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2279 9
2021-03-30
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

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Articles from 2017

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Homeownership and Nontraditional and Subprime Mortgages, Arthur Acolin, Xudong An, Raphael W. Bostic, and Susan Wachter

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Maximum Likelihood Estimation of the Equity Premium, Efstathios Avdis and Jessica Wachter

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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



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2021-3-30 11:18:13
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Matching Capital and Labor, Jonathan B. Berk, Jules H. van Binsbergen, and Binying Liu

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The Role of Surge Pricing on a Service Platform with Self-Scheduling Capacity, Gerard. P. Cachon, Kaitlin M. Daniels, and Ruben Lobel

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Corporate Control Activism, Adrian Aycan Corum and Doron Levit

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Differences of Opinion and International Equity Markets, Bernard Dumas, Karen K. Lewis, and Emilio Osambela

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Are Stock-Financed Takeovers Opportunistic?, B. Espen Eckbo, Tanakorn Makaew, and Karin S. Thorburn

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The Innovation Premium, Amora Elsaify

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Omnichannel Retail Operations with Buy-Online-and-Pick-up-in-Store, Fei Gao and Xuanming Su

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Online and Offline Information for Omnichannel Retailing, Fei Gao and Xuanming Su

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Asset Pricing Implications of Hiring Demographics, Mete Kilic

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Is Operating Flexibility Harmful Under Debt?, Dan A. Lancu, Nikolaos Trichakis, and Gerry Tsoukalas

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Advising Shareholders in Takeovers, Doron Levit

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Soft Shareholder Activism, Doron Levit

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When Words Speak Louder Without Actions, Doron Levit

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Do Funds Make More When They Trade More?, Ľuboš Pástor, Robert F. Stambaugh, and Lucian A. Taylor

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The Consequences of REIT Index Membership for Return Patterns, Tatiana I. Pavlova-Coleman, Eva Steiner, and Susan Wachter

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Volatility and Venture Capital, Ryan Heath Peters

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Intangible capital and the investment-q relation, Ryan Heath Peters and Lucian A. Taylor

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Mind the Gap: Disentangling Credit and Liquidity in Risk Spreads, Krista Schwarz

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Power Posing: P-Curving the Evidence, Joseph P. Simmons and Uri Simonsohn

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Mispricing Factors, Robert F. Stambaugh and Yu Yuan

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Pricing Theater Seats: The Value of Price Commitment and Monotone Discounting, Necati Tereyagoglu, Peter S. Fader, and Senthil K. Veeraraghavan

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Trash-Talking: Competitive Incivility Motivates Rivalry, Performance, and Unethical Behavior, Jeremy A. Yip, Maurice E. Schweitzer, and Samir Nurmohamed

Articles from 2016
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Agency Selling or Reselling? Channel Structures in Electronic Retailing, Vibhanshu Abhishek, Kinshuk Jerath, and Z. JOHN ZHANG

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Borrowing Constraints and Homeownership, Arthur Acolin, Jesse Bricker, Paul Calem, and Susan Wachter

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A Renter or Homeowner Nation?, Arthur Acolin, Laurie S. Goodman, and Susan M. Wachter

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Non-exclusive Dynamic Contracts, Competition, and the Limits of Insurance, Laurence Ales and Pricila Maziero

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Identification Using Russell 1000/2000 Index Assignments: A Discussion of Methodologies, Ian R. Appel, Todd A. Gormley, and Donald B. Keim

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Passive Investors, Not Passive Owners, Ian R. Appel, Todd A. Gormley, and Donald B. Keim

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Quickest Online Selection of an Increasing Subsequence of Specified Size, Alessandro Arlotto, Elchanan Mossel, and J. Michael Steele

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Partial Adjustment to Public Information in the Pricing of IPOs, Einar Bakke, Tore E. Leite, and Karin S. Thorburn

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Socially Responsible Investing: Good Is Good, Bad is Bad, Ravi Bansal, Di Wu, and Amir Yaron

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Journal of Financial Economics, Jonathan B. Berk and Jules H. van Binsbergen

