Elif Sisli Ciamarra

Adjunct Associate Professor

Elif  Sisli Ciamarra's photo


Email: esisli@brandeis.edu
Office: Sachar International Center 130D
Phone: 781-736-8544
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Corporate Finance, Corporate Governance, Financial Intermediation, Executive Compensation


  • FIN 202a - Corporate Finance
  • FIN 203f - International Financial Management
  • HS 215b - Corporate Finance


  • New York University
  • International University of Japan
  • Bogazici University

Elif Sisli Ciamarra

Adjunct Associate Professor


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Elif Sisli Ciamarra (Ph.D., New York University, 2007), Assistant Professor. Dr. Sisli Ciamarra’s research interests include corporate finance, corporate governance, financial intermediation and executive compensation. Her research on boards of directors addresses the presence of bank executives serving on the boards of non-financial companies, the structure of mutual fund boards, as well as the boards of trustees of charter schools. Her research on executive compensation investigates the role of macroeconomic and institutional environment on determining the link between executive pay and risk taking. She holds undergraduate degrees in economics and business administration from Bogazici University in Istanbul, Turkey, and M.B.A. degree from International University of Japan in Niigata, Japan. Dr. Sisli Ciamarra worked for the Asian Development Bank Institute in Tokyo, Japan for two years as a research associate. She is teaching Corporate Finance and International Financial Management.

Awards and Honors

  • Outstanding Corporate Finance Paper Award, Eastern Finance Association (2012)
  • Ford Foundation/Aspen Institute Global Scholar Network Fellowship (2006 - 2007)
  • Stern Award for Ph.D. Teaching Excellence (2006)
  • Willensky Fellowship, Stern School of Business (2005 - 2006)
  • Monbusho Scholar, Ministry of Education, Japan (1997 - 1999)


  • Sisli Ciamarra, Elif; Savaser, Tanseli. "Executive Compensation and Risk Taking during Economic Expansions and Recessions." Review of Finance (2015). (forthcoming)
  • Sisli Ciamarra, Elif, and Alon Raviv. "Executive Compensation and Risk Taking: The Impact of Systemic Crises." The Financial Crisis - Implications for Research and Teaching. Ed. in Amann, Wolfgang, Ted Azarmi and Mathias Moersch. Springer, 2014 (forthcoming)
  • Hilscher, Jens and Elif Sisli Ciamarra. "Conflicts of interest on corporate boards: The effect of creditor-directors on acquisitions." Journal of Corporate Finance 19. (2013): 140-158.
  • Raviv, Alon and Sisli Ciamarra, Elif. "Executive Compensation, Risk Taking and the State of the Economy." Journal of Financial Stability 9. 1 (2013): 55-68.
  • Sisli Ciamarra, Elif. "Monitoring by Affiliated Banker on Boards of Directors: Evidence from Corporate Financing Outcomes." Financial Management 41. 3 (2012): 665-702.
  • Masahiro Kawai, Peter A Petri and Sisli Ciamarra, Elif. ""Asia in Global Governance: A Case for Decentralized Institutions."." Asian Regionalism and the World Economy: Engine for Dynamism and Stability.. Ed. Masahiro Kawai, Jong Wha Lee and Peter A. Petri.. Edward Elgar, 2010
  • Sisli Ciamarra, Elif and Ingo Walter. "The Asset Management Industry in Asia: Dynamics of Growth, Structure and Performance,." Financial Markets, Institutions and Instruments, 16. 1 (2007).