John R. Graham | Scholars@Duke

John R. Graham
D. Richard Mead, Jr. Family Professor of Business Administration in the Fuqua School of Business

Dr. Graham is the D. Richard Mead professor of finance at the Fuqua School of Business at Duke University. His past work experience includes teaching at the University of Utah and seven years working as a senior economist at Virgina Power. He has been co-editor of the Journal of Finance, associate editor of The Journal of Finance, The Review of Financial Studies, Finance Research Letters, and Financial Management, and has served on the board of directors of the American Finance Association, the Western Finance Association, and the Financial Management Association, three of the largest academic finance professional organizations. Graham is currently President-elect of the Financial Management Association and has been President of the Western Finance Association, is a Fellow of the Financial Management Association, and is a research associate of the National Bureau of Economic Research. He is multiple time winner of best teacher awards and also a recipient of the overall Outstanding Faculty award. Graham has served as area coordinator of Duke’s finance group and as co-director of the Duke Center for Financial Excellence.

Graham has published more than 50 articles and book chapters on corporate taxes, cost of capital, capital structure, financial reporting, and payout policy. His research has won numerous best paper awards. His teaching focuses on corporate finance, taxes, mergers and acquisitions, and corporate restructuring. His simulated corporate marginal tax rates are widely used and are an important input in the Duff and Phelps cost of capital publications.

Since 1997 Graham has been the director of the Global Business Outlook (http://www.cfosurvey.org), a quarterly CFO survey that assesses the business climate and topical economic issues around the world. He appears regularly in the media to discuss the survey and corporate sector. Finally, Graham is lead author on the textbooks Corporate Finance: Linking Theory to What Companies Do (Cengage) and Introduction to Corporate Finance (Cengage).

Current Appointments & Affiliations

D. Richard Mead, Jr. Family Professor of Business Administration in the Fuqua School of Business, Fuqua School of Business, Duke University 2006
Professor of Business Administration, Fuqua School of Business, Duke University 2004

Contact Information

417W Fuqua Sch Of Bus, Durham, NC 27708
Box 90120, Durham, NC 27708-0120
(919) 660-7857
Fuqua Faculty Profile

Background
Education, Training, & Certifications
- Ph.D., Duke University 1994
- M.A., Virginia Commonwealth University 1988
- B.A., College of William and Mary 1983
Duke Appointment History
- Associate Professor of Business Administration, Fuqua School of Business, Duke University 2001 - 2004
- Associate Professor of Business Administration, Fuqua School of Business, Duke University 1999 - 2001
- Assistant Professor of Business Administration, Fuqua School of Business, Duke University 1997 - 1999
Recognition
In the News
- JUN 13, 2018 Fuqua School of Business
  
  Top of CFO Concerns: Hacking and Borrowing Costs, But Optimism Still High
- MAR 7, 2018 Fuqua School of Business
  
  CFO Survey: Firms Slow to Adopt Fintech; Tax Reform Boosts CFO Optimism
- DEC 13, 2017 Fuqua School of Business
  
  CFO Survey: Pending Tax Reform Prompts Spike in Business Optimism
- SEP 8, 2017 Fuqua School of Business
  
  CFO Survey: Tight Labor Market Slows Corporate Expansion, Drives up Wages
- AUG 30, 2017
  
  The Workplace of the Future
- MAR 15, 2017 Fuqua School of Business
  
  CFOs to Trump: Stop Tweeting, Lose the Border Tax, But Continue Some Reforms
- DEC 7, 2016
  
  CFO Survey: Trump's Win Boosts Business Optimism
- SEP 15, 2016 CBS News, MoneyWatch
  
  CFO survey: Political uncertainly likely to tighten the spigot on corporate spending even beyond election day
- JUN 9, 2016 CNN Money
  
  Duke survey: Political fears are depressing U.S. hiring and expansion plans
- JUN 8, 2016
  
  CFO Survey: Political Uncertainty Slows Nearly Half of U.S. Firms
- JUN 8, 2016 The News & Observer
  
