Kathleen Hagerty
Provost of Northwestern University Associate Provost for Faculty, Northwestern University First Chicago Professorship in Finance, Kellogg School of Management Professor of Finance at Kellogg School of Management
Schools
- Kellogg School of Management
Links
Biography
Kellogg School of Management
Kathleen M. Hagerty is the associate provost for faculty for Northwestern University. She previously served as interim dean of Kellogg School of Management. Hagerty joined Kellogg more than 30 years ago and holds the First Chicago Professorship in Finance. She has earned a reputation as an accomplished scholar and respected faculty leader, with vast experience attracting and retaining top faculty in an increasingly competitive market for academic talent.
Hagerty has held numerous leadership positions within Kellogg, including serving two terms as senior associate dean of faculty and research, two terms as chair of the finance department and two years as faculty director of Kellogg’s Ph.D. programs. She also is responsible for the development of several successful academic programs that foster partnerships across the University.
Her work has studied the micro-structure of securities markets, disclosure regulation, insider trading regulation and the effectiveness of self-regulatory organizations. Her research has appeared in journals such as The Quarterly Journal of Economics, Journal of Political Economy and The Journal of Finance. 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 also been a member of the editorial board of the Review of Financial Studies and the Journal of Financial Markets.
Research Interests
Microstructure of financial markets, security market regulation, disclosure, insider trading, industrial organization, derivatives
Education
- PhD, 1985, Economics, Stanford University
- MBA, 1979, Finance, University of California, Berkeley
- MS, 1977, Operations Research, University of California, Berkeley
- AB, 1975, Mathematics, University of California, Berkeley
Academic Positions
- Interim Dean, Kellogg School of Management, Kellogg School of Management, Northwestern University, 2018-present
- Senior Associate Dean for Faculty and Research, Kellogg School of Management, Northwestern University, 2016-2018
- Department Chair, Department of Finance, Kellogg School of Management, Northwestern University, 2012-2016
- Academic Director, Financial Economics Certificate Program for Undergraduates, Kellogg School of Management, Northwestern University, 2010-2016
- First Chicago Professor of Finance, Department of Finance, Kellogg School of Management, Northwestern University, 2001-present
- Senior Associate Dean for Faculty and Research, Kellogg School of Management, Northwestern University, 2005-2010
- Co-Director, Center of Financial Institutions and Markets, Kellogg School of Management, Northwestern University, 2000-2005
- Committee Member, Program and Curriculum Review Committee, Graduate School, Northwestern University, 1999-2002
- Mechthild Nemmers Professor of Finance, Department of Finance, Kellogg School of Management, Northwestern University, 1998-2001
- Department Chair, Department of Finance, Kellogg School of Management, Northwestern University, 1998-2000
- Professor of Finance, Department of Finance, Kellogg School of Management, Northwestern University, 1997-1998
- Council Chair, Northwestern University Program Review Council , Northwestern University, 1995-1996
- Council Member, Northwestern University Program Review Council , Northwestern University, 1993-1996
- Associate Professor of Finance, Department of Finance, Kellogg School of Management, Northwestern University, 1992-1997
- Finance PhD Program Coordinator, Department of Finance, Kellogg School of Management, Northwestern University, 1991-1994
- Assistant Professor, Department of Finance, Kellogg School of Management, Northwestern University, 1984-1992
Awards
- Sidney J. Levy Teaching Award, Kellogg School of Management, 2004-2005
Read about executive education
Cases
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.
Numerous rules mandate the disclosure of information. This article analyzes why such rules are enacted. Specifically, (i) why wouldn't firms voluntarily disclose their private information; and (ii) given that voluntary disclosure would not be forthcoming, who has the incentive to lobby for mandatory disclosure rules? Previous analyses of disclosure assume that all customers understand the disclosures that can be made. A key result in these analyses is that there is no role for mandatory disclosure. Either voluntary disclosure is forthcoming or if it is not, no one is better off with mandatory disclosure. We analyze a market in which not all customers understand the disclosures that can be made. We show that if the fraction of customers who would understand a firm's disclosure is too low, then voluntary disclosure may not be forthcoming. In this case, mandatory disclosure benefits some (possibly all) customers and may also benefit firms. Thus we identify a motive for someone to lobby for such rules. Our results suggest that we should find mandatory disclosure rules with regard to information that is relatively difficult to understand.
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