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Michael Hertzel

Michael Hertzel

Richard C. Kraemer Professor in Finance

Dean's Council of 100 Distinguished Scholar

Office:BAC 536
Mailing Address:
Main Campus
PO BOX 873906
Tempe, AZ 85287-3906

Phone: 480-965-6869
Fax: 480-965-8539
Email: Michael.Hertzel@asu.edu

View Vita

Ph.D., University of Oregon, 1988; M.S., University of Rochester, 1980; MBA, University of Rochester, 1977; B.A., University of Rochester, 1974
Research Areas:
Corporate Finance; Behavioral Finance; and Capital Markets


Current Projects:
“Contracting Frictions and Cross-Border Capital Flows: Evidence from Venture Capital,” with Ana Balcarcel and Laura Lindsey


“Legal Institutions and Capital Raising Activities of Newly Public Firms,” with Aziz Alimov

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

Career and Professional Award; Teaching Award
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


Professional Leadership and Service
Ad hoc referee:  Journal of Finance, Journal of Financial Economics, Journal of Finance and Quantitative Analysis, Review of Financial Studies, and Journal of Accounting and Economics and Management Science


Representative Publications:
"Why do Hedge Funds Avoid Disclosure? Evidence from Confidential 13F Filings," (with George Aragon and Zhen Shi), July 2012, Journal of Financial and Quantitative Analysis, forthcoming.


"Staging in Public Equity Markets," (with Mark Huson and Robert Parrino), 2012, Journal of Financial Economics, 106, 72-90.

"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), August 2010.

"Earnings Management Around Employee Stock Option Reissues," (with Jeffrey Coles and Swaminathan Kalpathy), Journal of Accounting and Economics, 41 (1-2), April 2006.













ASU is a tier 1 research university and W. P. Carey is proud of its strong tradition of teaching and classroom excellence. Our students directly benefit from the research and theories our faculty brings into the classroom. Below is a list of courses being taught during the current semester by this faculty member. Click a course to view it in the ASU course catalog.

FIN 361 - Advanced Managerial Finance
Builds on FIN 302. Advanced material on capital budgeting, cost of capital, CAPM, asset valuation, capital structure, and financial policy.

FIN 493 - Honors Thesis
Supervised research or creative activity focused on preparation and completion of an undergraduate honors thesis or creative project.