  Duke CFO survey finds politics is hurting business spending
- JUN 8, 2016 Bloomberg
  
  Hiring plans axed amid election-year uncertainty, U.S. CFOs say
- MAR 30, 2016 Computerworld
  
  John Graham comments: California's $15-an-hour minimum wage may spur automation
- MAR 15, 2016 Forbes
  
  It's not every U.S. election that can destabilize the economy
- MAR 10, 2016 Triad Business Journal
  
  U.S. tumbling into a recession? Here are the odds ...
- DEC 9, 2015
  
  CFO Survey: Weak Business Spending Forecast; Employment Growth Continues
- DEC 9, 2015 Bloomberg
  
  Duke University/CFO Global Business Outlook: Optimism among U.S. companies eased in second half of 2015
- NOV 13, 2015 Inc.
  
  Why your company's culture is crucial to its value
- SEP 25, 2015 Reuters
  
  CFOs see earnings shenanigans in 20 percent of U.S. public firms
- SEP 15, 2015 Fortune
  
  John Graham quoted: 4 reasons why you should be worried about a Fed rate hike
- SEP 11, 2015 The Wall Street Journal
  
  Economy and risk give CFOs the blues, Duke says
- SEP 10, 2015
  
  CFO Survey: Labor Markets Tighten; Stock Market Still Overvalued
- SEP 10, 2015 Bloomberg
  
  Companies plan to increase wages in U.S. as jobs hard to fill
- SEP 8, 2015 WRAL Tech Wire
  
  Who's best presidential contender for business? Trump, say CFOs in Duke survey
- SEP 4, 2015
  
  CFO Survey: Trump, Fiorina Viewed as Best for Business
- JUN 11, 2015 CBS News
  
  John Graham on Duke study: Corporate execs expect fatter paychecks for workers
- JUN 10, 2015
  
  CFO Survey: Strong Hiring and Wage Growth Expected in U.S.
- JUN 8, 2015 CBS News
  
  Duke survey of CFOs: Percentage of companies that report systems hacked
- JUN 5, 2015
  
  New CFO Survey: More Than 80 Percent of Firms Say They've Been Hacked
- MAY 13, 2015
  
