***M.Sc. Students, this event can count towards one of the six mandatory Research Seminars Series needed to attend (MHS6991 or MGT6991).***
Mara Faccio, PhD
We develop the first comprehensive mapping of the revolving door phenomenon in the U.S. by examining the work experience in executive branch agencies of 1,910,150 individuals covering top corporate positions in 373,011 firms. The phenomenon is highly prevalent, present in one out of every three public firms. Consistent with the “knowledge view” of the revolving door, we show that direct transitions to the private sector (within three years since leaving an agency) tend to occur in response to increases in regulatory activity or the incidence of fines. Those transitions tend to be followed by an increased incidence of procurement contracts. Possibly consistent with the “quid pro quo” view of the revolving door, we document that transitions that immediately follow presidential elections tend to be preceded by an abnormally low incidence of fines and an abnormally high incidence of procurement contracts.
About the Speaker
Mara Faccio's research interest is in international finance. Her research has appeared in a variety of academic journals including the American Economic Review, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Journal of Accounting and Economics, the Journal of Corporate Finance, and Management Science.
Faccio's article "The ultimate ownership of western European corporations" (with Larry H. P. Lang) received the JFE All Star Paper award (it is the most cited paper in Volume 65 of the Journal of Financial Economics and the 15th most cited JFE paper of all time based on citations per year). Her paper "Political connections and corporate bailouts" (with John J. McConnell, and Ronald W. Masulis) was nominated for the Brattle Prize (which is awarded to the best corporate finance paper published in the Journal of Finance). Her paper "Large shareholder diversification and corporate risk-taking" (with Maria-Teresa Marchica and Roberto Mura) was the Best Paper Runner Up for the BlackRock/Brennan Award (Review of Financial Studies). Her papers "Taxes and capital structure" and "Taxes, capital structure choices, and equity value" (both with Jin Xu) have both won the Sharpe Award for Best Paper in the Journal of Financial and Quantitative Analysis.
Faccio is a Research Associate of the National Bureau of Economic Research, a Senior Fellow of the Asian Bureau of Finance and Economics Research, and a Research Associate of the European Corporate Governance Institute. She is a Managing Editor of the Journal of Financial and Quantitative Analysis. She is the Duke Realty Chair in Finance & Professor of Management (Finance) at Purdue University, Krannert School of Management. Prior to joining the Krannert faculty in 2007, Faccio was a faculty member at Vanderbilt University (2003-2007), the University of Notre Dame (2001-2003), and Università Cattolica, Milan (1999-2001). Faccio earned a Ph.D. in finance from Universita' Cattolica (Milan), an MPhil from City University Business School (London), and both a master's degree and a bachelor's degree from Universita' di Pavia (Italy). Faccio is an avid golfer and a big fan of Italian soccer team Juventus.
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