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Faculty Directory

Jarrad Harford

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

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

Current Research

"Mergers that Matter: The Value Impact of Economic Links",
"International Trade and the Propagation of Merger Waves",
"Analyst Effort Allocation and Firm Information Environments",
"Corporate Financial Policies in Misvalued Credit Markets"

Positions Held

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

Selected Publications

  1. 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.
  2. 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),
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. Trade Relationships, Indirect Economic Links, and Mergers
    Journal Article:Harford, J., Schonlau, R., Stanfield, J., (2019). Management Science, Vol. 65(7), pp. 3085-3110.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. Bonus-Driven Repurchases
    Journal Article:Cheng, Y., Harford, J., & Zhang, T., (2015). Journal of Financial and Quantitative Analysis, Vol. 50(3), pp. 447-475.
  20. 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.
  21. 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.
  22. The Importance of Industry Links in Merger Waves
    Journal Article:Ahern, K., & Harford, J., (2014). Journal of Finance, Vol. 69(2), pp. 527-576.
  23. 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.
  24. Bond Market Access and Investment
    Journal Article:Harford, J., & Uysal, V., (2014). Journal of Financial Economics, Vol. 112(2), pp. 147-163.
  25. Refinancing Risk and Cash Holdings
    Journal Article:Harford, J., Klasa, S., & Maxwell, W., (2014). Journal of Finance, Vol. 69(3), pp. 975-1012.
  26. 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.
  27. 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.
  28. 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.
  29. 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.
  30. 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.
  31. 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.
  32. 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.
  33. 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.
  34. 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.
  35. Monitoring: Which Institutions Matter?
    Journal Article:Harford, J., (2007). Journal of Financial Economics, Vol. 86(2), pp. 279-305.
  36. 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.
  37. What Drives Merger Waves
    Journal Article:Harford, J., (2005). Journal of Financial Economics, Vol. 77(3), pp. 529-560.
  38. 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.
  39. 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.
  40. 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.
  41. 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