Mara Faccio

Journal Articles

• Faccio, M., and Xu, J. (2018). Taxes, capital structure choices, and equity value. Journal of Financial and Quantitative Analysis, vol. 53(3), 967.
• Faccio, M. & Hsu, H.C. (2017). Politically connected private equity and employment. Journal of Finance, vol. 72 (2), 539-573.
• Aggarwal, R., Faccio, M., Guedhami, O., & Kwok, C.Y. (2016). Culture and Finance: An Introduction. Journal of Corporate Finance, vol. 41 466-474.
• Faccio, M. (2016). “Discussion of ‘Corporate Political Connections and Tax Aggressiveness’ ”. Contemporary Accounting Research, vol. 33(1) 115-120.
• Faccio, M., M.T. Marchica and R. Mura (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, vol. 39 193-209.
• Faccio, M. & Xu. J. (2015). Taxes and capital structure. Journal of Financial and Quantitative Analysis, vol. 50 (3), 277-300.
• Caprio, L., Faccio, M., & McConnell, J.J. (2013). Sheltering corporate assets from political extraction. The Journal of Law, Economics, and Organization, (29), 332-354.
• Chaney, P.K., Faccio, M., & Parsley, D.C. (2011). The quality of accounting information in politically connected firms. Journal of Accounting and Economics, vol. 51 (1), 58-76.
• Sengupta, R. & Faccio, M. (2011). Corporate response to distress: Evidence from the Asian financial crisis. Federal Reserve Bank of St. Louis Review, vol. 93 (2), 127-154.
• Faccio, M., Marchica, M. & Mura, R (2011). Large shareholder diversification and corporate risk-taking. Review of Financial Studies, (24), 3601-3641. | Download |
• Faccio, M. (2010). Differences between politically connected and non-connected firms: A cross country analysis. Financial Management, vol. 39 (3), 905-927.
• Faccio, M., Lang, L. H. P. and Young, L. (2010). Pyramiding versus leverage in corporate groups: International evidence. Journal of International Business Studies, vol. 41 88-104.
• Faccio, M. & Parsley, D.C. (2009). Sudden Deaths: Taking Stock of Geographic Ties. Journal of Financial and Quantitative Analysis, vol. 33 (3), 683-718.
• Bortolotti, B. & Faccio, M. (2009). Government Control of Privatized Firms. Review of Financial Studies, vol. 22 (8), 2907-2939. | Download |
• Faccio, Mara, (with David Stolin) (2006). Expropriation vs. Proportional Sharing in Corporate Acquisitions. Journal of Business, vol. 79(3) 1413-1444.
• Faccio, Mara (with John J. McConnell, and David Stolin) (2006). Returns to Acquirers of Listed and Unlisted Targets. Journal of Financial and Quantitative Analysis, vol. 41(1) 197-220.
• Faccio, Mara (2006). Politically Connected Firms. American Economic Review, vol. 96(1) 369-386.
• Faccio, Mara, (with Ronald W. Masulis, and John J. McConnell) (2006). Political Connections and Corporate Bailouts. Journal of Finance, vol. 61(6) 2597-2635.
• Faccio, Mara (with Ronald W. Masulis) (2005). The Choice of Payment Method in European Mergers and Acquisitions. Journal of Finance, vol. 60(3) 1345-1388.
• Faccio, Mara, (with Larry H. P. Lang) (2002). The Ultimate Ownership of Western European Corporations. Journal of Financial Economics, vol. 65(3) 365-395.
• Faccio, Mara (with Larry H. P. Lang, and Leslie Young) (2001). Dividends and Expropriation. American Economic Review, vol. 91(1) 54-78.
• Faccio, Mara, (with M. Ameziane Lasfer) (2000). Pension Fund Investments and Corporate Monitoring. Professional Investor, vol. 10(2) 23-26.
• Faccio, Mara, (with M. Ameziane Lasfer) (2000). Do Occupational Pension Funds Monitor Companies in which They Hold Large Stakes?. Journal of Corporate Finance, vol. 6(1) 71-110.