  Ideas That Move the World Forward: John Graham
Awards & Honors
Publications & Artistic Works
Selected Publications
- Books
  - Graham, J, and Smart, S. Introduction to Corporate Finance. Cengage Learning, 2012.
  - Graham, J, Smart, S, and Megginson, W. Corporate Finance: Linking Theory to What Companies Do. Cengage Learning, September 28, 2009.
- Academic Articles
  - Giambona, E, Graham, JR, Harvey, CR, and Bodnar, GM. "The Theory and Practice of Corporate Risk Management: Evidence from the Field." Financial Management 47, no. 4 (December 1, 2018): 783-832. Full Text
  - Graham, JR, and Leary, MT. "The evolution of corporate cash." Review of Financial Studies 31, no. 11 (November 1, 2018): 4288-4344. Full Text
  - Graham, JR, Hanlon, M, Shevlin, T, and Shroff, N. "Tax Rates and Corporate Decision-making." The Review of Financial Studies 30, no. 9 (September 1, 2017): 3128-3175. Full Text
  - Giambona, E, Graham, JR, and Harvey, CR. "The management of political risk." Journal of International Business Studies 48, no. 4 (May 1, 2017): 523-533. Full Text
  - Dichev, I, Graham, J, Harvey, CR, and Rajgopal, S. "The misrepresentation of earnings." Financial Analysts Journal 72, no. 1 (January 1, 2016): 22-35. Full Text
  - Graham, JR, Leary, MT, and Roberts, MR. "The Leveraging of Corporate America: A Long‐Run Perspective on Changes in Capital Structure." Journal of Applied Corporate Finance 28, no. 4 (2016): 29-37. Full Text
  - Graham, JR, Leary, MT, and Roberts, MR. "A century of capital structure: The leveraging of corporate America." Journal of Financial Economics 118, no. 3 (January 1, 2015): 658-683. Full Text
  - Graham, JR, Leary, MT, and Roberts, MR. "A Century of Capital Structure: The Leveraging of Corporate America." (February 2014).
  - Graham, JR, Hanlon, M, Shevlin, T, and Shroff, N. "Incentives for Tax Planning and Avoidance: Evidence from the field." Accounting Review 89, no. 3 (January 1, 2014): 991-1023. Full Text
  - Dichev, ID, Graham, JR, Harvey, CR, and Rajgopal, S. "Earnings quality: Evidence from the field." Journal of Accounting and Economics 56, no. 2-3 (December 2013): 1-33. Full Text
  - Graham, JR, Harvey, CR, and Puri, M. "Managerial attitudes and corporate actions." Journal of Financial Economics 109, no. 1 (July 1, 2013): 103-121. Full Text
  - Graham, JR, Harvey, CR, and Puri, M. "Managerial attitudes and corporate actions." Journal of Financial Economics 109, no. 1 (July 2013): 103-121. Full Text
  - Campello, M, and Graham, JR. "Do stock prices influence corporate decisions? Evidence from the technology bubble." Journal of Financial Economics 107, no. 1 (January 1, 2013): 89-110. Full Text
  - Graham, JR. "Do Taxes Affect Corporate Decisions? A Review." 2, no. PA (January 1, 2013): 123-210. (Chapter) Full Text
  - Graham, JR, Raedy, JS, and Shackelford, DA. "Accounting for income taxes: Primer, extant research, and future directions." Foundations and Trends in Finance 7, no. 1-2 (December 1, 2012): 1-157. Full Text
  - Dichev, ID, Graham, JR, Harvey, CR, and Rajgopal, S. "Earnings quality: Evidence from the field." Journal of Accounting and Economics 56, no. 2-3 (November 2, 2012): 1-33. Full Text
  - Campello, M, Giambona, E, Graham, JR, and Harvey, CR. "Access to liquidity and corporate investment in Europe during the financial crisis." Review of Finance 16, no. 2 (April 1, 2012): 323-346. (Review) Full Text
  - Graham, JR, Raedy, JS, and Shackelford, DA. "Research in accounting for income taxes." Journal of Accounting and Economics 53, no. 1-2 (February 1, 2012): 412-434. Full Text
  - Graham, JR, Li, S, and Qiu, J. "Managerial attributes and executive compensation." Review of Financial Studies 25, no. 1 (January 1, 2012): 144-186. Full Text