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Beyond Beta-Delta: The Emerging Economics of Personal Plans, John Beshears, Katherine L. Milkman, and Joshua Schwartzstein

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2021-3-30 11:18:28
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The Impact of Demand Uncertainty on Consumer Subsidies for Green Technology Adoption, Maxime C. Cohen, Ruben Lobel, and Georgia Perakis

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Blind Queues: The Impact of Consumer Beliefs on Revenues and Congestion, Shiliang Cui and Senthil K. Veeraraghavan

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How Costly is Corporate Bankruptcy for the CEO?, B. Espen Eckbo and Karin S. Thorburn

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Why Do Firms Issue Callable Bonds?, Amora Elsaify and Nikolai Roussanov

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Risk Premia and Volatilities in a Nonlinear Term Structure Model, Peter Feldhütter, Christian Heyersahl-Larsen, and Philipp Karl Illeditsch

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Firm Size and Corporate Investment, Vito Gala and Brandon Julio

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Compensating Financial Experts, Vincent Glode and Richard Lowery

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Asymmetric Information and Intermediation Chains, Vincent Glode and Christian C. Opp

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Equilibrium Asset Pricing with Leverage and Default, Joao F. Gomes

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Sticky Leverage, Joao F. Gomes, Urban J. Jermann, and Lukas Schmid

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Service Competition and Product Quality in the U.S. Automobile Industry, Jose Guajardo, Morris A. Cohen, and Serguei Netessine

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Residual Inflation Risk, Philipp Karl Illeditsch

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Good and Bad Variance Premia and Expected Returns, Mete Kilic and Ivan Shaliastovich

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The Labor Market for Directors and Externalities in Corporate Governance, Doron Levit and Nadya Malenko

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Notes on Bonds: Illiquidity Feedback During the Financial Crisis, David K. Musto, Greg Nini, and Krista Schwarz

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The Role of Network Embeddedness in Film Success, Grant Packard, Anocha Aribarg, Jehoshua Eliashberg, and Natasha Z. Foutz

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Transparency in the Mortgage Market, Andrey Pavlov, Susan Wachter, and Albert Zevelev

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Buses, Bullies, and Bijections, Vladimir Pozdnyakov and J. Michael Steele

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Tax Psychology and the Timing of Charitable-Giving Deadlines, Alex Rees-jones and Dimitry Taubinsky

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The Psychological Lives of the Poor, Frank Schilbach, Heather Schofield, and Sendhil Mullainathan

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Signaling to Partially Informed Investors in the Newsvendor Model, William Schmidt, Vishal Gaur, Richard Lai, and Ananth Raman

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Large-Scale Loan Portfolio Selection, Justin A. Srignano, Gerry Tsoukalas, and Kay Giesecke

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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

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Optimal Issuance under Information Asymmetry and Accumulation of Cash Flows, Ilya A. Strebulaev, Haoxiang Zhu, and Pavel Zryumov

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Rare booms and disasters in a multisector endowment economy, Jerry Tsai and Jessica Wachter
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2021-3-30 11:19:19
Good-Specific Habit Formation and the Cross-Section of Expected Returns, Jules van Binsbergen

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Mad and Misleading: Incidental Anger Promotes Deception, Jeremy A. Yip and Maurice E. Schweitzer

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The Time–Money Trade-Off for Entrepreneurs: When to Hire the First Employee?, Onesun Steve Yoo, Guillaume Roels, and Charles J. Corbett

Articles from 2015PDF
Aggregation Bias in Sponsored Search Data: The Curse and the Cure, Vibhanshu Abhishek, Kartik Hosanagar, and Peter S. Fader

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Do Organic Results Help or Hurt Sponsored Search Performance, Alekh Agarwal, kartik Hosanagar, and Michael D. Smith

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Do Consumers Choose the Right Credit Contracts?, Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu, and Nicholas S. Souleles

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Optimal Online Selection of a Monotone Subsequence: A Central Limit Theorem, Alessandro Arlotto, Vinh V. Nguyen, and J. Michael Steele