Forthcoming Publications

• Faccio, M. & McConnell, J.J. Death by Pokémon GO: The economic and human cost of using apps while driving. Journal of Risk and Insurance,
• Faccio, M., Morck, R. & Yavuz, M.D. Business groups and the incorporation of firm-specific shocks into stock prices. Journal of Financial Economics,
• Faccio, M. & O’Brien, W.J. Business groups and employment. Management Science,

Book Chapters

• Faccio, Mara, (with M. Ameziane Lasfer) (2002). Institutional Shareholders and Corporate Governance: The Case of UK pension Funds with M. Ameziane Lasfer). Oxford University Press, 603-622.

Working Papers

• Faccio, M. & Zingales, L. (2017). Political determinants of competition in the mobile telecommunication industry. NBER Working Paper # 23041.
• Emery, L. & Faccio, M. Exposing revolving doors in executive branch agencies.
• Faccio, M. & McConnell, J.J. Political Connections Impede the Schumpeterian Process of Creative Destruction.

• Business groups and employment

  Professor Mara Faccio discusses her research on business groups and employment

• price of phone plans across countries

  Mara Faccio, Purdue's Hanna Chair in Entrepreneurship, discusses price differences of cell phone plans across countries.

• 

  Risky Business

  Addressing the gender gap in corporate leadership, research coauthored by Krannert finance professor Mara Faccio breaks new ground by using data from European-based companies that finds female CEOs tend to make less risky choices than their male counterparts.

  Full story: Risky Business

• Taxes and capital structure choices

  Taxes and capital structure choices

• Politics & Profit

  Prof Mara Faccio discusses her work on the connection between politics and money.

• Krannert prof Mara Faccio wins her second Sharpe Award

  Mara Faccio, the Duke Realty Chair in Finance in the Krannert School of Management, recently won the William F. Sharpe Award for Scholarship in Financial Research for the best papers published in the Journal of Financial and Quantitative Analysis in 2018. The title of the paper is “Taxes, Capital Structure Choices, and Equity Value.” Faccio and co-author of Jin Xu, a former Krannert faculty member, also won the Sharpe Award in 2015 for a paper titled, “Taxes and Capital Structure.” The Sharpe Award recognizes researchers who, through their articles published in the Journal of Financial and Quantitative Analysis, have most contributed to the understanding of important areas of financial economics.

  Full story: Krannert prof Mara Faccio wins her second Sharpe Award

• 
  Unlimited data draining your wallet? Your plan costs more in U.S. than those in most developed countries
  Have you ever felt a jolt of panic when eyeing your cellphone bill? If you live in the United States, you’re not alone, according to a recent report by Finnish research firm Rewheel, which found Americans pay more for wireless data than consumers in most other developed countries. The report adds to the growing body of evidence that U.S. wireless packages are excessively priced compared with similar services abroad, says Krannert professor Mara Faccio, who in 2017 completed a working paper with co-author Luigi Zingales analyzing mobile phone plans and telecommunication regulations in nearly 150 countries.
• 
  New York Times Opinion: How E.U.’s Google Fine Explains High Cellphone Costs in the U.S.
  According to Luigi Zingales, a professor at the University of Chicago Booth School of Business and a co-host of the podcast Capitalisn’t, "In an industry like mobile phone services, in which the technology is the same and there are not obvious natural comparative advantages, Mara Faccio of Purdue University and I find that European prices are much lower than American ones."
• Why Your Phone Service Is So Expensive
  The economists Luigi Zingales of the University of Chicago and Mara Faccio of Purdue estimate that Americans pay $50 billion per year more than they would if they instead were paying European prices — for the same quality service. That translates into about an additional $30 per month for every American household.
• 
  The Pokémon Paradox: Krannert researchers examine costs and benefits of popular game
  When the augmented reality (AR) game Pokémon Go made its debut in 2016, it quickly became the most popular mobile game in U.S. history with more than 20 million active users daily. It’s now at the top of the menu in an industry that generates more than $1 billion in annual revenues. According to a pair of working papers from Purdue University’s Krannert School of Management, tech companies aren’t the only businesses getting a taste of the profits. But how does that balance with the economic costs of playing the game while driving, which include an increased number of vehicular accidents, injuries and even death?
• Professor Mara Faccio elected to the board of the American Finance Association
  Krannert finance professor Mara Faccio, Purdue’s Hanna Chair in Entrepreneurship, has been elected to the Board of Directors of the American Finance Association (AFA), the premier academic organization devoted to the study and promotion of knowledge about financial economics.