  - Graham, JR, Hazarika, S, and Narasimhan, K. "Corporate governance, debt, and investment policy during the great depression." Management Science 57, no. 12 (December 1, 2011): 2083-2100. Full Text
  - Graham, JR, Hazarika, S, and Narasimhan, K. "Financial distress in the great depression." Financial Management 40, no. 4 (December 1, 2011): 821-844. Full Text
  - van Binsbergen, JH, Graham, JR, and Yang, J. "An Empirical Model of Optimal Capital Structure1." Journal of Applied Corporate Finance 23, no. 4 (December 2011): 34-59. Full Text
  - "The Long-Term Cost of the Financial Crisis." (November 29, 2011): 569-578. (Chapter) Full Text
  - "The Equity Risk Premium Amid a Global Financial Crisis." (November 29, 2011): 525-535. (Chapter) Full Text
  - Graham, JR, and Leary, MT. "A review of empirical capital structure research and directions for the future." Annual Review of Financial Economics 3 (November 16, 2011): 309-345. (Review) Full Text
  - Graham, JR, Harvey, CR, and Puri, M. "Capital Allocation and Delegation of Decision-Making Authority within Firms." (August 2011).
  - Campello, M, Giambona, E, Graham, JR, and Harvey, CR. "Liquidity management and corporate investment during a financial crisis." Review of Financial Studies 24, no. 6 (June 1, 2011): 1944-1979. Full Text
  - Graham, JR. "Using CFO Surveys as a Motivational Tool to Teach Corporate Finance." Financial Review 46, no. 2 (May 1, 2011): 193-205. Full Text
  - van Binsbergen, JH, Graham, JR, and Yang, J. "Optimal Capital Structure." (April 9, 2011).
  - Graham, JR, and Leary, MT. "A Review of Empirical Capital Structure Research and Directions for the Future." Annual Review of Financial Economics 3 (April 7, 2011).
  - Graham, JR, Hanlon, M, and Shevlin, T. "Real Effects of Accounting Rules: Evidence from Multinational Firms' Investment Location and Profit Repatriation Decisions." Journal of Accounting Research 49, no. 1 (March 1, 2011): 137-185. Full Text
  - Graham, JR, Hanlon, M, and Shevlin, T. "Barriers to Mobility: The Lockout Effect of U.S. Taxation of Worldwide Corporate Profits." National Tax Journal 63, no. 4, Part 2 (December 2010): 1111-1144. Full Text
  - Van Binsbergen, JH, Graham, JR, and Yang, J. "The cost of debt." Journal of Finance 65, no. 6 (December 1, 2010): 2089-2136. Full Text
  - Campello, M, Graham, JR, and Harvey, CR. "The real effects of financial constraints: Evidence from a financial crisis." Journal of Financial Economics 97, no. 3 (September 1, 2010): 470-487. Full Text
  - Brandt, MW, Brav, A, Graham, JR, and Kumar, A. "The idiosyncratic volatility puzzle: Time trend or speculative episodes." Review of Financial Studies 23, no. 2 (February 1, 2010): 863-899. Full Text
  - Graham, JR, Hanlon, M, and Shevlin, T. "Barriers to mobility: The lockout effect of U.S. taxation of worldwide corporate profits." National Tax Journal 63, no. 4 (January 1, 2010): 1111-1144. Full Text
  - Graham, JR, Harvey, CR, and Huang, H. "Investor competence, trading frequency, and home bias." Management Science 55, no. 7 (July 1, 2009): 1094-1106. Full Text
  - Graham, JR, and Kim, H. "The Effects of the length of the tax-loss carryback period on tax receipts and corporate marginal tax rates." National Tax Journal 62, no. 3 (January 1, 2009): 413-427. Full Text
  - Brav, A, Graham, JR, Harvey, CR, and Michaely, R. "Managerial response to the may 2003 dividend tax cut." Financial Management 37, no. 4 (December 1, 2008): 611-624. (Review) Full Text
  - Graham, JR, and Mills, LF. "Using tax return data to simulate corporate marginal tax rates." Journal of Accounting and Economics 46, no. 2-3 (December 1, 2008): 366-388. Full Text
  - Brav, A, Graham, JR, Harvey, CR, and Michaely, R. "The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence." National Tax Journal 61, no. 3 (September 2008): 381-396. Full Text
