Finance Papers
Asset pricing techniques, widely used in corporations, banks, and stock and bond markets, have undergone radical changes over the last 20 years
Modern theories of portfolio choice and savings behavior have provided the basis for the innovation of these models, and Wharton’s Finance Department has remained at the forefront of these developments.
The Finance Department has four areas of specialization:
- Banking and Financial Institutions, which entails the overall economic context affecting a firm’s investments
- Corporate Finance, concentrating on the financing and investment activities of an organization
- Financial Instruments and Portfolio Management, which examines financial instruments and their market behavior
- International Finance, exploring the impact of such issues as foreign currency options and exchange rates parity on the multinational corporation
Articles from 2017
Homeownership and Nontraditional and Subprime Mortgages, Arthur Acolin, Xudong An, Raphael W. Bostic, and Susan Wachter
Maximum Likelihood Estimation of the Equity Premium, Efstathios Avdis and Jessica Wachter
Should Governments Invest More in Nudging?, Shlomo Benartzi, John Beshears, Katherine L. Milkman, Richard H. Thaler, Maya Shankar, Will Tucker-Ray, William J. Congdon, and Steven Galing
Matching Capital and Labor, Jonathan B. Berk, Jules H. van Binsbergen, and Binying Liu
The Role of Surge Pricing on a Service Platform with Self-Scheduling Capacity, Gerard. P. Cachon, Kaitlin M. Daniels, and Ruben Lobel
Corporate Control Activism, Adrian Aycan Corum and Doron Levit
Differences of Opinion and International Equity Markets, Bernard Dumas, Karen K. Lewis, and Emilio Osambela
Are Stock-Financed Takeovers Opportunistic?, B. Espen Eckbo, Tanakorn Makaew, and Karin S. Thorburn
The Innovation Premium, Amora Elsaify
Omnichannel Retail Operations with Buy-Online-and-Pick-up-in-Store, Fei Gao and Xuanming Su
Online and Offline Information for Omnichannel Retailing, Fei Gao and Xuanming Su
Asset Pricing Implications of Hiring Demographics, Mete Kilic
Is Operating Flexibility Harmful Under Debt?, Dan A. Lancu, Nikolaos Trichakis, and Gerry Tsoukalas
Advising Shareholders in Takeovers, Doron Levit
Soft Shareholder Activism, Doron Levit
When Words Speak Louder Without Actions, Doron Levit
Do Funds Make More When They Trade More?, Ľuboš Pástor, Robert F. Stambaugh, and Lucian A. Taylor
The Consequences of REIT Index Membership for Return Patterns, Tatiana I. Pavlova-Coleman, Eva Steiner, and Susan Wachter
Volatility and Venture Capital, Ryan Heath Peters
Intangible capital and the investment-q relation, Ryan Heath Peters and Lucian A. Taylor
Mind the Gap: Disentangling Credit and Liquidity in Risk Spreads, Krista Schwarz
Power Posing: P-Curving the Evidence, Joseph P. Simmons and Uri Simonsohn
Mispricing Factors, Robert F. Stambaugh and Yu Yuan
Pricing Theater Seats: The Value of Price Commitment and Monotone Discounting, Necati Tereyagoglu, Peter S. Fader, and Senthil K. Veeraraghavan
Trash-Talking: Competitive Incivility Motivates Rivalry, Performance, and Unethical Behavior, Jeremy A. Yip, Maurice E. Schweitzer, and Samir Nurmohamed
Articles from 2016
Agency Selling or Reselling? Channel Structures in Electronic Retailing, Vibhanshu Abhishek, Kinshuk Jerath, and Z. JOHN ZHANG
Borrowing Constraints and Homeownership, Arthur Acolin, Jesse Bricker, Paul Calem, and Susan Wachter
A Renter or Homeowner Nation?, Arthur Acolin, Laurie S. Goodman, and Susan M. Wachter
Non-exclusive Dynamic Contracts, Competition, and the Limits of Insurance, Laurence Ales and Pricila Maziero
Identification Using Russell 1000/2000 Index Assignments: A Discussion of Methodologies, Ian R. Appel, Todd A. Gormley, and Donald B. Keim
Passive Investors, Not Passive Owners, Ian R. Appel, Todd A. Gormley, and Donald B. Keim
