1 Research Interests

Building on my economics training, my research contributions are mainly in empirical corporate finance and governance, and banking. My portfolio develops four main areas of interest that explore how investment and financial decisions are affected by: 1) shareholders' and managerial incentives; 2) financial contracting; 3) how the two types of decisions ineract in the presence of financial constraints; and 4) how public and private firms differ in their corporate policies and risk and retun. 

Working Papers

Working Papers

Khatami, S.H., Marchica, M-T, and Mura, R. (2018) The Effect of 'Underwriter - Issuer' Personal Connections on IPO Underpricing

Garcia-Kuhnert, Y., Marchica, M-T, and Mura, R. (2014) Related Lending: New Evidence from Western European Banks

Marchica, M-T, and Mura, R. (2013) Returns and Risks to Private Equity

Awards and Grants

Research

2018                EFM2017 Readers' Choice Best Paper Award in the European Financial Management

2013                Semifinalist for the Best Paper Award at FMA International, Chicago (US)

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. This award has been given to academics mostly affiliated to top US schools and only three top worldwide known universities (Hong Kong University of Science and Technology, Universitat Pompeu Fabra, and Concordia University). (http://rfssfs.org/awards/)

2010                Semifinalist for the Best Paper Award at FMA International, New York (US)

1998-1993              Awards for academic excellence in each academic year from 1993/94 to 1997/98, University of Trento (Italy)

Teaching

2019                Teaching Excellence for BMAN30111 module

2018                Teaching Excellence for BMAN30111 module

2017                Teaching Excellence for BMAN30111 module

2016                Teaching Excellence for BMAN30111 module

2015                Teaching Excellence for BMAN30111 module

                          Nomination for Most Inspiring and Best Humanities Lecturer in the University                                   of  Manchester Teaching Award 2015

2014                Nomination for the University of Manchester Teaching Award 2014

                        Teaching Excellence for BMAN30111 module

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’."

2007                Nomination for the University of Manchester Teaching Award

Grants

2018            AMBS Strategic Fund, approx. £4,000. Principal Investigator

2017            AMBS 4* Support Fund, approx. £5,000. Co-Investigator

2016            AMBS Strategic Fund, approx. £23,000. Co-Investigator

                     Lord Alliance research investment fund, approx £120,000. Principal Investigator

2015            AMBS Research Support Fund, approx. £15,000. Principal Investigator

                      AMBS Strategic Fund, approx. £23,000. Co-Investigator

2008             FP7-MC-ITN-2008-RISK, “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)

Conference presentations

2018               

FOM Conference (US), EMIL Workshop (Italy)

2017               

AEA (US), 2^nd CEPR Symposium (UK)*, EFMA as panelist (Greece)

2016               

AFA (US), AFFI (France)*, Edinburgh Corporate Finance Conference (UK)*, FIRS (Portugal), IFABS (Spain), UBC Finance Conference (Canada), WFA (US)*, RBFC 2016 (Netherlands)*

2015               

AFA (US)*, EFA (Austria)*, FIRS (Iceland), FMA Europe (Italy), Edinburgh Corporate Finance Conference (UK)*, C.R.E.D.I.T. 2015 (Italy), 7^th EBC conference (Netherlands)

2014               

15th Workshop on Corporate Governance and Investment (Norway)*, RBFC 2014 (Netherlands)*, EFA (Switzerland), Summer Finance Conference 2014 (Israel), LBS Summer Conference (UK)*, Jerusalem Finance Conference (Israel)*, Edinburgh Corporate Finance Conference (UK), FMA Europe (Netherlands)*

2013   
World Finance & Banking Symposium, Beijing, (China), FMA International, Chicago, (USA), 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

Conference discussions and Invited presentations

Conference discussions

2019               

Annual Corporate Finance Conference (UK), NFA (Canada)

2018               

SFS Cavalcade (Yale, US)

2017               

EFA (Germany)

ESCP Corporate Governance (France)

2016               

SFS Cavalcade (Canada)

2015               

Edinburgh Corporate Finance Conference (UK)

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)

2019               

Programme Committee, DWF Conference (Italy), NFA (Canada)

Session Chair, FIRS

2018               

Co-organizer, Corporate Finance: Beyond Public Companies (UK)

Session Chair, FIRS

2017               

Program Committee, Edinburgh Corporate Finance Conference, FMA Europe, FMA International

2016               

Program Committee, EFA Europe, FMA Europe, FMA International

2015               

Program Committee, EFA Europe, FMA Europe

Session Chair, EFA Europe

2013               

Session Chair, FMA International

2010               

Program Committee, FMA International

2009              

Program Committee, FMA International

Session Chair, FMA International

2008               

Session Chair, FMA International

2007               

Program Committee, FMA Europe

2005               

Session Chair, EFMA (Italy)

Invited seminar speaker

2018               

Strachclyde University (UK)

2017               

University of Piraeus (Greece), St.Andrews University (UK)

2016               

Arison School of Business, IDC Herzliya (Israel)

2015               

Free University of Bozen (Italy)

2014              

University of Trento (Italy), University of Neuchatel (Switzerland)

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

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.