Kimberly Cornaggia

Color portrait of Kimberly Cornaggia

Associate Professor of Finance

Office Address 306 Business Building
Phone Number 814-865-2243
Email Address

Download Photo Download Vita

Professor Cornaggia conducts empirical research concerned with predicting, measuring, and resolving financial distress. She has particular interest in the efficacy of credit rating agencies as information intermediaries, the role of ratings in regulatory and contractual requirements, and the real effects of ratings on debt issuers. Related interests include the impact of accounting conservatism on common performance and risk metrics, and the information environment of municipal debt markets. She earned her Bachelor of Science at the University of Nebraska, where she studied actuarial science, economics, insurance, and finance. She earned her Ph.D. in Finance at Purdue University, and has since enjoyed academic appointments at the College of William and Mary, New York University, American University, and Indiana University. Dr. Cornaggia has taught a wide array of courses at the graduate and undergraduate levels including corporation finance, corporate restructuring, equity valuation, multinational finance, and capital markets. Non-academic experience includes analyzing asset-backed securities markets and the credit ratings industry for the Office of Economic Analysis at the US Securities and Exchange Commission, first in 2003-2004 and later in 2007-2008.


Ph D, Finance, Purdue University, 2000

BS, Actuarial Science & Finance, University of Nebraska, 1994

Courses Taught

Selected Publications

Cornaggia J., Cornaggia K., Israelsen R., "Credit Ratings and the Cost of Municipal Financing." Review of Financial Studies, 2018.
Cornaggia K., Krishnan G., Wang C., "Managerial Ability and Credit Ratings." Contemporary Accounting Research, 2017.
Cornaggia J., Cornaggia K., Hund J., "Credit Ratings across Asset Classes: A Long-term Perspective." Review of Finance, 2017, Invited.
Bruno V., Cornaggia J., Cornaggia K., "Does Regulatory Certification Affect the Information Content of Credit Ratings?." Management Science, 2016.
Cornaggia J., Cornaggia K., Xia H., "Revolving Doors on Wall Street." Journal of Financial Economics, 2016.
Cornaggia K., Franen L., Simin T., "Bringing Leased Assets onto the Balance Sheet." Journal of Corporate Finance, 2013.
Cornaggia J., Cornaggia K., "Estimating the Costs of Issuer-Paid Credit Ratings." Review of Financial Studies, 2013.
Cornaggia K., Hertzel M., Officer M., Li Z., "Inter-firm Linkages and the Wealth Effects of Financial Distress along the Supply Chain." Journal of Financial Economics, 2008.