Quickest Online Selection of an Increasing Subsequence of Specified Size, Alessandro Arlotto, Elchanan Mossel, and J. Michael Steele
Partial Adjustment to Public Information in the Pricing of IPOs, Einar Bakke, Tore E. Leite, and Karin S. Thorburn
Socially Responsible Investing: Good Is Good, Bad is Bad, Ravi Bansal, Di Wu, and Amir Yaron
Journal of Financial Economics, Jonathan B. Berk and Jules H. van Binsbergen
Beyond Beta-Delta: The Emerging Economics of Personal Plans, John Beshears, Katherine L. Milkman, and Joshua Schwartzstein
The Impact of Demand Uncertainty on Consumer Subsidies for Green Technology Adoption, Maxime C. Cohen, Ruben Lobel, and Georgia Perakis
Blind Queues: The Impact of Consumer Beliefs on Revenues and Congestion, Shiliang Cui and Senthil K. Veeraraghavan
How Costly is Corporate Bankruptcy for the CEO?, B. Espen Eckbo and Karin S. Thorburn
Why Do Firms Issue Callable Bonds?, Amora Elsaify and Nikolai Roussanov
Risk Premia and Volatilities in a Nonlinear Term Structure Model, Peter Feldhütter, Christian Heyersahl-Larsen, and Philipp Karl Illeditsch
Firm Size and Corporate Investment, Vito Gala and Brandon Julio
Compensating Financial Experts, Vincent Glode and Richard Lowery
Asymmetric Information and Intermediation Chains, Vincent Glode and Christian C. Opp
Equilibrium Asset Pricing with Leverage and Default, Joao F. Gomes
Sticky Leverage, Joao F. Gomes, Urban J. Jermann, and Lukas Schmid
Service Competition and Product Quality in the U.S. Automobile Industry, Jose Guajardo, Morris A. Cohen, and Serguei Netessine
Residual Inflation Risk, Philipp Karl Illeditsch
Good and Bad Variance Premia and Expected Returns, Mete Kilic and Ivan Shaliastovich
The Labor Market for Directors and Externalities in Corporate Governance, Doron Levit and Nadya Malenko
Notes on Bonds: Illiquidity Feedback During the Financial Crisis, David K. Musto, Greg Nini, and Krista Schwarz
The Role of Network Embeddedness in Film Success, Grant Packard, Anocha Aribarg, Jehoshua Eliashberg, and Natasha Z. Foutz
Transparency in the Mortgage Market, Andrey Pavlov, Susan Wachter, and Albert Zevelev
Buses, Bullies, and Bijections, Vladimir Pozdnyakov and J. Michael Steele
Tax Psychology and the Timing of Charitable-Giving Deadlines, Alex Rees-jones and Dimitry Taubinsky
The Psychological Lives of the Poor, Frank Schilbach, Heather Schofield, and Sendhil Mullainathan
Signaling to Partially Informed Investors in the Newsvendor Model, William Schmidt, Vishal Gaur, Richard Lai, and Ananth Raman
Large-Scale Loan Portfolio Selection, Justin A. Srignano, Gerry Tsoukalas, and Kay Giesecke
Motivating Process Compliance Through Individual Electronic Monitoring: An Empirical Examination of Hand Hygiene in Healthcare, Bradley Staats, Hengchen Dai, David Hofmann, and Katherine L. Milkman
Optimal Issuance under Information Asymmetry and Accumulation of Cash Flows, Ilya A. Strebulaev, Haoxiang Zhu, and Pavel Zryumov
Rare booms and disasters in a multisector endowment economy, Jerry Tsai and Jessica Wachter
Good-Specific Habit Formation and the Cross-Section of Expected Returns, Jules van Binsbergen
Mad and Misleading: Incidental Anger Promotes Deception, Jeremy A. Yip and Maurice E. Schweitzer
The Time–Money Trade-Off for Entrepreneurs: When to Hire the First Employee?, Onesun Steve Yoo, Guillaume Roels, and Charles J. Corbett
Articles from 2015
Aggregation Bias in Sponsored Search Data: The Curse and the Cure, Vibhanshu Abhishek, Kartik Hosanagar, and Peter S. Fader
Do Organic Results Help or Hurt Sponsored Search Performance, Alekh Agarwal, kartik Hosanagar, and Michael D. Smith
Do Consumers Choose the Right Credit Contracts?, Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu, and Nicholas S. Souleles
Optimal Online Selection of a Monotone Subsequence: A Central Limit Theorem, Alessandro Arlotto, Vinh V. Nguyen, and J. Michael Steele
What Drives Households to Buy Flood Insurance? Evidence from Georgia, Ajita Atreya, Susana Ferreira, and Erwann Michel-Kerjan
