Microstructure of financial markets, security market regulation, disclosure, insider trading, industrial organization, derivatives
Home Faculty and Research Kathleen Hagerty
Kathleen Hagerty
FINANCE
Senior Associate Dean: Faculty and Research
First Chicago Professorship in Finance
Kathleen M. Hagerty holds the First Chicago Professorship in Finance and is Senior Associate Dean: Faculty and Research.
Corporate
Corporate Capital Structure
Derivative Securities and Markets (Futures, Options, Commodities)
Financial Engineering
Information Economics
Insider Trading
Regulation of Financial Markets
Risk Management
Professor Hagerty has published widely in finance and economics journals. Her work has studied the micro-structure of securities markets, disclosure regulation, insider trading regulation and the effectiveness of self-regulatory organizations. She received a Bradley Foundation Research Fellowship and received the D.P. Jacobs Prize for the Most Significant Paper in the Journal of Financial Intermediation.
She has been a member of the editorial board of the Review of Financial Studies and the Journal of Financial Markets. She received her Ph.D. from Stanford University.
Areas of Expertise
Contract TheoryCorporate
Corporate Capital Structure
Derivative Securities and Markets (Futures, Options, Commodities)
Financial Engineering
Information Economics
Insider Trading
Regulation of Financial Markets
Risk Management
- Recent Media Coverage
Los Angeles Times: The free market's not always the fair and honest market - 9/21/2008
Chicago Tribune: Business certificate programs can provide career boost - 11/4/2007
Financial Times (London): Twenty autumns on, the response needs to be different - 10/19/2007
Chicago Tribune: In theory, Chicago is leader in economics - 10/15/2007
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- Recent Kellogg News
Kellogg finance faculty analyze global banking crisis - 10/12/2008
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Education
PhD, 1985, Economics, Stanford UniversityMBA, 1979, University of California, BerkeleyMS, 1977, Operations Research, University of California, BerkeleyBA, 1975, Mathematics, University of California, Berkeley
Academic Positions
Senior Associate Dean for Faculty and Research, Kellogg School of Management, Northwestern University, 2005-presentFirst Chicago Professor of Finance, Department of Finance, Kellogg School of Management, Northwestern University, 2001-presentCo-Director, Center of Financial Institutions and Markets, Kellogg School of Management, Northwestern University, 2000-2005Committee Member, Program and Curriculum Review Committee, Graduate School, Northwestern University, 1999-2002Mechthild Nemmers Professor of Finance, Department of Finance, Kellogg School of Management, Northwestern University, 1998-2001Department Chair, Department of Finance, Kellogg School of Management, Northwestern University, 1998-2000Professor of Finance, Department of Finance, Kellogg School of Management, Northwestern University, 1997-1998Associate Professor of Finance, Department of Finance, Kellogg School of Management, Northwestern University, 1992-1997Council Chair, Northwestern University Program Review Council , Northwestern University, 1995-1996Council Member, Northwestern University Program Review Council , Northwestern University, 1993-1996Finance PhD Program Coordinator, Department of Finance, Kellogg School of Management, Northwestern University, 1991-1994
Research Interests
Articles
DeMarzo, Peter, Michael J. Fishman and Kathleen Hagerty. 2005. Self Regulation and Government Oversight. Review of Economic Studies. 72(3): 687-706.
Fishman, Michael J. and Kathleen Hagerty. 2003. Mandatory vs. Voluntary Disclosure in Markets with Informed and Uninformed Customers. Journal of Law, Economics, & Organization. 19(1): 45-63.
Hagerty, Kathleen. 2000. Review of "Derivatives: A PowerPlus Picture Book" by Mark Rubenstein. Review of Financial Studies. 13(1): 253-256.
Hagerty, Kathleen. 1999. Review of "Investment Intelligence from Insider Trading" by N.Nejat Seyhun. Journal of Economic Literature. 37(3): 1194-1195.
