Hari Adhikari

Associate Professor and Doctoral Program Coordinator

Hari.Adhikari@erau.edu

Accounting, Economics, Finance & Information Sciences Department

Daytona College of Business

Areas of Expertise

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

Hari Adhikari

Overview

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 calculusand 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 inTampa, Florida.

Adhikari’s research interests include aviation finance, ownership structures, mergers and acquisitions, CEO compensation, short-term financing, corporate governanceand behavioral finance. His work has been published or accepted for publication in journals such as theJournal of Behavioral Finance, Accounting and Finance, Journal of Behavioral and Experimental Finance, Finance Research Letters, andReview 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 Reviewand 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 inKathmandu, 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

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,ݮƵ, Daytona Beach, FL

7. IGNITE course redesign grant, 2016-17,ݮƵ, Daytona Beach, FL

8. Travel Grants : 2014,2015,2016,ݮƵ, Daytona Beach, FL

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

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

11. CTLE grants: 2017, 2018, ݮƵ, Daytona Beach, FL

12. Joseph R. Martin Distinguished Professor of Aviation Business July, 2018- June, 2019 , ݮƵ, Daytona Beach, FL

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


Teaching

  • FIN 332: Corporate Finance I
  • BA 901: Dissertation
  • BA 701: Doctoral Residency I
  • BA 702: Doctoral Residency II
  • FINE 334: Investment Analysis
  • FINE 520: 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

By Appointment

Research

  • (Hari Adhikari) Pure Portfolio (2025)
  • (Youngran Choi, Hari Adhikari) Pure Portfolio (2024)
  • (Jayendra Gokhale, Hari Adhikari) OER Main (2023)
  • (Hari Adhikari) Pure Portfolio (2022)
  • (Hari Adhikari) Pure Portfolio (2021)
  • (Hari Adhikari) Pure Portfolio (2021)
  • (Hari Adhikari) Pure Portfolio (2021)
  • (Hari Adhikari) Pure Portfolio (2020)
  • (Hari Adhikari) Pure Portfolio (2018)
  • (Hari Adhikari) Pure Portfolio (2018)
  • (Hari Adhikari) Pure Portfolio (2018)
  • (Hari Adhikari) Pure Portfolio (2017)
  • (Hari Adhikari) Pure Portfolio (2017)
  • (Hari Adhikari) Pure Portfolio (2017)
  • (Hari Adhikari) Pure Portfolio (2016)
  • (Hari Adhikari) Pure Portfolio (2015)

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.

"ClimateChange 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.”