Sandy Klasa

Sandy Klasa is the Anheuser-Busch Endowed Professor of Finance in the Eller College of Management. His research focuses on mergers and acquisitions, corporate governance, capital structure, and the impact of product market competition and labor market frictions on corporate financial policy decisions.  His research has been published in top academic journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Journal of Accounting and Economics, The Accounting Review, and Journal of Corporate Finance. He is an Associate Editor at the Journal of Corporate Finance. In 2013 he won the Review of Financial Studies Distinguished Referee Award and in 2023 he won the Journal of Corporate Finance Best Associate Editor Award.

Courses

• FIN 480 Finance for New Ventures - Fall
• FIN 536 New Venture Finance - Fall
• FIN 620A Financial Markets and Corporate Finance - Fall

Publications 

• "Anticompetitive effects of horizontal acquisitions: the impact of within-industry product similarity," with Maryam Fathollahi and Jarrad Harford, Journal of Financial Economics, Vol. 144, No. 2, 2022, 645-669.
• “Informed Trading Reactions to New Private Information: Evidence from Nonpublic Merger Negotiations,” with Shane Heitzman,  Management Science, Vol 67, No. 4., 2021, 2630-2656.
• “What determines the composition of a firm’s total cash reserves?,” with Laura Cardella and Douglas Fairhurst, Journal of Corporate Finance, Vol 68, 2021, Article 101924.
• “The protection of trade secrets and capital structure decisions,” with Hernan Ortiz-Molina, Matthew Serfling, and Shweta Srinivasan, Journal of Financial Economics, Vol. 128, No. 2, 2018, 266-286.
• “Are ex-ante CEO severance pay contracts consistent with efficient contracting?,” with Brian Cadman and John Campbell, Journal of Financial and Quantitative Analysis, Vol. 51, No. 3, 2016, 707-735.
• “Refinancing risk and cash holdings,” with Jarrad Harford and William Maxwell, Journal of Finance, Vol. 69, No. 3, 2014, 975-1012. [Lead Article–June Issue]
• “Industry concentration and corporate disclosure policy,” with Ashiq Ali and Eric Yeung, Journal of Accounting and Economics, Vol. 58, No. 2, 2014, 240-264.
• Corporate suppliers and customers and accounting conservatism,” with Kai Wai Hui and Eric Yeung, Journal of Accounting and Economics, Vol. 53, No. 1, 2012, 115-135.
• Determinants of CEO pay: A comparison of ExecuComp and non-ExecuComp firms,” with Brian Cadman and Steve Matsunaga, Accounting Review, Vol. 85 No. 5, 2010, 1511-1543.
• “The limitations of industry concentration measures constructed with Compustat data: Implications for finance research,” with Ashiq Ali and Eric Yeung, Review of Financial Studies, Vol. 22 No. 10, 2009, 3839-3871. [Lead Article–October Issue]
• "Do firms have leverage targets? Evidence from acquisitions,” with Jarrad Harford and Nathan Walcott, Journal of Financial Economics, Vol. 93 No. 1, 2009, 1-14. [Lead Article–July Issue]
• "The strategic use of corporate cash holdings in collective bargaining with labor unions,” with William Maxwell and Hernan Ortiz-Molina, Journal of Financial Economics, Vol. 92 No. 3, 2009, 421-442.
• "Institutional stakeholdings and better-informed traders at earnings announcements,” with Ashiq Ali and Oliver Zhen Li, Journal of Accounting and Economics, Vol. 46 No. 1, 2008, 47-61.