  - Graham, JR, Li, S, and Qiu, J. "Corporate misreporting and bank loan contracting." Journal of Financial Economics 89, no. 1 (July 1, 2008): 44-61. Full Text
  - Graham, JR. "Taxes and Corporate Finance." (2008): 59-133. Full Text
  - Graham, JR, and Harvey, CR. "The Equity Risk Premium in January 2007: Evidence from the Global CFO Outlook Survey." (January 25, 2007).
  - Graham, JR, Harvey, CR, and Rajgopal, S. ""Value destruction and financial reporting decisions": Author response [2]." Financial Analysts Journal 63, no. 2 (January 1, 2007): 10-null. (Letter) Full Text
  - Graham, JR, Harvey, CR, and Rajgopal, S. "Value destruction and financial reporting decisions." Financial Analysts Journal 62, no. 6 (November 1, 2006): 27-39. Full Text
  - Graham, JR, Koski, JL, and Loewenstein, U. "Information flow and liquidity around anticipated and unanticipated dividend announcements." Journal of Business 79, no. 5 (September 1, 2006): 2301-2336. Full Text
  - Graham, JR, and Tucker, AL. "Tax shelters and corporate debt policy." Journal of Financial Economics 81, no. 3 (September 1, 2006): 563-594. Full Text
  - Graham, JR, and Kumar, A. "Do dividend clienteles exist? Evidence on dividend preferences of retail investors." Journal of Finance 61, no. 3 (June 1, 2006): 1305-1336. Full Text
  - Graham, JR, Harvey, CR, and Huang, H. "Investor Competence, Trading Frequency, and Home Bias." (May 2006).
  - Graham, JR, Harvey, CR, and Rajgopal, S. "Value Destruction and Financial Reporting Decisions." Financial Analysts Journal 62, no. 6 (2006): 27-39.
  - Graham, JR, and Harvey, CR. "The long-run equity risk premium." Finance Research Letters 2, no. 4 (December 1, 2005): 185-194. Full Text
  - Graham, JR. "A review of taxes and corporate finance." Foundations and Trends in Finance 1, no. 7 (December 1, 2005): 573-691. (Review) Full Text
  - Brav, A, Graham, JR, Harvey, CR, and Michaely, R. "Payout policy in the 21st century." Journal of Financial Economics 77, no. 3 (September 1, 2005): 483-527. Full Text
  - Graham, JR, Harvey, CR, and Rajgopal, S. "The economic implications of corporate financial reporting." Journal of Accounting and Economics 40, no. 1-3 (January 1, 2005): 3-73. Full Text
  - Edwards, CH, Graham, JR, Lang, MH, and Shackelford, DA. "Employee Stock Options and Taxes." (November 2004).
  - Graham, JR, Lang, MH, and Shackelford, DA. "Employee stock options, corporate taxes, and debt policy." Journal of Finance 59, no. 4 (August 1, 2004): 1585-1618. (Review) Full Text
  - Graham, JR, Michaely, R, and Roberts, MR. "Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing before and after Decimalization." Journal of Finance 58, no. 6 (December 1, 2003): 2611-2635. Full Text
  - Graham, JR. "Taxes and Corporate Finance: A Review." Review of Financial Studies 16, no. 4 (October 2003): 1075-1129. Full Text
  - Graham, JR. "Taxes and Corporate Finance: A Review." Review of Financial Studies 16, no. 4 (January 1, 2003): 1075-1129. (Review) Full Text
  - Graham, JR, and Harvey, CR. "How Do CFOs Make Capital Budgeting and Capital Structure Decisions?." (March 8, 2002).
  - Graham, JR, Lemmon, ML, and Wolf, JG. "Does corporate diversification destroy value?." Journal of Finance 57, no. 2 (January 1, 2002): 695-720. (Review) Full Text
  - Graham, JR, and Rogers, DA. "Do Firms Hedge in Response to Tax Incentives?." Journal of Finance 57 (2002): 815-839.
  - Graham, JR, and Rogers, DA. "Do firms hedge in response to tax incentives?." Journal of Finance 57, no. 2 (January 1, 2002): 815-839. Full Text
  - Graham, JR, and Harvey, CR. "The theory and practice of corporate finance: Evidence from the field." Journal of Financial Economics 60, no. 2-3 (May 1, 2001): 187-243. Full Text
  - Graham, J. "ESTIMATING THE TAX BENEFITS OF DEBT." Journal of Applied Corporate Finance 14, no. 1 (March 2001): 42-54. Full Text
