Michael Hertzel

Professor/Dean's Council of 100 Distinguished Scholar
TEMPE Campus
TEMPE Campus


Michael Hertzel is Professor of Finance at ASU W. P. Carey School of Business and a Dean’s Council of 100 Distinguished Scholar. Formerly, he was the Richard Kraemer Professor of Finance, and a Ford Honors Program Faculty Fellow. Professor Hertzel received his Ph.D. from the University of Oregon in 1988 and earned B.A., M.S., and MBA degrees from the University of Rochester.  

Professor Hertzel has research interests in corporate finance, capital markets, supply-chain finance, and behavioral economics. He has published numerous academic papers in premiere journals including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Accounting and Economics, and Management Science. He is the recipient of the 2008 Journal of Financial Economics best paper award in capital markets.  

Professor Hertzel has presented at more than 50 conferences and universities worldwide. At ASU he has taught corporate finance to undergraduates and to graduate students in the MSF, MBA, and PhD programs. He has been very active in honors and doctoral education serving as a member or chair of numerous honors and doctoral thesis committees.


  • Ph.D. University of Oregon 1988
  • M.S. University of Rochester 1980
  • M.B.A. University of Rochester 1977
  • B.A. University of Rochester 1974


  • "External Governance and Debt Structure," (with Sreedhar Bharath), Review of Financial Studies, September 2019.
  • "Why do Hedge Funds Avoid Disclosure? Evidence from Confedential 13F Filings," (with George Aragon and Zhen Shi), Journal of Financial and Quantitative Analysis, October 2013.
  • "Staging in Public Equity Markets," (with Mark Huson and Robert Parrino), 2012, Journal of Financial Economics, forthcoming.
  • "Industry Contagion in Loan Spreads," with Micah Officer, Journal of Financial Economics, 103(3), 2012.
  • "Behavioral and Rational Explanations of Stock Price Performance Around SEOs: Evidence From a Decomposition of Market-to-Book Ratios," (with Zhi Li), Journal of Financial and Quantitative Analysis, 45(4), Augutst 2010. 
  • "Inference from Streaks in Random Outcomes: Experimental Evidence on Beliefs in Regime-Shifting and the Law of Small Numbers," (with Elena Asparouhova and Michael Lemmon), Management Science, Vol 55, No. 11, November 2009.
  • "Inter-firm Linkages and the Wealth Effects of Financial Distress along the Supply Chain," (with Zhi Li, Micah Officer and Kimberly Rodgers), Journal of Financial Economics, 87 (2), February 2008.
    • Winner of the Fama/DFA prize for best paper in Capital Markets and Asset Pricing
  • "Earnings Management Around Employee Stock Option Reissues," (with Jeffrey Coles and Swaminathan Kalpathy), Journal of Accounting and Economics, 41 (1-2), April 2006.
  • "The Market Impact of Trends and Sequences in Performance: New Evidence," (with Greg Durham and J. Spencer Martin), Journal of Finance, 60 (5), October 2005.
  • "Long-run Performance Following Private Placements of Equity," (with Michael Lemmon, James Linck, and Lynn Rees), Journal of Finance, December 2002.
  • "Market Discounts and Shareholder Gains for Placing Equity Privately," (with Richard Smith), Journal of Finance, June 1993.
  • "Return Autocorrelations Around Nontrading Days," (with Hendrik Bessembinder), Review of Financial Studies, Vol. 6, No. 1, 1993.
  • "Earnings and Risk Changes Around Stock Repurchase Tender Offers," (with Prem Jain), Journal of Accounting and Economics, September 1991.
  • "The Effects of Stock Repurchases on Rival Firms," Journal of Finance, June 1991.

Research Activity

  • "Options Trading and Corporate Debt Structure," (with Jie Cao, Jie Xu, and Xintong Zhan), April 2020.
  • "Global Supply Chains and Cross-Border Financing," (with Jie Ping, Jing Wu, and Yu Zhang), December 2019.
    • R&R Management Science
  • "Why Do Boards Let Their CEOs Take Outside Directorships?" April 2020.
  • "Speed Matters: Supply-Chain Information Diffusion and Price Feedback Effects," (with Ling Cen and Christoph Schiller) July 2019.
  • "Legal Institutions and Capital Raising Activities of Newly Public Firms," (with Aziz Alimov), June 2012
  • "Cross-Border Private Equity Investment and Third-Best Contracting," (with Ana Balcarcel and Laura Lindsey), June 2012.


Summer 2021
Course NumberCourse Title
FIN 502Managerial Finance
Spring 2021
Course NumberCourse Title
FIN 303Honors Finance
Spring 2020
Course NumberCourse Title
FIN 791Seminar
Fall 2019
Course NumberCourse Title
FIN 502Managerial Finance
Spring 2019
Course NumberCourse Title
FIN 303Honors Finance
FIN 361Advanced Managerial Finance
FIN 502Managerial Finance


  • Fama-DFA Prize, Journal of Financial Economics, 2008
  • Richard C. Kraemer Professor of Finance, 2008-2013
  • Dean's Council of 100 Distinguished Scholar, 2004-present
  • Ford Honors Program Faculty Fellow 2002-2004


Ad Hoc Referee

  • Journal of Finance
  • Journal of Financial Economics
  • Journal of Finance and Quantitative Analysis
  • Review of Financial Studies
  • Journal of Accounting and Economics
  • Management Science

Work History

Arizona State University: 1987-present. Previous Appointments: University of Oregon, Rochester Institute of Technology, University of Rochester.