Dirk Hackbarth

Everett W. Lord Distinguished Faculty Scholar, Professor Finance

Dirk Hackbarth is currently a Professor of Finance and an Everett W. Lord Distinguished Faculty Scholar at the Boston University Questrom School of Business, where he teaches graduate courses in Corporate Finance. He is a current Director, and member of the Executive Committee, of the European Finance Association.

Dirk earned both his PhD and MS in Finance at the Haas School of Business, University of California, Berkeley; his MSc in Econometrics & Mathematical Economics at the London School of Economics & Political Science; and a diploma in Business Economics at the University of Cologne. He is an expert in various areas of corporate financial management and especially valuation of contingent claims and risky cash flows. His research interests include bankruptcy, capital structure, corporate governance, law and finance, mergers and acquisitions, product markets, real options, and valuation.

As an internationally leading scholar in corporate finance, he has given more than 150 invited talks on his research at many top-tier conferences, such as the annual meetings of the American, European, and Western Finance Associations, and at many premier research universities in Asia, Australia, Europe, and North America. His work has been published in a variety of academic journals, including Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Management Science, Review of Economic Studies, Review of Finance, and Review of Financial Studies.

Dirk currently serves as Advisory Editor of Schmalenbach Business Review and Associate Editor of e.g. Financial Management, Journal of Banking and Finance, Journal of Corporate Finance, Management Science, and Review of Finance. Previously he was a Co-Editor of Finance Research Letters and more recently a Guest Co-Editor of a Special Issue on “Corporate Theory” for the Journal of Corporate Finance.

Previous appointments include the May Faculty Fellow and Associate Professor of Finance (tenured in 2008), College of Business, University of Illinois at Urbana-Champaign; visiting positions at the Bonn Graduate School of Economics (BGSE), the London Business School (LBS), the Norwegian School of Economics and Business Administration (NHH); and the Gutmann Center Research Fellow at the Vienna University of Economics and Business (WU).

    Education
  • Ph D, Walter A. Haas School of Business, University of California, Berkeley, 2003
  • MS, Walter A. Haas School of Business, University of California, Berkeley, 2000
  • MS, London School of Economics, 1998
  • Diplom, University of Cologne, 1997
    Publications
  • Choi, J., Hackbarth, D., Zechner, J. (In Press) "Corporate Debt Maturity Profiles", Journal of Financial Economics
  • Arnold, M., Hackbarth, D., Puhan, T. (In Press) "Financing Asset Sales and Business Cycles", Review of Finance
  • Hackbarth, D., Gu, L., Johnson, T. (In Press) "Inflexibility and Stock Returns", Review of Financial Studies
  • Hackbarth, D., Johnson, T. (2015) "Real Options and Risk Dynamics", Review of Economic Studies, 82 (4), 1449-1482
  • Hackbarth, D., Haselmann, R., Schoenherr, D. (2015) "Financial Distress, Stock Returns, and the 1978 Bankruptcy Reform Act", Review of Financial Studies, 28 (6), 1810-1847
  • Hackbarth, D., Mathews, R., Robinson, D. (2014) "Capital Structure, Product Market Dynamics, and the Boundaries of the Firm", Management Science, 60 (12), 2971-2993
  • Goldstein, I., Hackbarth, D. (2014) "Corporate Finance Theory: Introduction to Special Issue", Journal of Corporate Finance, 29 (1), 535-541
  • Gu, L., Hackbarth, D. (2013) "Governance and Equity Prices: Does Transparency Matter?", Review of Finance, 17 (6), 1989–2033
  • Hackbarth, D., Mauer, D. (2012) "Optimal Priority Structure, Capital Structure, and Investment", Review of Financial Studies, 25 (3), 747–796
  • Hackbarth, D., Miao, J. (2012) "The Dynamics of Mergers and Acquisitions in Oligopolistic Industries", Journal of Economic Dynamics and Control, 36 (4), 585–609
  • Campello, M., Hackbarth, D. (2012) "The Firm-Level Credit Multiplier", Journal of Financial Intermediation, 21 (3), 446–472
  • Almeida, H., Campello, M., Hackbarth, D. (2011) "Liquidity Mergers", Journal of Financial Economics, 34 (10), 526–558
  • Gider, J., Hackbarth, D. (2010) "Financing Decisions, Chapter 21, Behavioral Finance: Investors, Corporations, and Markets, H. K. Baker and J. R. Nofsinger, Eds.", John Wiley & Sons, Inc., Hoboken, NJ, USA
  • Güntay, L., Hackbarth, D. (2010) "Corporate Bond Credit Spreads and Forecast Dispersion", Journal of Banking and Finance, 34 (10), 2328–2345
  • Hackbarth, D. (2009) "Determinants of Corporate Borrowing: A Behavioral Perspective", Journal of Corporate Finance, 15 (4), 389–411
  • Hackbarth, D., Morellec, E. (2008) "Stock Returns in Mergers and Acquisitions", Journal of Finance, 63 (3), 1213–1252
  • Hackbarth, D. (2008) "Managerial Traits and Capital Structure Decisions", Journal of Financial and Quantitative Analysis, 43 (4), 843–881
  • Hackbarth, D., Hennessy, C., Leland, H. (2007) "Can the Tradeoff Theory Explain Debt Structure?", Review of Financial Studies, 20 (5), 1389–1428
  • Hackbarth, D., Miao, J., Morellec, E. (2006) "Capital Structure, Credit Risk, and Macroeconomic Conditions", Journal of Financial Economics, 82 (3), 519–550
  • Hackbarth, D., Taub, B."Does the Potential to Merge Reduce Competition?",
  • Fulghieri, P., Garcia, D., Hackbarth, D."Asymmetric Information and the Pecking (Dis)Order",
  • Hackbarth, D., Sun, D."Corporate Investment and Financing Dynamics",
  • Hackbarth, D., Leland, H."Recent Developments in Dynamic Capital Structure", Annual Review of Financial Economics
    Awards and Honors
  • 2014, Distinguished Service Award for the Contributions as an Associate Editor, Management Science
  • 2013, List of Teachers Ranked Excellent by Students, University of Illinois
  • 2013, Meritorious Service Award for the Contributions as an Associate Editor, Management Science
  • 2013, Best Paper Award, Rothschild Caesarea Center Annual Conference, IDC Herzliya
  • 2012, Robert and Karen May Faculty Fellow, College of Business, University of Illinois
  • 2011, WU Gutmann Center Fellow, Vienna University of Economics and Business
  • 2011, List of Teachers Ranked Excellent by Students, University of Illinois
  • 2010, List of Teachers Ranked Excellent by Students, University of Illinois
  • 2009, List of Teachers Ranked Excellent by Students, University of Illinois
  • 2005, Dean’s List of Excellence in Teaching, Indiana University