Dirk Hackbarth's Page

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Dirk Hackbarth Associate Professor of Finance Robert and Karen May Faculty Fellow
University of Illinois, 515 E. Gregory Dr. (MC-520), Champaign, IL 61820, USA Email: dhackbar "at" illinois.edu Tel: +1 (217) 333-7343 Fax: +1 (217) 244-3102 [Bio] [CV] [Finance Seminars] [Google Scholar] [IDEAS] [Scopus] [SSRN] [UIUC]
Expertise Specialist in various areas of corporate financial management and especially valuation of contingent claims on risky cash flows.
Research Interests Capital Structure, Corporate Investment, Default Risk, Governance, Mergers and Acquisitions, Product Markets, Real Options.
Selected Working Papers ''Granularity of Corporate Debt,'' with J. Choi and J. Zechner. May 2013. ''Asymmetric Information and the Pecking (Dis)Order,'' with P. Fulghieri and D. Garcia. March 2013. ''Does the Dearth of Mergers Mean More Competition?,'' with B. Taub. January 2013. ''Capital Structure, Product Market Dynamics, and the Boundaries of the Firm,'' with R. Mathews and D. Robinson. October 2012. ''Real Options and Risk Dynamics,'' with T. Johnson. August 2012. ''Distress Risk, Stock Returns, and the 1978 Bankruptcy Reform Act,'' with R. Haselmann and D. Schoenherr. March 2012.
Publications in Refereed Journals ''Governance and Equity Prices: Does Transparency Matter?,'' with L. Gu. Review of Finance, Forthcoming. ''The Firm-Level Credit Multiplier,'' with M. Campello. Journal of Financial Intermediation 21, Issue 3, July 2012, pp. 446-472. NBER Working Paper No. 17805, February 2012. ''The Dynamics of Mergers and Acquisitions in Oligopolistic Industries,'' with J. Miao. Journal of Economic Dynamics and Control 36, Issue 4, April 2012, pp. 585-609. ''Optimal Priority Structure, Capital Structure, and Investment,'' with D. Mauer. Review of Financial Studies 25, Issue 3, March 2012, pp. 747-796. Invited Paper, Foundation for the Advancement of Research in Financial Economics (FARFE) Conference, 2009. ''Liquidity Mergers,'' with H. Almeida and M. Campello. Journal of Financial Economics 102, Issue 3, December 2011, pp. 526-558. NBER Working Paper No. 16724, January 2011. ''Corporate Bond Credit Spreads and Forecast Dispersion,'' with L. Güntay, Journal of Banking and Finance, 34, Issue 10, October 2010, pp. 2328-2345. Best Conference Paper Award, Swiss Society for Financial Market Research Meetings, 2009. ''Determinants of Corporate Borrowing: A Behavioral Perspective,'' Journal of Corporate Finance 15, Issue 4, September 2009, pp. 389-411 (Lead Article). ''Managerial Traits and Capital Structure Decisions,'' Journal of Financial and Quantitative Analysis 43, Issue 4, December 2008, pp. 843-882. ''Stock Returns in Mergers and Acquisitions,'' with E. Morellec, Journal of Finance 63, Issue 3, June 2008, pp. 1213-1252. BGI Best Conference Paper Award (Runner-Up Prize), European Finance Association (EFA) Meetings, 2006. ''Can the Tradeoff Theory Explain Debt Structure?,'' with C. Hennessy and H. Leland, Review of Financial Studies 20, Issue 5, September 2007, pp. 1389-1428. Early-Stage Draft with Renegotiation Costs: ''The Optimal Mix of Bank and Market Debt: An Asset Pricing Approach ,'' 2003. ''Capital Structure, Credit Risk, and Macroeconomic Conditions,'' with J. Miao and E. Morellec, Journal of Financial Economics 82, Issue 3, December 2006, pp. 519-550.
Selected Professional Activities Associate Editor of e.g. Journal of Corporate Finance and Management Science, and Co-Editor of Finance Research Letters. Guest Editor of Special Issue on Corporate Finance Theory (with Itay Goldstein) published by the Journal of Corporate Finance. Co-Organizer of the Seventh Workshop of the Finance Theory Group (with Simon Gervais) held at Duke University in Fall 2012.

"Discovery consists in seeing what everyone else has seen but understanding it for the first time." -- Albert Szent-Györgyi