Jess Cornaggia

Professor of Finance

Department Finance
Office Address 311 Business Building
Phone Number 814-863-2390
Email Address jnc29@psu.edu

Download Vita Google Scholar Personal Website

Jess Cornaggia

Professor of Finance

Department Finance
Office Address 311 Business Building
Phone Number 814-863-2390
Email Address jnc29@psu.edu

Download Photo Download Vita Google Scholar Personal Website

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, 2009

Courses Taught

FIN 407 – Mult Fin Mgmt (3)
Analysis of the international aspects of managerial finance; emphasis on the impact of the international financial environment on firm operations.

FIN 600 – Thesis Research (Variable)

FIN 601 – Ph D Dis Full-Time
NO DESCRIPTION.

FIN 855 – Global Finance (2)
Analyze international business finance problems, impact of evolving inter- national payment systems on business, financial management in modern multi- national enterprise.

FIN 597 – Special Topics (1.5)

Selected Publications

Cornaggia J., Gustafson M., Kotter J., Pisciotta K., "IPOs and the Local Economy: Evidence of Crowding Out." Review of Finance, 2024

Cornaggia J., Cornaggia K., Israelsen R., "Credit Rating Agency Fees: Pay to Play or Pay in Public Finance?." Review of Financial Studies, vol. 36, no. 5, 2023, pp. 2004-2045

Cornaggia J., Cornaggia K., Israelsen R., "Where the Heart Is: Information Production and the Home Bias." Management Science, vol. 66, no. 12, 2020, pp. 5532-5557

Cornaggia J., Cornaggia K., Israelsen R., "Credit Ratings and the Cost of Municipal Financing." Review of Financial Studies, vol. 31, no. 6, 2018, pp. 2038-2079

Cornaggia J., Li J., "The Value of Access to Finance: Evidence from M&A." Journal of Financial Economics, vol. 131, no. 1, 2017, pp. 232-250

Cornaggia J., Butler A., Gurun U., "Do Local Capital Market Conditions Affect Consumers' Borrowing Decisions?." Management Science, vol. 63, no. 12, 2017, pp. 4175-4187

Cornaggia J., Cornaggia K., Hund J., "Credit Ratings across Asset Classes: A Long-Term Perspective." Review of Finance, vol. 21, no. 2, 2017, pp. 465-509

Cornaggia J., Cornaggia K., Bruno V., "Does Regulatory Certification Affect the Information Content of Credit Ratings?." Management Science, vol. 62, no. 6, 2016, pp. 1578-1597

Cornaggia J., Cornaggia K., Xia H., "Revolving Doors on Wall Street." Journal of Financial Economics, vol. 120, no. 2, 2016, pp. 400-419

Cornaggia J., Mao Y., Wolfe B., Tian X., "Does Banking Competition Affect Innovation?." Journal of Financial Economics, vol. 115, no. 1, 2015, pp. 189-209

Cornaggia J., "Does Risk Management Matter? Evidence from the U.S. Agricultural Industry." Journal of Financial Economics, vol. 109, no. 2, 2013, pp. 419-440

Cornaggia J., Cornaggia K., "Estimating the Costs of Issuer-Paid Credit Ratings." Review of Financial Studies, vol. 26, no. 9, 2013, pp. 2229-2269

Cornaggia J., Butler A., Grullon G., Weston J., "Corporate Financing Decisions, Managerial Market Timing, and Real Investment." Journal of Financial Economics, vol. 101, no. 3, 2011, pp. 666-683

Cornaggia J., Butler A., "Does Access to External Finance Improve Productivity? Evidence from a Natural Experiment." Journal of Financial Economics, vol. 99, no. 1, 2011, pp. 184-203

Research Impact and Media Mentions

"Editor's Blog", Review of Finance, Journal or Magazine

"Lure of Wall Street Cash Said to Skew Credit Ratings", Bloomberg, Internet

Editorships

Journal of Banking and Finance, Associate Editor, (www.journals.elsevier.com/journal-of-banking-and-finance/editorial-board), June 2016 - Present

Management Science, Associate Editor, (pubsonline.informs.org/page/mnsc/editorial-board), January 2016 - Present

Honors and Awards

Best Paper semifinalist, Financial Management Association Asia, (May 24, 2017)

Lead Article, Review of Finance, (Mar 1, 2017)

Faculty Research Award, Georgetown University McDonough School of Business, (Sep 1, 2014)

Best Paper semifinalist, Financial Management Association, (Oct 1, 2012)

Best Paper semifinalist, Financial Management Association, (Oct 1, 2011)

Best Paper, Financial Management Association, (Oct 1, 2009)

Ph.D Student Travel Stipend, Western Finance Association, (Jun 1, 2009)

Doctoral Student Travel Grant, American Finance Association, (Jan 1, 2009)

Outstanding Doctoral Student Paper runner-up, Southern Finance Association, (Nov 1, 2008)

Best Dissertation Proposal, Financial Management Association, (Oct 1, 2008)

Doctoral Student Consortium, Financial Management Association, (Oct 1, 2008)

Best Paper, Western Finance Association, (Jun 1, 2008)