Hari Adhikari

Title
Assistant Professor of Finance and Risk Management
Email
Department
Accounting, Economics, Finance & Information Sciences
College
Daytona College of Business

Office Hours

By Appointment

Areas of Expertise

Mergers and acquisitions, Corporate governance,ownership structure, aviation finance, risk management
Hari Adhikari


Dr. Adhikari is currently an Assistant Professor of Finance and Risk Management at the David B. O'Maley College of Business, Embry-Riddle Aeronautical University. He has taught wide range of courses in mathematics and finance in different universities in Nepal and in the US including courses in corporate finance, international financial management, money and banking, engineering economics, life science calculus, and engineering mathematics. He has been recognized for excellence in research receiving " Outstanding Research Award " in 2017 from David B. O'Maley College of Business, Embry-Riddle Aeronautical University and  in teaching receiving “Provost Recognition for Outstanding Teaching” in 2008 and “Outstanding Teaching Award” in 2007 while teaching as a primary instructor at the University of South Florida, Tampa.

Adhikari’s research interests are aviation finance, ownership structures, mergers and acquisitions, CEO compensation, corporate governance and behavioral finance. His work has been published or accepted for publication in journals such as Accounting and FinanceReview of Quantitative Finance and AccountingJournal of Behavioral Finance, Quarterly Review of Economics and Finance, and Journal of Economics and Business.  His research articles have been presented at over a dozen domestic and international conferences. He has also co-authored three books “Engineering Mathematics I”, “Engineering Mathematics II” and “Business Mathematics” which different universities and institutions in Nepal use as text books.

Adhikari earned a Ph.D. in finance and an M.A. in mathematics from the University of South Florida, Tampa and M.Sc.in mathematics and B.Sc. in physics and mathematics from Tribhuvan University, Kathmandu, Nepal.


  • Ph.D. - Doctor of Philosophy in Business Administration, University of South Florida
  • M.A. - Master of Arts in Mathematics, University of South Florida

  • FIN 332: Corporate Finance I
  • FIN 334: Investment Analysis
  • FIN 333HYB: Personal Financial Planning

 At Embry Riddle Aeronautical University

Research seminar in aviation finance (Ph.D.)

Advanced Managerial Finance in Aviation (Ph.D.)

Advanced Corporate Finance (Master)

Investments ( Master)

Managerial Finance (Master)

Corporate Finance (undergraduate)

Engineering Economics ( undergraduate)

Microeconomics (undergraduate)

Macroeconomics (undergraduate)


 At the University of South Florida

  International Finance

  Money and Banking

  Principles of Finance

  Life Sciences Calculus I

  Pre-calculus Trigonometry

  Ph.D. Boot Camp


1. Pham, D., Nguyen, T., Pham, T. M., & Adhikari, H. (2020). Corporate Divestiture Decisions and Long-Run Performance. Journal of Behavioral Finance, 1-15.

2. Adhikari, H. P., Krolikowski, M. W., Malm, J., & Sah, N. B. (2019). Working capital (mis) management–impact of executive age. Accounting & Finance.

3. Pham, J. D., Nguyen, T., Adhikari, H., & Pham, T. M. (2019). Unexpected Share Repurchase Announcements. Journal of Behavioral Finance, 1-18.

4. Adhikari, H. P., Nguyen, T. T., & Sutton, N. K. (2018). The power of control: the acquisition decisions of newly public dual-class firms. Review of Quantitative Finance and Accounting51(1), 113-138.

5. Nguyen, T., Nguyen, L. T., Ngo, A. D., & Adhikari, H. (2018). CEO Optimism and the Credibility of Open-Market Stock Repurchase Announcements. Journal of Behavioral Finance, 19(1), 49-61.

6. Sah, N.B. , Adhikari, H.P., & Raghvan, S. ( 2018). Do Older CEOs fly their firms higher? Evidence from the airline industry. Journal of International Finance and Economics, 18(1), 71-80.

7. Pham, D., Nguyen, T., & Adhikari, H. (2018). Determinants of divestiture methods for US firms: asset sell-off versus equity carve-out. Review of Accounting and Finance17(1), 41-57.

8. Adhikari, H. P., Choi, W., & Sah, N. B. (2017). That is what friends do: employee friendliness and innovation. Journal of Economics and Business, 90, 65-76.

9. Krolikowski, M. W., Adhikari, H. P., Malm, J., & Sah, N. B. (2017). Inter-firm linkages and M&A returns. The Quarterly Review of Economics and Finance.63, 135-146

10. Adhikari, H. P., & Sutton, N. K. (2016). All in the family: The effect of family ownership on acquisition performance. Journal of Economics and Business88, 65-78.

11. Malm, J., Adhikari, H. P., Krolikowski, M., & Sah, N. (2016). Litigation risk and investment policy. Journal of Economics and Finance, 1-12.

12. Adhikari, H. P., Bulmash, S. B., Krolikowski, M. W., & Sah, N. B. (2015). Dynamics of CEO Compensation: Old is Gold. The Quarterly Review of Economics and Finance57, 191-206.

Working Papers:

 “Competition and Industry profile in the Passenger Airline sector of the United States” with Jayendra Gokhale and Sundar V. Raghavan

Does Leasing substitute Debt: Evidence from US Airlines” with Nilesh W. Sah and Abbas M. Shaban

“It's All About the Money, Honey! Further Evidence on CEO Gender and Risk Aversion” with Nilesh W. Sah, James Malm and Marcin W. Krolikowski

“Do Family Firms Exploit Voluntary Disclosure Practices?”

 “Corporate Boards, CEO Compensation and Firm Performance: A Study of US Airline Firms.”


Ad-hoc Reviewer:

Small Business Economics (two reviews), Managerial Finance, International Journal of Emerging Markets ( two reviews) , Journal of Business Cases and Applications (two reviews), and Journal of Contemporary Management, Journal of Education and Research (two reviews)


1. Financial Management Associations International

2. Southern Finance Association

3. Air Transport Research Society

4. Association of Nepalese Mathematicians in America

5. American Society of Appraisers

6. International Society of Transport Aircraft Trading ( ISTAT)


1. Fred L. and Helen M. Tharp Scholarship, 2005, University of South Florida,Tampa

2. Tharp Award :  2006, 2007, 2008, University of South Florida ,Tampa

3. Provost Recognition for Outstanding Teaching by Teaching Assistants, 2008  University of South Florida, Tampa

4. Outstanding Teaching Award for TAs, 2007 , Department of Mathematics and Statistics, University of South Florida, Tampa

5. Travel Awards :  2009, 2011, 2012, 2013, University of South Florida, Tampa

6. Faculty Innovative Research in Science and Technology (FIRST) internal  research grant for 2016-17,  Embry-Riddle Aeronautical University, Daytona Beach, FL

7. IGNITE course redesign grant, 2016-17, Embry-Riddle Aeronautical University, Daytona Beach, FL

8. Travel  Grants : 2014, 2015, 2016, Embry-Riddle Aeronautical University, Daytona Beach, FL

9. Outstanding Research Award for the academic year 2016-17,  David B. O' Maley College of Business, Embry-Riddle Aeronautical University, Daytona Beach, FL

10. Best Presentation (Session Award); GCBF, San Jose, Costa Rica, May 22-25, 2018

11. CTLE grants: 2017, 2018,  Embry-Riddle Aeronautical University, Daytona Beach, FL

12. Joseph R. Martin Distinguished Professor of Aviation Business   July, 2018- June, 2019 ,  Embry-Riddle Aeronautical University, Daytona Beach, FL