Michael Faulkender

Michael Faulkender's research focuses on empirical corporate finance in the areas of capital structure, risk management, corporate liquidity, and executive compensation. His work has been published in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies and has been cited in the Wall Street Journal, Washington Post, and The New York Times. He was awarded the Barclay's Global Investors / Michael Brennan Best Paper Award in the Review of Financial Studies in 2013, was runner up for that prize in 2006, and won the Jensen Prize for Corporate Finance – Second Prize in the Journal of Financial Economics in 2013.

Teaching Finance the Maryland Smith Way

SMITH BRAIN TRUST – Companies run into problems when they focus too much on immediate outcomes. But finance students learn a different approach at the University of Maryland’s Robert H. Smith School of Business. “We focus on value maximization, not profit maximization,” says finance professor Michael Faulkender, associate dean of master’s programs. “Value is measured over the life of the activity, not the current outcome.”

How Shareholder Primacy Wards Off Short-termism

SMITH BRAIN TRUST – Companies have built-in incentives to avoid short-termism, the excessive focus on immediate outcomes. But leaders fall into the myopia trap when they confuse shareholder value creation with current income maximization. Finance professor Michael Faulkender, associate dean of master’s programs at the University of Maryland’s Robert H. Smith School of Business, says the two mindsets are not compatible.

Center for Global Business Hosts Fintech Discussion

The Center for Global Business (CGB) at the University of Maryland's Robert H. Smith School of Business and the U.S. Department of Commerce welcomed the Chief Fintech Officer of Singapore’s Monetary Authority, Sopnendu Mohanty on April 23, 2018 to discuss trending issues in fintech and blockchain technologies while focusing on the U.S. approach to fintech opportunities in the Indo-Pacific region. The event was held at the Ronald Reagan Building and International Trade Center in Washington D.C. and hosted leading experts in fintech and blockchain, including the Smith School’s own, Nagpurnanand Prabhala, professor and area chair of finance, and Michael Faulkender, associate dean and professor of finance.

Professor Michael Faulkender Nominated for Treasury Post

Michael Faulkender, professor of finance and associate dean of masters programs at the University of Maryland’s Robert H. Smith School of Business, was selected by President Trump on March 19, 2018, to be Assistant Secretary of the Treasury for Economic Policy.  In this role, Faulkender will advise the Secretary of the Treasury and the administration on economic developments in the U.S. and world economies and assisting in the determination of appropriate economic policies.

Why Getting an MBA Is 'Always a Good Idea'

Considering getting an MBA? It might be the best investment you ever make, says Michael Faulkender, associate dean for master's programs and professor of finance at the Smith School. "Whether things are stagnant or booming, obtaining a skillset that will enable you to make a leadership contribution is always a good idea," says Faulkender, speaking recently to online magazine GoodCall. Read more...

Trump’s Tax Reform Plan Under the Microscope

How will President Trump's proposed tax plan affect your household? And how will it change the way Americans pay their taxes, run their businesses, and buy homes? Smith School professos Albert "Pete" Kyle and Michael Faulkender have taken a look at the one-page plan, which calls for cutting the business tax rate to 15 percent and includes a one-time tax of unspecified size on dollars held overseas. It calls for reducing the top personal tax rate to 35 percent and preserves incentives for home ownership while proposing eliminating other tax loopholes. Kyle offers up these insights. Read more...

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