  - Graham, JR, and Smith, CW. "TAX PROGRESSIVITY AND CORPORATE INCENTIVES TO HEDGE." Journal of Applied Corporate Finance 12, no. 4 (January 2000): 102-111. Full Text
  - Graham, JR. "How big are the tax benefits of debt?." Journal of Finance 55, no. 5 (January 1, 2000): 1901-1941. Full Text
  - Graham, JR. "Do personal taxes affect corporate financing decisions?." Journal of Public Economics 73, no. 2 (August 1, 1999): 147-185. Full Text
  - Graham, JR, and Smith, CW. "Tax incentives to hedge." Journal of Finance 54, no. 6 (January 1, 1999): 2241-2262. Full Text
  - Graham, JR. "Herding among investment newsletters: Theory and evidence." Journal of Finance 54, no. 1 (January 1, 1999): 237-268. Full Text
  - Graham, JR, and Lemmon, ML. "MEASURING CORPORATE TAX RATES AND TAX INCENTIVES: A NEW APPROACH." Journal of Applied Corporate Finance 11, no. 1 (March 1998): 54-65. Full Text
  - Graham, JR, Lemmon, ML, and Schallheim, JS. "Debt, leases, taxes, and the endogeneity of corporate tax status." Journal of Finance 53, no. 1 (January 1, 1998): 131-162. Full Text
  - Graham, JR, and Harvey, CR. "Grading the performance of market-timing newsletters." Financial Analysts Journal 53, no. 6 (January 1, 1997): 54-66. Full Text
  - Graham, JR. "Is a group of economists better than one? Than none?." Journal of Business 69, no. 2 (April 1, 1996): 193-232. Full Text
  - Graham, JR, and Harvey, CR. "Market timing ability and volatility implied in investment newsletters' asset allocation recommendations." Journal of Financial Economics 42, no. 3 (January 1, 1996): 397-421. Full Text
  - Graham, JR. "Proxies for the corporate marginal tax rate." Journal of Financial Economics 42, no. 2 (January 1, 1996): 187-221. Full Text
  - Graham, JR. "Debt and the marginal tax rate." Journal of Financial Economics 41, no. 1 (January 1, 1996): 41-73. Full Text
- Book Sections
  - Graham, JR. "Do Taxes Affect Corporate Decisions?." In The Handbook of Economics and Finance, edited by G Constantinides, M Harris, and R Stulz. Amsterdam: North Holland, 2013.
  - Graham, JR, Campello, M, Graham, JR, and Harvey, C. "Lines of Credit and Investment in Europe: Evidence from the Financial Crisis." In Going for Growth: The Role of Financial Intermediaries and Financial Markets in the Financing of Firms, edited by R Guida and A Mele. Bologna, Italy: Il Mulino, 2012.
  - Graham, JR, Campello, M, and Harvey, C. "The Long-Term Cost of the Financial Crisis." In Managing a Downturn. Prentice Hall, 2010.
  - Graham, JR, and Harvey, C. "The Equity Risk Premium amid a Global Financial Crisis." In Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, edited by R Kolb. Hoboken, NJ: Wiley and Sons, 2010.
  - Graham, JR. "Taxes and Corporate Finance." In Handbook of Corporate Finance, edited by BE Eckbo. Amsterdam: Elsevier, 2008.
  - Graham, JR. "Corporate Taxes and Business Valuation." In Handbook of Business Valuation, edited by TL West and JD Jones, 531-544. Wiley, 1999.
- Scholarly Editions
  - Graham, JR, Harvey, CR, and Puria, M. A corporate beauty contest. September 1, 2017. Full Text
  - Graham, JR, Harvey, CR, and Puri, M. Capital allocation and delegation of decision-making authority within firms. January 1, 2015. Full Text
  - Ben-David, I, Graham, JR, and Harvey, CR. Managerial miscalibration. November 1, 2013. Full Text
Teaching & Mentoring
Recent Courses
- FINANCE 646: Corporate Finance 2019
- QM 703QH: Business Fundamentals: Accounting and Finance 2019
- BA 952: Finance II 2018
- FINANCE 899: Independent Study 2018
- FINANCE 646E: Corporate Finance 2017

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Education, Training, & Certifications

Duke Appointment History

In the News

Awards & Honors

Selected Publications

Books

Academic Articles

Book Sections

Scholarly Editions

Recent Courses