Jess Cornaggia
Professor of Finance
Jess Cornaggia is the Alumni Professor of Finance at the Smeal College of Business at Penn State University. Professor Cornaggia’s research interests include financial intermediation, corporate finance, credit ratings, student debt, household finance, fintech, and ESG. His research has appeared in peer-reviewed journals, including the Journal of Financial Economics, Review of Financial Studies, Management Science, and Review of Finance. He is an Associate Editor at Management Science and the Journal of Banking and Finance. Professor Cornaggia received his B.S. and MBA from Gonzaga University and his Ph.D. in Management Science from the University of Texas at Dallas in 2009.
Expertise
Financial intermediation, corporate finance, credit ratings, student debt, household finance, fintech, and ESG
Education
Ph D, The University of Texas at Dallas, Richardson, TX, 2009-07-31
Courses Taught
FIN 407 – Mult Fin Mgmt
Analysis of the international aspects of managerial finance; emphasis on the impact of the international financial environment on firm operations.
FIN 407 – Multinational Financial Management
FIN 597 – Special Topics
FIN 600 – Thesis Research
FIN 601 – Ph D Dis Full-Time
NO DESCRIPTION.
FIN 855 – Global Finance
Analyze international business finance problems, impact of evolving inter- national payment systems on business, financial management in modern multi- national enterprise.
Selected Publications
Cornaggia J., Cornaggia K., Israelsen R. "Credit Rating Agency Fees: Pay to Play or Pay in Public Finance?" Review of Financial Studies, vol. 36, 2023-01-01
Cornaggia J., Cornaggia K., Israelsen R. "Where the Heart Is: Information Production and the Home Bias" Management Science, vol. 66, 2020-01-01
Cornaggia J., Cornaggia K., Israelsen R. "Credit Ratings and the Cost of Municipal Financing" Review of Financial Studies, vol. 31, 2018-01-01
Cornaggia J., Li J. "The Value of Access to Finance: Evidence from M&A" Journal of Financial Economics, vol. 131, 2017-11-01
Cornaggia J., Butler A., Gurun U. "Do Local Capital Market Conditions Affect Consumers' Borrowing Decisions?" Management Science, vol. 63, 2017-10-01
Cornaggia J., Cornaggia K., Hund J. "Credit Ratings across Asset Classes: A Long-Term Perspective" Review of Finance, vol. 21, 2017-03-01
Cornaggia J., Cornaggia K., Bruno V. "Does Regulatory Certification Affect the Information Content of Credit Ratings?" Management Science, vol. 62, 2016-06-01
Cornaggia J., Cornaggia K., Xia H. "Revolving Doors on Wall Street" Journal of Financial Economics, vol. 120, 2016-02-01
Cornaggia J., Mao Y., Wolfe B., Tian X. "Does Banking Competition Affect Innovation?" Journal of Financial Economics, vol. 115, 2015-01-01
Cornaggia J. "Does Risk Management Matter? Evidence from the U.S. Agricultural Industry" Journal of Financial Economics, vol. 109, 2013-08-01
Cornaggia J., Cornaggia K. "Estimating the Costs of Issuer-Paid Credit Ratings" Review of Financial Studies, vol. 26, 2013-07-01
Cornaggia J., Butler A., Grullon G., Weston J. "Corporate Financing Decisions, Managerial Market Timing, and Real Investment" Journal of Financial Economics, vol. 101, 2011-09-01
Cornaggia J., Butler A. "Does Access to External Finance Improve Productivity? Evidence from a Natural Experiment" Journal of Financial Economics, vol. 99, 2011-01-01
Cornaggia J., Iliev P. G., Wang Q., Liang J. "Biodiversity and Local Asset Values" Review of Finance
Cornaggia J., Canayaz M., Cornaggia K. "Choose Your Battles Wisely: The Consequences of Protesting Government Contracts" Management Science
Cornaggia J., Gustafson M., Kotter J., Pisciotta K. "IPOs and the Local Economy: Evidence of Crowding Out" Review of Finance
Cornaggia J., Cornaggia K., Xia H. "Natural Disasters, Financial Shocks, and Human Capital" Management Science
Honors and Awards
Best Paper semifinalist, Financial Management Association Asia, (2017-05-24)
Lead Article, Review of Finance, (2017-03-01)
Faculty Research Award, Georgetown University McDonough School of Business, (2014-09-01)
Best Paper semifinalist, Financial Management Association, (2012-10-01)
Best Paper semifinalist, Financial Management Association, (2011-10-01)
Best Paper, Financial Management Association, (2009-10-01)
Ph.D Student Travel Stipend, Western Finance Association, (2009-06-01)
Doctoral Student Travel Grant, American Finance Association, (2009-01-01)
Outstanding Doctoral Student Paper runner-up, Southern Finance Association, (2008-11-01)
Best Dissertation Proposal, Financial Management Association, (2008-10-01)
Doctoral Student Consortium, Financial Management Association, (2008-10-01)
Best Paper, Western Finance Association, (2008-06-01)