Charles Hadlock
Terrence Laughlin Chair in Finance


Phone: 412-624-4659


Professor Charles Hadlock (he/him/his) joined the Katz faculty in 2022 as the Terrence Laughlin Chair in Finance.  He previously served as a Professor of Finance and Associate Dean at Michigan State University and has taught at M.I.T. and at the Universities of Chicago, Florida, Illinois, Michigan, and Virginia.  Hadlock’s research interest are in the areas of corporate finance, management incentives, and executive labor markets.  His work has appeared in leading journals in finance, economics, and accounting including the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, the RAND Journal of Economics, the Journal of Accounting and Economics, the Accounting Review, and the Journal of Financial and Quantitative Analysis. 


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Courses Taught

Undergraduate: Investments, Advanced Corporate Finance, Cases in Corporate Finance, Introductory Finance (Honors)

MBA/Master’s: Introductory (Core) Finance, Advanced Corporate Finance, Financial Strategies, Mergers and Acquisitions, Financial Restructuring, Investments, Statistics, Financial Markets

Ph.D.: Corporate Finance, Game Theory

Fields of Interest

Corporate Finance, Management Incentives and Labor Markets, Capital Structure, Financial Intermediation

Awards and Honors

  • Distinguished Referee Award, Review of Financial Studies, 2016.
  • Michael Brennan Award for the best paper in the Review of Financial Studies, 2014
  • Michael Brennan Award for the best paper in the Review of Financial Studies, 2011
  • Broad School Undergraduate Core Teaching Excellence Award, 2018, 2019
  • Broad School Full-Time MBA Core Teaching Excellence Award, 2018, 2019, 2020
  • Broad School EMBA Teaching Excellence Award – Class of 2006, 2007, 2013, 2014, 2016, 2017
  • Nominated for Ross School of Business MBA Teaching Excellence Award, 2007/2008
  • List of top 10 rated MBA instructors at Ross School of Business, 2005/2006
  • Withrow Emerging Scholar Award, Michigan State University, Fall 2003
  • Chosen by Broad Weekend MBA students for graduation speech, Fall 2002
  • Department of Finance teaching excellence award, Michigan State, Fall 1999, Fall 2008
  • List of excellent teachers at U. Illinois, nominated for MBA teaching award, 1997/1998
  • Merton Miller Prize for the best paper in the Journal of Business, 1997
  • National Science Foundation Graduate Student Fellowship, 1990-1993
  • Most outstanding junior and senior in economics prizes, University of Michigan, 1988, 1989

Professional Service and Activities

Academic Director:
Financial Management Association International (2021- present)

Associate Editor:
Review of Financial Studies (2008 – 2011)
Journal of Corporate Finance (2002 – 2017)
Pacific Basin Finance Journal (2006 – current)
International Review of Economics and Finance (2008 – current)

Reviewer for:
Journal of Finance, American Economic Review, RAND Journal of Economics, Review of Financial Studies, Journal of Financial Economics, Journal of Accounting and Economics, the Accounting Review, Journal of Financial and Quantitative Analysis , Management Science, Review of Finance, Journal of Law and Economics, Journal of Law, Economics, and Organization, Journal of Industrial Economics, Journal of Money, Credit, and Banking, Journal of Labor Economics, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Banking and Finance, Journal of Economics and Management Strategy, Financial Management, Journal of Industrial Economics, International Journal of Industrial Organization, Quarterly Review of Economics and Finance, Review of Industrial Organization, Southern Economic Journal, Economica, Social Sciences and Humanities Research Council of Canada, Financial Review, Managerial and Decision Economics, Pacific Basin Finance Journal, B.E. Journal of Economic Analysis and Policy, Journal of Sports Economics, Journal of International Business Studies, Canadian Journal of Economics

American Finance Association, Western Finance Association, American Economics Association, Midwest Finance Association

UVA Law and Finance Conference, 2007
AFA Meetings, 1998, 2002, 2004, 2006, 2008, 2009, 2012, 2016, 2018, 2019
Mitsui Life Symposium, 2005, 2012
Financial Intermediation Research Society, 2014
Finance Cavalcade 2011
Washington University Corporate Governance Conference, 2004, 2010
Texas Finance Festival, 2001
Annual Conference on Finance and Account., 1996, 1997, 1999, 2000
Financial Management Association Meetings, 1997
Winter Meetings of the Econometric Society, 1996
Northeastern University Finance Conference, 2018, 2019, 2020
Midwest Finance Association, 2019, 2020


  • Ph.D., Economics, Massachusetts Institute of Technology
  • B.A., University of Michigan, with highest honors and highest distinction (concentrations in economics and mathematics)


“Network Effects in Corporate Financial Policies,” (with W. Grieser, J. LeSage, and M. Zekhnini),.
Journal of Financial Economics, 2022.