Why Does the Cognitive Reflection Test (Sometimes) Predict Utilitarian Moral Judgment (and Other Things)?, Jonathan Baron, Sydney Scott, Katrina Marie Fincher, and S. Emlen Metz
Waiting Patiently: An Empirical Study of Queue Abandonment in an Emergency Department, Robert Johnson Batt and Christian Terwiesch
Measuring Skill in the Mutual Fund Industry, Jonathan B. Berk and Jules H. van Binsbergen
The Effect of Providing Peer Information on Retirement Savings Decisions, John Beshears, James J. Choi, David Laibson, Brigitte C Madrian, and Katherine L. Milkman
The Impact of Time at Work and Time off from Work on Rule Compliance: The Case of Hand Hygiene in Healthcare, Hengchen Dai, Katherine L. Milkman, David Hofmann, and Bradley Staats
Algorithm Aversion: People Erroneously Avoid Algorithms after Seeing Them Err, Berkeley J Dietvorst, Joseph P. Simmons, and Cade Massey
Measuring Marginal q, Vito D. Gala
The Role of Discount Vouchers in Market with Customer Valuation Uncertainty, Fei Gao and Jian Chen
Ending “Too Big To Fail”: Government Promises Versus Investor Perceptions, Todd A. Gormley, Simon Johnson, and Changyong Rhee
A Structural Model of Employee Behavioral Dynamics in Enterprise Social Media, Yan Huang, Param Vir Singh, and Anindya Ghose
Euclidean Networks with a Backbone and a Limit Theorem for Minimum Spanning Caterpillars, Petar Jevtić and J. Michael Steele
The Cost of Capital for Alternative Investments, Jakub W. Jurek and Erik Stafford
Demand for fixed-price multi-year contracts: Experimental evidence from insurance decisions, Howard Kunreuther and Erwann Michel-Kerjan
Do I Follow My Friends or the Crowd? Information Cascades in Online Movie Ratings, Young-Jin Lee, Kartik Hosanagar, and Young Tan
Prosocial Lies: When Deception Breeds Trust, Emma E. Levine and Maurice E. Schweitzer
The Affective and Interpersonal Consequences of Obesity, Emma E. Levine and Maurice E. Schweitzer
Evaluating International Consumption Risk Sharing Gains: An Asset Return View,, Karen K. Lewis and Edith X Liu
The Psychology of Intelligence Analysis: Drivers of Prediction Accuracy in World Politics, Barbara Mellers, Eric Stone, Pavel Atanasov, Nick Rohrbaugh, S. Emlen Metz, Lyle Ungar, Michael M. Bishop, Michael C. Horowitz, Ed Merkle, and Philip E. Tetlock
A Positive Theory of Economic Growth and the Distribution of Income, Allan H. Meltzer and Scott F. Richard
Could Flood Insurance be Privatised in the United States? A Primer, Erwann Michel-Kerjan, Jeffrey Czajkowski, and Howard Kunreuther
Corporate Demand for Insurance: New Evidence From the U.S. Terrorism and Property Markets, Erwann Michel-Kerjan, Paul Raschky, and Howard Kunreuther
What Happens Before? A Field Experiment Exploring How Pay and Representation Differentially Shape Bias on the Pathway into Organizations, Katherine L. Milkman, Modupe Akinola, and Dolly Chugh
Pricing and Production Flexibility: An Empirical Analysis of the US Automotive Industry, Antonio Moreno and Christian Terwiesch
Intertemporal Information Acquisition and Investment Dynamics, Christian C. Opp
Scale and Skill in Active Management, Ľuboš Pástor, Robert F. Stambaugh, and Lucian A. Taylor
REIT Financing Choices: Preparation Matters, Andrey Pavlov, Eva Steiner, and Susan M. Wachter
Good and Bad Uncertainty: Macroeconomic and Financial Market Implications, Gill Segal, Ivan Shaliastovich, and Amir Yaron
Better P-curves: Making P-Curve Analysis More Robust to Errors, Fraud, and Ambitious P-Hacking, a Reply to Ulrich and Miller, Uri Simonsohn, Joseph P. Simmons, and Leif D. Nelson
Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle, Robert F. Stambaugh, Jianfeng Yu, and Yu Yuan
Explaining a Mysterious Maximal Inequality -- and a Path to the Law of Large Numbers, J. Michael Steele
Disaster Risk and Its Implications for Asset Pricing, Jerry Tsai and Jessica A. Wachter