Dr Maria Marchica

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Profile photo of: Dr Maria Marchica Email: Show Email Address
Position: Senior Lecturer in Finance
Personal home page: http://www.mariateresamarchica.com
Academic unit: Accounting and Finance

Biography

Maria-Teresa Marchica joined the Manchester Business School as a lecturer (assistant professor) in finance in September 2005. She has a PhD in Economics from the University of York where she also worked as a teaching fellow for two years. She took her MSc in Economics and Finance at the University of York and her BA in Economics at the University of Trento, Italy. She is currently a member of the American Finance Association, European Economic Association, European Finance Association, Financial Intermediation Research Society, Financial Management Association, Society for Financial Studies, and Western Finance Association.

Research Interests

1 Research Interests

My main research area is empirical corporate finance, corporate governance and banking. More in particular, research topics in my portfolio relate to debt maturity choices, investment decisions, private vs public companies decisions, SME, industrial network and capital markets, banking.

2 Working Papers

Working Papers
Faccio, M., Marchica, M-T, and Mura, R. (2013) CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation
Ferrando, A., Marchica, M-T and Mura, R. (2013) Financial Flexibility across the Euro Area and the UK
Garcia-Kuhnert, Y., Marchica, M-T, and Mura, R. (2013) Bank Risk-Taking, Large Shareholder Diversification, and Capital Allocation Efficiency
* Seminafinalist for the Best Paper Award at FMA International 2013, Chicago (USA)
Khatami, S.H., Marchica, M-T, and Mura, R. (2013) Corporate Acquisitions and Financial Constraints
Khatami, S.H., Marchica, M-T, and Mura, R. (2013) Rating Friends: The Effect of Personal Connections on Credit Ratings
Lyandres, E., Marchica, M-T, Michaely, R., and Mura, R. (2013) Investment and Operating Strategies of Public and Private Firms: Theory and Evidence
Marchica, M-T, and Mura, R. (2013) Returns and Risks to Private Equity

Work in progress
Garcia-Kuhnert, Y., Marchica, M-T, and Mura, R. (2012) Related Lending

3 Conference presentations

2013
World Finance & Banking Symposium, Beijing, (China) (scheduled)*
FMA International, Chicago, (USA) (scheduled)
EEA, Gothenburg, (Sweden)
FIRS, Dubrovnik, (Croatia)
EFA, St. Pete Beach Florida (USA) *
Marie Curie ITN Conference, Konstanz (Germany)*
2012
Conference on National Governance Bundles, Cambridge Judge Business School (UK)*
Corporate Governance and Investment Workshop, Cardiff (UK)
FMA International, Atlanta (USA)
ECB, Frankfurt (Germany)*
2011
WFA, Santa Fe (USA)
2010
FMA International, New York (USA), Top Quality session
Second Paris Spring Corporate Finance, Paris (France)
2009
Frontiers in Finance, Banff, Alberta (Canada) *
2008
FMA International, Grapevine, Dallas (USA)
FIRS, Anchorage (USA) *
FMA Europe, Prague (Czech Republic)
2007
FMA International, Orlando (USA) *
EFA, Liubljana (Slovenia) *
FMA Europe, Barcelona (Spain)
EFM Symposium, Bocconi (Milan, Italy)
EFA, New Orleans (USA)
MFA, Minneapolis (USA)
2006
FMA International, Salt lake City, (USA), Top Quality session
PFN, Porto, (Portugal)
EFMA, Madrid (Spain)
2005
International Conference on Corporate Governance, Birmingham (UK)
EFMA, EFMA, Milan (Italy)
FMA Europe, FMA, Siena (Italy)
FMA –Doctoral Programme, FMA, Siena (Italy)
EFMA Symposium, Leeds (UK)
2004
CFS, Frankfurt (Germany)
International Conference on Corporate Governance, Birmingham. (UK)
2003
EFMA-Doctoral Programme, Helsinki (Finland)
Industrial Network workshop, EUI and University of Siena (Italy)
* presentation by co-author

4 Conference discussions and Invited presentations

Conference discussions
2013
FMA International, Chicago, (USA) (scheduled)
Marie Curie ITN Conference, Konstanz (Germany)
2008
FMA International, Grapevine, Dallas (USA)
FIRS, Anchorage (USA)
FMA Europe, Prague (Czech Republic)
2007
EFM Symposium, Bocconi (Milan, Italy)
EFA, New Orleans (USA)
2006
PFN, Porto (Portugal)
2005
EFMA, Milan (Italy)
FMA Europe, Siena (Italy)
EFMA Symposium, Leeds (UK)

Chaired Sessions
2013
FMA International, Chicago, (USA) (scheduled)
2009
FMA International, Reno-Lake Tahoe (USA)
2008
FMA International, Grapevine, Dallas (USA)
2005
EFMA, Milan (Italy)