“Doing Good When Doing Well: Evidence on Real Earnings Management,” (with W. Grieser and J.
Pierce), Review of Accounting Studies, 2021, Volume 26-3, pp. 906–932.

“Hiring Your Friends: Evidence from the Market for Financial Economists” (with J. Pierce),
Industrial and Labor Relations Review 2020, pp. 1-31.

“Blockholder Heterogeneity and the Dance Between Blockholders” (with M. Schwartz-Ziv), Review
of Financial Studies
, 2019, Volume 32, Issue 11, November 2019, pp. 4196–4227.

“Panel data estimation in finance: testable assumptions and parameter (in)consistency” (with W.
Grieser, Journal of Financial and Quantitative Analysis, 2019, Vol. 54-1, pp. 1-29. (lead article)

“Robust Models of CEO Turnover: New Evidence on Relative Performance Evaluation” (with C. Fee,
J. Huang, J. Pierce). Review of Corporate Finance Studies, 2018, Vol. 7-1, pp. 70-100.

“New Evidence on Managerial Labor Markets: An Analysis of CEO Retreads” (with C. Fee and J.
Pierce), Journal of Corporate Finance, 2018, Vol. 48 (February), pp. 428-441.

“Managers with and without Style: Evidence using Exogenous Variation,” C. Edward Fee, Charles J.
Hadlock, Joshua R. Pierce, Review of Financial Studies, 2013, March issue, pp. 567-601.

“What happens in acquisitions: Evidence from brand ownership changes and advertising investment,”
C. Edward Fee, Charles J. Hadlock, Joshua R. Pierce, Journal of Corporate Finance, 2012, June
issue, pp. 584-597.

“Financial Strength and Product Market Competition: Evidence from Asbestos Litigation,” (with
Ramana Sonti), Journal of Financial and Quantitative Analysis, 2012, February issue, 179-211.

“New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index,” (with J. Pierce),
Review of Financial Studies, 2010, 23-5, pp.1909-1940.

“Promotions, Turnover, and Performance Evaluation: Evidence from the Careers of Division
Managers,” Michael S. Cichello, C. Edward Fee, Charles J. Hadlock, Ramana Sonti, The Accounting
, 2009, 84-4, pp. 1119-1143.

“Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising
Expenditures of Multinational Firms,” (with C. E. Fee and J. Pierce), Review of Financial Studies,
2009, 22-6, pp.2361-2392.

“Corporate equity ownership and the governance of product market relationships,” (with C. E.
Fee and S. Thomas) – Journal of Finance, June 2006, 61-3, pp. 1217-1250.

“Promotions in the Internal and External Labor Market: Evidence from Professional Football
Coaching Careers,” (with C. E. Fee and J. Pierce), Journal of Business, May 2006, 79-2, 821-850.

“Business school rankings and business school deans: A study of nonprofit governance,” (with
C.E. Fee and J. Pierce), Financial Management, Spring 2005, 39, pp. 143-166.

“Management Turnover across the Corporate Hierarchy,” (with C. E. Fee), Journal of
Accounting and Economics
, 2004, Vol. 37, pp. 3-38. (Lead Article)

“Raids, rewards, and reputations in the market for managerial talent,” (with C. E. Fee), Review of
Financial Studies
, Winter 2003, Vol. 16-4, pp. 1311-1353.

“Bargaining when Exchange Affects the Value of Future Trade,” (with T. Lewis), Journal of
Economics and Management Strategy
, Winter 2003, Vol. 12-4, pp. 557-589.

“CEO Careers in Regulated Environments: Evidence from Electric and Gas Utilities,” (with D. S. Lee
and R. Parrino), Journal of Law and Economics, October 2002, Vol. 45, pp. 535-563.

“Do Banks Provide Financial Slack?” (with C. James), Journal of Finance, June 2002, Vol. 57-3,

“Corporate Structure and Equity Offerings: Are there Benefits to Diversification?” (with S. Thomas
and M. Ryngaert), Journal of Business, October 2001, Vol. 74-4, pp. 613-635.

“Management Turnover and Product Market Competition: Empirical Evidence from the U.S.
Newspaper Industry,” (with C. E. Fee), Journal of Business, April 2000, Vol. 73, pp. 205-243.

“The role of managerial incentives in bank acquisitions,” (with J. Houston and M. Ryngaert), Journal
of Banking and Finance
, February 1999, Vol. 23, pp. 221-249.

“Ownership, Liquidity, and Investment,” RAND Journal of Economics, Autumn 1998, Vol. 29, pp.

“Compensation, Turnover, and Top Management Incentives,” (with G. Lumer),
Journal of Business, April 1997, Vol. 70, pp. 153-187. (lead article, Miller prize winning paper).

Personal Interests

Marathon running (Boston marathon 2013, New York qualifier 2022)