University of Southern California

Harry DeAngelo
Kenneth King Stonier Chair in Business Administration and Professor of Finance and Business Economics

USC Marshall School of Business
Los Angeles, CA 90089-0808



Harry DeAngelo specializes in corporate finance, with a focus on payout policy, capital structure, and corporate governance. His work has been published in the Journal of Financial Economics, Journal of Finance, and American Economic Review, and he received the Jensen Prize for best corporate finance paper in the Journal of Financial Economics in 2004 and 2011. He served as Associate Editor for the Journal of Financial Economics and Journal of Finance, and as an American Finance Association director. Professor DeAngelo received a Golden Apple Award in 1999, and Business Week named him one of Marshall's two most popular teachers in 2000.


Corporate Payout Policy 2009
Capital Structure, Payout Policy, and Financial Flexibility 2007
Payout Policy Pedagogy: What Matters and Why 2007
The Irrelevance of the MM Dividend Irrelevance Theorem 2006
Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Lifecycle Theory 2006
Are Dividends Disappearing? Dividend Concentration and the Consolidation of Earnings 2004
Asset Liquidity, Debt Covenants, and Managerial Discretion in Financial Distress: The Collapse of L.A. Gear 2002
Special Dividends and the Evolution of Dividend Signaling 2000
Controlling Stockholders and the Disciplinary Role of Corporate Payout Policy: A Study of the Times Mirror Company 2000
Ancient Redwoods and the Politics of Finance: The Hostile Takeover of the Pacific Lumber Company 1998
Perceptions and the Politics of Finance: Junk Bonds and the Regulatory Seizure of First Capital Life 1996
Reversal of Fortune: Dividend Policy and the Disappearance of Sustained Earnings Growth 1996
The Collapse of First Executive Corporation: Junk Bonds, Adverse Publicity, and the "Run on the Bank" Phenomenon 1994
Accounting Choice in Troubled Companies 1994
Dividends and Losses 1992
Fisher Separation Theorem 1992
Proxy Contests 1992
Union Negotiations and Corporate Policy: A Study of Labor Concessions in the Domestic Steel Industry During the 1980's 1991
Payout Policy and Tax Deferral 1991
Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE Firms 1990
Proxy Contests and the Governance of Publicly Held Corporations 1989
Corporate Financial Policy and Corporate Control: A Study of Defensive Adjustments in Asset and Ownership Structure 1988
Management Buyouts of Publicly-Traded Corporations 1987
Managerial Ownership of Voting Rights: A Study of Public Corporations with Dual Classes of Common Stock 1985
Going Private: Minority Freezeouts and Stockholder Wealth 1984
Going Private: The Effects of a Change in Corporate Ownership Structure 1984
Antitakeover Charter Amendments and Stockholder Wealth 1983
Standstill Agreements, Privately Negotiated Stock Repurchases, and the Market for Corporate Control 1983
Competition and Unanimity 1981
Leverage and Dividend Irrelevancy Under Corporate and Personal Taxation 1980
Optimal Capital Structure Under Corporate and Personal Taxation 1980
What's Really Wrong with U.S. Business Schools?