Michael Faulkender

<p>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.</p>

12 Big Things That Will Shape Business in 2017

It's nearly New Year.It's almost a new year, and across the University of Maryland's Robert H. Smith School of Business, some prognosticating has begun. We asked a group of professors to look ahead at the trends and developments we might see in the next 12 months. They turned their focus to the stock market, tax policy, Amazon, McDonald's, finance, real estate, Obamacare and more. Here's what they said. Read more...

Under President Trump: Six Questions on the Economy

The question of who will be the 45th U.S. president has been answered with the upset victory of Republican Donald Trump. Now many are asking what U.S. economic policy will look like under his administration. Smith School experts will explore some of the larger economic questions facing the new administration at a pair of events next week in Washington, D.C. Here is a snapshot of some of the big issues they will discuss. Read more...

The Science of Contracts Behind the 2016 Economics Nobel

Contracts help human beings do what at times seems impossible. They help us cooperate and trust each other. It’s not that we fundamentally don’t trust one another. It’s just that trust is a freer-flowing currency when agreements are backed by a contract. And that’s why contract theory became the premise for the 2016 Nobel prize for economics on Monday. Smith School professors Kislaya Prasad and Michael Faulkender help explain why the theory is so important. Read more...

'Secret Sweetheart' Tax Deal Entangles McDonald's

The European Commission last week released details of its ongoing investigation of a Luxembourg-McDonald’s “sweetheart” tax deal and shined new light on “Europe’s new tax raid.” Regulators are focusing, in part, on Luxembourg as a tax haven. The deal gives a window to the complexity of interpreting and regulating cross-border tax rules and advance pricing arrangements, says Smith School finance professor Michael Faulkender. While responsibility lies with governments to manage these processes, Faulkender says McDonald’s and other companies are acting dutifully to their shareholders. Read more...

Treasury Targets Corporate Inversions, Drawing Ire of CEOs

Treasury continues to tighten its rules to prevent corporate "inversions" — the move in which a U.S. company merges with a smaller foreign company then shifts its official location abroad, to avoid U.S. taxes. Given the lack of congressional action on this issue, the new rule appears "reasonable," says the Smith School's Michael Faulkender. Still, he says, the U.S. tax system is "broken." Read more ...

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