Hari Adhikari

Title
Associate Professor and Doctoral Program Coordinator
Email
Department
Accounting, Economics, Finance & Information Sciences
College
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 associate professor of finance and risk management and a doctoral program coordinator at the David B. O'Maley College of Business. He has taught a wide range of courses in mathematics and finance for different universities in Nepal and the U.S., including corporate finance, international financial management, investments, money and banking, engineering economics, life science calculus and engineering mathematics. He has been recognized for excellence in research and received the "Outstanding Research Award" in 2017 from the David B. O'Maley College of Business. He also received the “Provost Recognition for Outstanding Teaching” in 2008 and the “Outstanding Teaching Award” in 2007 while teaching as a primary instructor at the University of South Florida in Tampa, Florida.

Adhikari’s research interests include aviation finance, ownership structures, mergers and acquisitions, CEO compensation, short-term financing, corporate governance and behavioral finance. His work has been published or accepted for publication in journals such as the Journal of Behavioral Finance, Accounting and Finance, Journal of Behavioral and Experimental Finance, Finance Research Letters, and Review of Quantitative Finance and Accounting. His research articles have been presented at over a dozen domestic and international conferences. He has also co-authored the "Corporate Finance" book and three other books, including “Engineering Mathematics I,” “Engineering Mathematics II,” and “Business Mathematics,” which different universities and institutions in Nepal use as textbooks. He serves on the editorial board of American Business Review and as an ad-hoc reviewer in many journals. 

Adhikari earned a Ph.D. in Finance and an M.A. in Mathematics from the University of South Florida and an M.S. in Mathematics and B.S. in Physics and Mathematics from Tribhuvan University in Kathmandu, Nepal.

  • Ph.D. - Doctor of Philosophy in Business Administration: Finance, University of South Florida
  • M.A. - Master of Arts in Mathematics, University of South Florida
  • FIN 332: Corporate Finance I
  • BA 901: Dissertation
  • BA 994: Dissertation Leave of Absence
  • FIN 334: Investment Analysis
  • FIN 615: Investments
  • FIN 518: Managerial Finance

 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. Choi, Y., Gladson, E. J., & Adhikari, H. (2024). Global dynamics of bond co-movements: insights from the response to the US bond yields using wavelet methods. Finance Research Letters, 69, 106000.

2. Adhikari, H. P., Thanh, T., Pham, D , & Sah, N. B. ( 2024). A Friend in need is a friend indeed: Employee Friendliness and working capital management Global Journal of Accounting and Finance, 8, 58-85

3.  Sah, N. B., Adhikari, H. P., Krolikowski, M. W., Malm, J., & Nguyen, T. T. (2022). CEO gender and risk aversion: Further evidence using the composition of firm’s cash. Journal of Behavioral and Experimental Finance, 33, 100595.

4. Malm, J., Adhikari, H. P., Krolikowski, M. W., & Sah, N. B. (2021). The old guard: CEO age and corporate litigation. Journal of Behavioral and Experimental Finance, 31, 100545.

5. Pham, D., Nguyen, T., Pham, T. M., & Adhikari, H. (2021). Corporate Divestiture Decisions and Long-Run Performance. Journal of Behavioral Finance, 1-15.

6. Adhikari, H. P., Krolikowski, M. W., Malm, J., & Sah, N. B. (2021). Working capital (mis) management–impact of executive age. Accounting & Finance.

7. Pham, J. D., Nguyen, T., Adhikari, H., & Pham, T. M. (2020). Unexpected Share Repurchase Announcements. Journal of Behavioral Finance, 1-18.

8. 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 Accounting, 51(1), 113-138.

9. 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.

10. 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.

11. 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 Finance, 17(1), 41-57.

12. 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.

12.. 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

13. Adhikari, H. P., & Sutton, N. K. (2016). All in the family: The effect of family ownership on acquisition performance. Journal of Economics and Business, 88, 65-78.

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

15. 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 Finance, 57, 191-206.

Working Papers:

 " The Impact of Revenue Composition and Market Dynamics on Abnormal Returns in the Aerospace and Defense Industry"  Aakanksha Mannam, and Jayendra Gokhale.

 " Unlocking the power of frequent flier programs: Exploring the relationship between loyalty program and airline ticket prices"  with  Hansen  Majaya, Aakanksha Mannam, and Jayendra Gokhale. 

"Climate Change Exposure and Short-termism: Evidence from Net Trade Credit" with Nilesh Sah and Deepak More

 “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

“Do Family Firms Exploit Voluntary Disclosure Practices?”

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

Editorial Board:

American Business Review

Ad-hoc Reviewer:

Transport Policy, International Review of Financial Analysis, Small Business Economics , Managerial Finance, International Journal of Emerging Markets , Journal of Business Cases and Applications , and Journal of Contemporary Management, Journal of Education and Research 

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)

7. Academy of Economics and Finance

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

13. Spencer’s 2023 Risk Manager on Campus Program grant . Granted on October 31, 2022.