Elif Sisli Ciamarra

Elif Sisli Ciamarra

Professor of Finance, Finance Department Chair

esisliciamarr@stonehill.edu
508-565-1975
Meehan 203
Finance (Faculty)

Biography

Professor of Finance Elif Sisli Ciamarra has chaired the Finance Department in the Leo J. Meehan School of Business at Stonehill College since 2022. She is passionate about helping students and scholars understand how financial management helps shape firms, markets and society. Her work bridges rigorous academic research with real-world impact, examining how governance structures influence firm performance, risk-taking and long-term outcomes. Her scholarship has been published in leading academic journals, including Review of Finance, Journal of Corporate Finance, Journal of Banking & Finance, Financial Management, Journal of Financial Stability and Journal of Financial Research.

Beyond research, she is deeply engaged in building academic and industry bridges. At Stonehill, she advises the Fintech Student Club and Women in Finance. She represents the College on the Fintech Working Group (Academia) of the Mass Fintech Hub, helping organize mentorship programs, bootcamps and career pathways for students pursuing careers in fintech. Since 2023, she has served as a judge and mentor for MassChallenge. Outside of Stonehill, she contributes to the academic team of Our Generation Speaks (OGS), a fellowship and venture incubator dedicated to fostering high-impact entrepreneurial initiatives and teaches in the MBA and EMBA programs in Brandeis University. Committed to applying financial expertise for societal benefit, she serves as Treasurer of the Center for Learner Equity, supporting equitable access to education.

Education

  • Ph.D., Economics, New York University Stern School of Business
  • M.B.A., International University of Japan
  • B.A., Business Administration & Economics, Bogazici University 

Courses Taught

  • Corporate Finance
  • Advanced Corporate Finance
  • Entrepreneurial Finance
  • Foundations of Financial Technology
  • Seminar in Financial Management

Publications in Refereed Journals

  • Trading in the Dark and Executive Compensation, Journal of Corporate Finance, Vol. 94, pp. 1-29, Sept. 2025 (with Tanseli Savaser and Khaladdin Rzayev).
  • Breaking Down the Silos between the Introductory Financial Accounting and Corporate Finance Courses, Journal of Accounting and Finance, Vol. 23 Issue 1, pp. 147-167, 2023 (with John A. Schatzel and Alex Yen).
  • "Winner-takes-all no more: radical transparency for sustainable specialty coffee value chains", Journal of Agribusiness in Developing and Emerging Economies, Vol. 13 No. 3, pp. 490-503, May 2023 (with Ben Marcus and Lee Phillip McGinnis).
  • CEO Incentives and Bank Risk over the Business Cycle. Journal of Banking and Finance, Volume 138, (2022) 106460, May 2022 (with Steven Ongena and Tanseli Savaser).
  • Differential Risk-Taking Implications of Performance Incentives from Stock and Stock Option Holdings. Journal of Financial Research, 42 (3), 609-636, September 2019 (with Tanseli Savaser).
  • The AGE Model: Addressing Ageism in the Workplace through Corporate Social Responsibility. Journal of Labor and Society, Volume 22, Issue 1, pp. 197-213, March 2019 (with Virginia Cortijo and Lee Phillip McGinnis).
  • Donors and Founders on Charter School Boards and Their Impact on Financial and Academic Outcomes. Education Finance and Policy, Volume 14, Number 3, pp. 441-471, Summer 2019 (with Charisse A. Gulosino).
  • Managerial Performance Incentives and Firm Risk during Economic Expansions and Recessions. Review of Finance, 21 (2), 911-944, March 2017 (with Tanseli Savaser).
  • Executive Compensation, Risk Taking and the State of the Economy. Journal of Financial Stability, Volume 9, Issue 1, pp. 55-68, April 2013 (with Alon Raviv).
  • Conflicts of Interest on Corporate Boards: The Effect of Creditor-Directors on Acquisitions. Journal of Corporate Finance, 19, pp. 140-158, February 2013 (with Jens Hilscher).
  • Monitoring by Affiliated Bankers on Corporate Boards: Evidence from Corporate Financing Outcomes. Financial Management, Volume 41, Issue 3, pp. 665-702, Fall 2012.
  • The Asset Management Industry in Asia: Dynamics of Growth, Structure and Performance. Financial Markets, Institutions and Instruments, Volume 16, Issue 1, 2007 (with Ingo Walter).

Book Chapters

  • Parent Involvement in Charter School Governance, in B. Beabout (Ed.), Family and Community Engagement in Charter Schools, Charlotte, North Carolina: Information Age Publishing, 2023 (with Charisse Gulosino).
  • Charter School Financial Management and Oversight, in Marilyn Hirth, Christine Kiracofe and Tom Hutton (Eds.), Charter School Funding Considerations, Charlotte, North Carolina: Information Age Publishing (IAP) Series, 2022 (with Charisse A. Gulosino).
  • Cross-sector Alliances in Charter Schools: The Role of Board of Directors in For-profit and Nonprofit Sectors, in Christopher Lubienski, Miri Yemini and Claire Maxwell (Eds.), The Rise of External Actors in Education: Shifting Boundaries Globally and Locally, Bristol, UK: Policy Press, 2022 (with Charisse Gulosino).
  • Executive Compensation and Risk Taking: The Impact of Systemic Crises. Amann, Wolfgang, Ted Azarmi and Mathias Moersch (Eds), The Financial Crisis - Implications for Research and Teaching, Springer Verlag, 2016 (with Alon Raviv).
  • Asia in Global Governance: A Case for Decentralized Institutions, in Masahiro Kawai, Jong Wha Lee and Peter A. Petri (Eds), Asian Regionalism and the World Economy: Engine for Dynamism and Stability. London: Edward Elgar, 2010 (with Peter A. Petri and Masahiro Kawai).

Other Publications

  • Unlocking Financial Access: The Role of Fintech in Yourth Financial Inclusion in Turkiye, Be Node Research Report, October 2025 (with Cumhur Coskun Kucukozmen).
  • Can High Interest Rates Stop Regional Currency Falls? The Asian Experience in 1997-99. Asian Development Bank Institute Working Paper Series, No. 6, 1999 (with Kenichi Ohno and Kazuko Shirono).
  • (2025) Faculty Development Grant, Brandeis University
  • (2024) Semi-finalist for the Best Paper Award in Corporate Finance, FMA.
  • (2024) Global Fellowship Award, University of Brighton.
  • (2012) Outstanding Corporate Finance Paper Award, Eastern Finance Association
  • (2006 - 2007) Ford Foundation/Aspen Institute Global Scholar Network Fellowship
  • (2006) Stern Award for Ph.D. Teaching Excellence
  • (2005 - 2006) Willensky Fellowship, Stern School of Business
  • (1997 - 1999) Monbusho Scholar, Ministry of Education, Japan

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