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Mara Faccio

Mara Faccio

Professor of Management (Finance) and Hanna Chair in Entrepreneurship


Ph.D. , Finance, Universita' Cattolica, 1999
MPhil; CUBS, London, 1997
Master; Universita' di Pavia, 1995
Bachelor in Economics; Universita' di Pavia, 1994


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 Corporate Finance, and the Journal of Accounting and Economics.

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 shareholderdiversification 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 paper "Taxes and capital structure" (with Jin Xu) recently won the William F. Sharpe Award for Scholarship in Financial Research - - Recognizing the best paper in the 2015 volume of 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 the Hanna Chair in Entrepreneurship & 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.


Forthcoming Publications

  • Faccio, M., and Xu, J. (2017). Taxes, capital structure choices, and equity value. Journal of Financial and Quantitative Analysis,

Journal Articles

  • 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.
  • Faccio, M., Marchica, M. & Mura, R (2011). Large shareholder diversification and corporate risk-taking. Review of Financial Studies, (24), 3601-3641. | Download |
  • 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. (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 Ronald W. Masulis, and John J. McConnell) (2006). Political Connections and Corporate Bailouts. Journal of Finance, vol. 61(6) 2597-2635.
  • 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 David Stolin) (2006). Expropriation vs. Proportional Sharing in Corporate Acquisitions. Journal of Business, vol. 79(3) 1413-1444.
  • 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.

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.
  • Faccio, M. & O’Brien, W. Business groups and employment.

Phone: (765) 49-61951
Office: KRAN 448

Quick links

Personal website

Area(s) of Expertise

Political Connections, Taxes, Corporate Finance