Invited seminar speaker
2013
Exeter Business School (UK)
Arison School of Business, IDC Herzliya (Israel)
2012
Cardiff Business School (UK)
2010
University of Verona (Italy)
VU University Amsterdam, (Netherland)
Durham Business School, Durham University (UK)
2008
ECB, Frankfurt (Germany)
University of Verona (Italy)
2007
CIFREM, University of Trento, (Italy)

Other conferences
2012
WFA, Las Vegas (USA)
2009
WFA, San Diego (USA)
2007
ICAEW Roundtable, London (UK)
2004
Corporate Governance conference, LBS, London (UK)
2002
Industrial Network workshop, University of Trento (Italy)
Consumption Behavior and welfare measurement, CHILD and University of Verona (Italy)
2001
X International “Tor Vergata” Conference on Banking and Finance, Rome (Italy)
2000
The Italian banking system workshop, University of Trento and MIUR

Awards and Grants

Awards
2013 Undergraduate Academic of the Year Award
This is a student nominated award for the member of staff that they feel has most enhanced their undergraduate experience at MBS. The motivation they give is the following: "You were singled out as having consistently delivered a high standard of teaching; making finance courses pleasurable; for your enthusiasm in providing feedback to students and for being ‘not just a fantastic academic but a great educator’."
2012 BlackRock/Brennan Best Paper--Runner Up Award for outstanding paper in the Review of Financial Studies
This is the first time that the award has been given to academics from a British Institution.
2007 Nomination for the University of Manchester Teaching Award
1998-1993 Awards for academic excellence in each academic year from 1993/94 to 1997/98, University of Trento (Italy)

Grants
2008 Marie Curie FPT, “Risk Management and Risk Reporting”, approx 3.5 million euro. Sub-programme coordinator of the Corporate Finance area
2005 RES Conference Grant
2005-2002 ESRC Research Studentship
“+3”, ESRC
2004-2002 Scholarship for advanced research, University of Verona (Italy)
2001 Scholarship for postgraduate studies in Economics, University of Trento (Italy)
2000 Meritorious graduate students scholarship, University of Trento (Italy)

Programme involvement

Specialist fields

Experience

Achievements

Membership

Publication summary

Clients

Question

Answer

Showing 44 publication(s)

2016

2015

  • García-Kuhnert, Y., Marchica, M-T., & Mura, R. (2015). Shareholder Diversification, Bank Risk-Taking and Capital Allocation Efficiency.. Publication link: ff20775e-e98f-417e-9991-ec8f6ac7842a
  • Marchica, M-T., Mura, R., & García-Kuhnert, Y. (2015). Shareholder diversification and bank risk-taking. Journal of Financial Intermediation, 24(4), 602-635. . Publication link: 4d0ef518-c180-43bb-9471-0e00310eaea1
  • Lyandres, E., Marchica, M-T., Michaely, R., & Mura, R. (2015). Owners' portfolio diversification and firm investment: Evidence from public and private firms. In host publication.. Publication link: 6cd25191-6329-4aee-b628-7e3b0dd93e38

2013

  • Marchica, M-T., Garcia-Kuhnert, Y., & Mura, R. (2013). Bank Risk-Taking, Large Shareholder Diversification, and Capital Allocation Efficiency. In host publication.. Publication link: 2416c3b0-adb1-4c82-ab93-331057958889

2011

2010

  • Marchica, M-T., Faccio, M., & Mura, R. (2010). Large Shareholder Diversification and Corporate Risk-Taking. In host publication.. Publication link: 5832ec08-1105-4af4-93e6-2597fcb92ac3

2008

  • Marchica, M-T., & Mura, R. (2008). MARKET FRICTIONS AND ABILITY TO INVEST: A CASH HOLDING POLICY PERSPECTIVE. In host publication.. Publication link: 2d924767-ac7c-487e-ae50-752a8e24433a
  • Marchica, M-T., & Mura, R. (2008). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In host publication.. Publication link: 8eefd48b-af30-4f3b-a015-5cb67c0cbe36
  • Marchica, M. T., & Mura, R. (2008). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In Financial Management Association, Prague, Czech Republic.. Publication link: ede9178e-3b3f-4ac5-bd71-ede4c59db833
  • Marchica, M. T., & Mura, R. (2008). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In Third Conference on Banking, Corporate Finance and Intermediation, Anchorage, Alaska, USA.. Publication link: d9802583-5400-4139-835b-68009b4ec4ce

