Details about Jarrad Harford

Access statistics for papers by Jarrad Harford.

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Short-id: pha777

Working Papers

2017

1. Financial Flexibility and Corporate Cash PolicyAbstract: Debt capacity creates financial flexibility and collateral-based debt capacity is the least sensitive to cash flow shocks. Using variation in real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on firms¡¯ cash policies. We find strong evidence that increases in debt capacity lead to smaller corporate cash reserves and declines in the marginal value of cash holdings. We further find that the decrease in cash holdings is more pronounced in firms with higher hedging needs, greater investment opportunities, financial constraints, better corporate governance and lower local real estate price volatility
   Working Papers, Hong Kong Institute for Monetary Research

2013

2. Financial vs. Strategic Buyers
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
3. Operating Inflexibility, Profitability and Capital Structure
   ICMA Centre Discussion Papers in Finance, Henley Business School, University of Reading View citations (1)

2007

4. Conflicts of Interests Among Shareholders: The Case of Corporate Acquisitions
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)

Journal Articles

2022

1. Anticompetitive effects of horizontal acquisitions: The impact of within-industry product similarity
   Journal of Financial Economics, 2022, 144, (2), 645-669 View citations (4)
2. Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds
   Journal of Financial and Quantitative Analysis, 2022, 57, (4), 1529-1563 View citations (1)
3. Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation
   Journal of Financial and Quantitative Analysis, 2022, 57, (3), 957-987

2021

4. International Trade and the Propagation of Merger Waves
   The Review of Financial Studies, 2021, 34, (10), 4876-4925 View citations (5)
5. The COVID-19 Crisis and the Allocation of Capital
   Journal of Financial and Quantitative Analysis, 2021, 56, (7), 2309-2319 View citations (4)

2020

6. How Much Do Directors Influence Firm Value?
   The Review of Financial Studies, 2020, 33, (4), 1818-1847 View citations (4)

2019

7. Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment
   The Review of Financial Studies, 2019, 32, (6), 2179-2224 View citations (38)
8. Do insiders time management buyouts and freezeouts to buy undervalued targets?
   Journal of Financial Economics, 2019, 131, (1), 206-231 View citations (2)
9. Financial versus Strategic Buyers
   Journal of Financial and Quantitative Analysis, 2019, 54, (6), 2635-2661 View citations (4)
10. Operating Leverage, Profitability, and Capital Structure
    Journal of Financial and Quantitative Analysis, 2019, 54, (1), 369-392 View citations (38)
11. Trade Relationships, Indirect Economic Links, and Mergers
    Management Science, 2019, 65, (7), 3085-3110 View citations (15)

2018

12. Do long-term investors improve corporate decision making?
    Journal of Corporate Finance, 2018, 50, (C), 424-452 View citations (83)

2017

13. CEO Turnover–Performance Sensitivity in Private Firms
    Journal of Financial and Quantitative Analysis, 2017, 52, (2), 583-611 View citations (36)
14. Foreign Cash: Taxes, Internal Capital Markets, and Agency Problems
    The Review of Financial Studies, 2017, 30, (5), 1490-1538 View citations (28)
15. Precautionary Savings with Risky Assets: When Cash Is Not Cash
    Journal of Finance, 2017, 72, (2), 793-852 View citations (85)

2016

16. The Real Effects of Uncertainty on Merger Activity
    The Review of Financial Studies, 2016, 29, (11), 3000-3034 View citations (45)

2015

17. Bonus-Driven Repurchases
    Journal of Financial and Quantitative Analysis, 2015, 50, (3), 447-475 View citations (34)
18. Do analysts matter for governance? Evidence from natural experiments
    Journal of Financial Economics, 2015, 115, (2), 383-410 View citations (221)
19. Motivated monitors: The importance of institutional investors׳ portfolio weights
    Journal of Financial Economics, 2015, 118, (1), 21-48 View citations (95)

2014

20. Bond market access and investment
    Journal of Financial Economics, 2014, 112, (2), 147-163 View citations (54)
21. Do Private Equity Returns Result from Wealth Transfers and Short-Termism? Evidence from a Comprehensive Sample of Large Buyouts
    Management Science, 2014, 60, (4), 888-902 View citations (16)
22. Financial Flexibility, Risk Management, and Payout Choice
    The Review of Financial Studies, 2014, 27, (4), 1074-1101 View citations (50)
23. Refinancing Risk and Cash Holdings
    Journal of Finance, 2014, 69, (3), 975-1012 View citations (218)
24. The Importance of Industry Links in Merger Waves
    Journal of Finance, 2014, 69, (2), 527-576 View citations (135)

2013

25. Determinants of corporate cash policy: Insights from private firms
    Journal of Financial Economics, 2013, 109, (3), 623-639 View citations (184)
26. Does the director labor market offer ex post settling-up for CEOs? The case of acquisitions
    Journal of Financial Economics, 2013, 110, (1), 18-36 View citations (56)

2012

27. CEO pay cuts and forced turnover: Their causes and consequences
    Journal of Corporate Finance, 2012, 18, (2), 291-310 View citations (19)
28. The sources of value destruction in acquisitions by entrenched managers
    Journal of Financial Economics, 2012, 106, (2), 247-261 View citations (155)

2011

29. Institutional cross-holdings and their effect on acquisition decisions
    Journal of Financial Economics, 2011, 99, (1), 27-39 View citations (59)

2009

30. Do firms have leverage targets? Evidence from acquisitions
    Journal of Financial Economics, 2009, 93, (1), 1-14 View citations (123)

2008

31. Corporate boards and the leverage and debt maturity choices
    International Journal of Corporate Governance, 2008, 1, (1), 3-27 View citations (47)
32. Corporate governance and firm cash holdings in the US
    Journal of Financial Economics, 2008, 87, (3), 535-555 View citations (469)
    See also Chapter Corporate Governance and Firm Cash Holdings in the U.S, Springer Books, 2012, 107-138 (2012) View citations (14) (2012)
33. Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital
    Journal of Financial Economics, 2008, 87, (1), 24-44 View citations (74)

2007

34. Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs
    Journal of Finance, 2007, 62, (2), 917-949 View citations (173)
35. Monitoring: Which institutions matter?
    Journal of Financial Economics, 2007, 86, (2), 279-305 View citations (598)

2005

36. Correlated Order Flow: Pervasiveness, Sources, and Pricing Effects
    Journal of Financial and Quantitative Analysis, 2005, 40, (1), 29-55 View citations (29)
37. What drives merger waves?
    Journal of Financial Economics, 2005, 77, (3), 529-560 View citations (469)

2003

38. Takeover bids and target directors' incentives: the impact of a bid on directors' wealth and board seats
    Journal of Financial Economics, 2003, 69, (1), 51-83 View citations (100)

2002

39. Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases
    Journal of Finance, 2002, 57, (2), 609-636 View citations (49)

1999

40. Corporate Cash Reserves and Acquisitions
    Journal of Finance, 1999, 54, (6), 1969-1997 View citations (594)

Chapters

2012

1. Corporate Governance and Firm Cash Holdings in the U.S
   Springer View citations (14)
   See also Journal Article Corporate governance and firm cash holdings in the US, Elsevier (2008) View citations (469) (2008)