Harford, J., and Kolasinski, A., (2014). Management Science, Vol. 60(4), pp. 888–902.

“Bond Market Access and Investment”
Harford, J., and Uysal, V., (2014). Journal of Financial Economics, Vol. 112(2), pp. 147–163.

“Refinancing Risk and Cash Holdings”
Harford, J., Klasa, S., and Maxwell, W., (2014). Journal of Finance, Vol. 69(3), pp. 975–1012.

“Determinants of Corporate Cash Policy: Insights from Private Firms”
Gao, H., Harford, J., and Li, K., (2013). Journal of Financial Economics, Vol. 109(3), pp. 623–639.

“Does the Director Labor Market Offer Ex Post Settling-Up for CEOs? The Case of Acquisitions”
Harford, J., and Schonlau, R., (2013). Journal of Financial Economics, Vol. 110(1), pp. 18–36.

“CEO Pay Cuts and Forced Turnover: Their Causes and Consequences”
Gao, H., Harford, J., and Li, K., (2012). Journal of Corporate Finance, Vol. 18(2), pp. 291–310.

“The Sources of Value Destruction in Acquisitions by Entrenched Managers”
Harford, J., Humphery, M., and Powell, R., (2012). Journal of Financial Economics, Vol. 106(2), pp. 247–261.

“Institutional Cross-Holdings and Their Effect on Acquisition Decisions”
Harford, J., Jenter, D., and Li, K., (2011). Journal of Financial Economics, Vol. 99(1), pp. 27–39.

“Do Firms Have Leverage Targets? Evidence from Acquisitions”
Harford, J., Klasa, S., and Walcott, N., (2009). Journal of Financial Economics, Vol. 93(1), pp. 1–14.

“Information Asymmetry, Information Dispersion, and the Effect of Regulation FD on the Cost of Capital”
Duarte, J., Han, X., Harford, J., and Young, L., (2008). Journal of Financial Economics, Vol. 87(1), pp. 24–44.

“Corporate Governance and Firm Cash Holdings in the U.S.”
Harford, J., Mansi, S., and Maxwell, W., (2008). Journal of Financial Economics, Vol. 87(3), pp. 535–555.

“Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs”
Harford, J., and Li, K., (2007). Journal of Finance, Vol. 62(2), pp. 917–949.

“Monitoring: Which Institutions Matter?”
Harford, J., (2007). Journal of Financial Economics, Vol. 86(2), pp. 279–305.

“Correlated Order Flow: Pervasiveness, Sources, and Pricing Effects”
Harford, J., and Kaul, A., (2005). Journal of Financial and Quantitative Analysis, Vol. 40(1), pp. 29–55.

“What Drives Merger Waves”
Harford, J., (2005). Journal of Financial Economics, Vol. 77(3), pp. 529–560.

“Takeover Bids and Target Directors’ Incentives: Retention, Experience, and Settling-Up”
Harford, J., (2003). Journal of Financial Economics, Vol. 69(1), pp. 51–83.

“Managerial Opportunism? Evidence from Directors’ and Officers’ Insurance Purchases”
Chalmers, J., Dann, L., and Harford, J., (2002). Journal of Finance, Vol. 57(2), pp. 609–636.

“The Cash Flow Permanence and Information Content of Dividend Increases vs. Repurchases”
Guay, W., and Harford, J., (2000). Journal of Financial Economics, Vol. 57(3), pp. 385–415.

“Corporate Cash Reserves and Acquisitions”
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

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”

Jarrad Harford

Academic Department

Finance & Business Economics