2007

  • Marchica, M. T., & Mura, R. (2007). Cash holding policy and ability to invest: how do firms determine their capital expenditures? New evidence from the UK market. In Eastern Finance Association, New Orleans, USA.. Publication link: b571cd1d-c84b-4e2f-a177-16703872add7
  • Marchica, M. T. (2007). On the relevance of ownership structure in determining the maturity of debt. In European Finance Association,Ljubljana.. Publication link: e0f2f6ee-863f-45a9-aea7-6c4d2ffab20e
  • Marchica, M. T., & Mura, R. (2007). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In Eastern Finance Association, New Orleans, USA.. Publication link: fe1c4314-edb4-4676-ac76-66400f084a67
  • Marchica, M. T., & Mura, R. (2007). Cash Holding Policy and Ability to Invest: how do firms determine their capital expenditures? New Evidence from the UK Market. In Financial Management Association, Orlando.. Publication link: f7f136fe-b6e4-4124-b467-9904202fc5fa
  • Marchica, M. T., & Mura, R. (2007). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In Financial Management Association, Barcelona, Spain.. Publication link: 6696b756-ecee-49fe-8381-7726cf9b04b5
  • Marchica, M. T. (2007). On the relevance of ownership structure in determining the maturity of debt. In Eastern Finance Association, New Orleans.. Publication link: 22c6a61b-bc0c-490e-bd6f-092862aa272d
  • Marchica, M. T., & Mura, R. (2007). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In Financial Management Association, Orlando.. Publication link: 247c7df4-f8bf-4ac2-9d52-6a5fda6c5301

2006

  • Marchica, M. T., & Mura, R. (2006). Cash holding policy and ability to invest: how do firms determine their capital expenditures? New evidence from the UK market. In Portuguese Finance Network, Porto, Portugal.. Publication link: b009d134-f852-4a13-ae35-e0a164c51283
  • Marchica, M. T., & Mura, R. (2006). Cash holding policy and ability to invest: how do firms determine their capital expenditures? New evidence from the UK market. In Financial Management Association, Salt Lake City, USA.. Publication link: 66003e77-c9d3-4097-9e69-555a6f064995
  • Marchica, M. T., & Mura, R. (2006). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In Portuguese Finance Network, Porto, Portugal.. Publication link: 5b5423ae-298e-4348-bc7f-e1aebd2c2fe4
  • Marchica, M. T., & Mura, R. (2006). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In Financial Management Association, Salt Lake City, USA.. Publication link: 7e8a5b9f-cf00-4556-855e-f32d2fb08be8
  • Marchica, M. T., & Mura, R. (2006). Financial Flexibility and Investment Decisions: Evidence from Low-Leverage Firms. In European Financial Management Association, Madrid, Spain.. Publication link: a2cb886c-6eae-4683-96d8-83c6c7eb49f7

2005

  • Marchica, M. T. (2005). Debt Maturity and the Characteristics of Ownership Structure: an empirical investigation of UK firms. In 3rd International Conference on Corporate Governance, Birmingham.. Publication link: 61d42165-c112-42e1-9966-54451054e426
  • Marchica, M. T. (2005). Debt Maturity and the Characteristics of Ownership Structure: an empirical investigation of UK firms. In EFM Symposium on European Corporate Governance, Leeds.. Publication link: a3fb0087-fa7c-4630-8567-323e0fcc9046
  • Marchica, M. T. (2005). Debt Maturity and the Characteristics of Ownership Structure: an empirical investigation of UK firms. In European Financial Management Association, Milan.. Publication link: 87a67c01-246d-4b4d-8c20-0f3a18618a81
  • Marchica, M. T. (2005). Debt Maturity and the Characteristics of Ownership Structure: an empirical investigation of UK firms. In Financial Management Association Europe, Siena.. Publication link: 05b00b63-ac40-4175-9cef-652a4786cf30
  • Marchica, M. T. (2005). Investment and Ownership Structure: asymmetric information or managerial discretion? A panel data analysis from UK companies. In Doctoral Programme Financial Management Association Europe, Siena.. Publication link: d40a2f47-7422-44b1-bf28-5c8cb3c9a621

2004

  • Marchica, M. T., & Mura, R. (2004). Evolution of the Ownership Structure and Corporate Governance in the UK Over the Last Decade. In International Corporate Governance Conference, Birmingham.. Publication link: 5a86434f-691a-42b6-9e6c-cb54b908ccb1
  • Marchica, M. T. (2004). Debt Maturity and the Characteristics of Ownership Structure: an empirical investigation into UK firms. In Corporate Finance, Corporate Governance and Political Economy- CFS.. Publication link: 69b490de-601e-443e-b824-2817d191a80a
  • Marchica, M. T. (2004). Industrial Neworks and Financial Problems (in Italian). In Industrial Networks between Regulations and Social Rules. Bologna: Il Mulino. . Publication link: 459fe306-9b2f-46fa-8e4c-8f8646144388

2003

  • Marchica, M. T. (2003). Who Owns Who: ultimate ownersip structure of UK companies. In EFMA-Doctoral Programme Merton Miller, Helsinki.. Publication link: 7d822b0e-a1ec-4fb3-82e5-59c8b1abca1e
  • Marchica, M. T. (2003). Industrial Networks and Financial Problems. In Industrial Network workshop, European University Institute.. Publication link: f83d9886-b0a5-4d46-8159-ae91795ebfc2