DeMarzo, Peter, Michael J. Fishman and Kathleen Hagerty. 1998. The Optimal Enforcement of Insider Trading Regulations. Journal of Political Economy. 106(3): 602-632.
Fishman, Michael J. and Kathleen Hagerty. 1995. The Incentive to Sell Financial Market Information. Journal of Financial Intermediation. 4(2): 95-115.
Fishman, Michael J. and Kathleen Hagerty. 1995. The Mandatory Disclosure of Trades and Market Liquidity. Review of Financial Studies. 8(3): 637-676.
Hagerty, Kathleen, Aharon Ofer and Daniel Siegel. 1993. Managerial Compensation and Incentives to Engage in Shortsighted Behavior.
Fishman, Michael J. and Kathleen Hagerty. 1992. Insider Trading and the Efficiency of Stock Prices. RAND Journal of Economics. 23(1): 106-122.
Hagerty, Kathleen. 1991. Equilibrium Bid-Ask Spreads in Markets with Multiple Assets. Review of Economic Studies. 58(194): 237-257.
Fishman, Michael J. and Kathleen Hagerty. 1990. The Optimal Amount of Discretion to Allow in Disclosure. Quarterly Journal of Economics. 105(2): 427-444.
Fishman, Michael J. and Kathleen Hagerty. 1989. Disclosure Decisions By Firms and the Competition for Price Efficiency. Journal of Finance. 44(3): 633-646.
Reprinted in:
The Theory of Corporate Finance, edited by Michael J. Brennan, vol. 2, 255-268. Cheltenham Glos, UK: Edward Elgar Publishing, 1996.
Hagerty, Kathleen and Daniel Siegel. 1988. Observational Equivalence of Managerial Contracts Under Conditions of Moral Hazard and Self-Selection. Quarterly Journal of Economics. 103(413): 425-428.
Hagerty, Kathleen and William P. Rogerson. 1987. Robust Trading Mechanisms. Journal of Economic Theory. 42(1): 94-107.
Working Papers
DeMarzo, Peter, Michael J. Fishman and Kathleen Hagerty. 2007. Reputations, Investigations and Self Regulation.
Book Chapters
Fishman, Michael J. and Kathleen Hagerty. 1998. "Mandatory Disclosure." In New Palgrave Dictionary of Economics and the Law, edited by P. Newman, MacMillan Press.
Hagerty, Kathleen and Robert McDonald. 1996. "Brokerage, Market Fragmentation and Security Market Regulation." In Industrial Organization and Regulation of the Securities Industry, edited by Andrew W. Lo, 35-56. Chicago: NBER, University of Chicago Press.
Hagerty, Kathleen and Robert McDonald. 1996. "Brokerage, Market Fragmentation, and Security Market Regulation: Authors' Reply." In Industrial Organization and Regulation of the Securities Industry, edited by Andrew W. Lo, 60-62. Chicago: NBER, University of Chicago Press.
Bhattacharya, Sudipto and Kathleen Hagerty. 1987. "Dealerships, Trading Externalities and General Equilibrium." In Contractual Arrangements for Intertemporal Trade, edited by Edward C. Prescott and Neil Wallace, 81-104. Minneapolis: University of Minnesota Press.
Teaching Interests
Derivatives, investmentsFull-Time / Part-Time MBA
Derivative Markets I (FINC-465-0)This course counts toward the following majors: Analytical Finance, Finance.
This course covers the use and pricing of forwards and futures,
swaps and options. Specific topics include strategies for speculation and
risk management, no-arbitrage pricing for forward contracts, the binomial
and Black-Scholes option pricing models and applications of pricing models
in other contexts.
Executive MBA
Investments (FINCX-460-0)
CONTACT INFO:
PHONE: 847-467-6226
FAX: 847-491-5071
PHONE: 847-467-6226
FAX: 847-491-5071
OFFICE:
Jacobs Center Room 259
Jacobs Center Room 259