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What Drives Households to Buy Flood Insurance? Evidence from Georgia, Ajita Atreya, Susana Ferreira, and Erwann Michel-Kerjan

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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

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Waiting Patiently: An Empirical Study of Queue Abandonment in an Emergency Department, Robert Johnson Batt and Christian Terwiesch

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Measuring Skill in the Mutual Fund Industry, Jonathan B. Berk and Jules H. van Binsbergen

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The Effect of Providing Peer Information on Retirement Savings Decisions, John Beshears, James J. Choi, David Laibson, Brigitte C Madrian, and Katherine L. Milkman

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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

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Algorithm Aversion: People Erroneously Avoid Algorithms after Seeing Them Err, Berkeley J Dietvorst, Joseph P. Simmons, and Cade Massey

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Measuring Marginal q, Vito D. Gala

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The Role of Discount Vouchers in Market with Customer Valuation Uncertainty, Fei Gao and Jian Chen

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Ending “Too Big To Fail”: Government Promises Versus Investor Perceptions, Todd A. Gormley, Simon Johnson, and Changyong Rhee

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A Structural Model of Employee Behavioral Dynamics in Enterprise Social Media, Yan Huang, Param Vir Singh, and Anindya Ghose

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Euclidean Networks with a Backbone and a Limit Theorem for Minimum Spanning Caterpillars, Petar Jevtić and J. Michael Steele

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The Cost of Capital for Alternative Investments, Jakub W. Jurek and Erik Stafford

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Demand for fixed-price multi-year contracts: Experimental evidence from insurance decisions, Howard Kunreuther and Erwann Michel-Kerjan

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Do I Follow My Friends or the Crowd? Information Cascades in Online Movie Ratings, Young-Jin Lee, Kartik Hosanagar, and Young Tan

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Prosocial Lies: When Deception Breeds Trust, Emma E. Levine and Maurice E. Schweitzer

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The Affective and Interpersonal Consequences of Obesity, Emma E. Levine and Maurice E. Schweitzer

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Evaluating International Consumption Risk Sharing Gains: An Asset Return View,, Karen K. Lewis and Edith X Liu

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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

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A Positive Theory of Economic Growth and the Distribution of Income, Allan H. Meltzer and Scott F. Richard

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Could Flood Insurance be Privatised in the United States? A Primer, Erwann Michel-Kerjan, Jeffrey Czajkowski, and Howard Kunreuther

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Corporate Demand for Insurance: New Evidence From the U.S. Terrorism and Property Markets, Erwann Michel-Kerjan, Paul Raschky, and Howard Kunreuther
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2021-3-30 11:19:55
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

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Pricing and Production Flexibility: An Empirical Analysis of the US Automotive Industry, Antonio Moreno and Christian Terwiesch

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Intertemporal Information Acquisition and Investment Dynamics, Christian C. Opp

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Scale and Skill in Active Management, Ľuboš Pástor, Robert F. Stambaugh, and Lucian A. Taylor

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REIT Financing Choices: Preparation Matters, Andrey Pavlov, Eva Steiner, and Susan M. Wachter

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Good and Bad Uncertainty: Macroeconomic and Financial Market Implications, Gill Segal, Ivan Shaliastovich, and Amir Yaron

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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

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Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle, Robert F. Stambaugh, Jianfeng Yu, and Yu Yuan

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Explaining a Mysterious Maximal Inequality -- and a Path to the Law of Large Numbers, J. Michael Steele

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Disaster Risk and Its Implications for Asset Pricing, Jerry Tsai and Jessica A. Wachter
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2021-3-30 11:21:17
A Framework for Computational Strategic Analysis: Applications to Iterated Interdependent Security Games, Yevgeniy Vorobeychik, Steven. O. Kimbrough, and Howard Kunreuther

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What is the Chance That the Equity Premium Varies Over Time? Evidence From Regressions on the Dividend-Price Ratio, Jessica A. Wachter and Missaka Warusawitharana

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The Housing and Credit Bubbles in the United States and Europe: A Comparison, Susan Wachter

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Real Estate Collateral Value and Investment: The Case of China, Jing Wu, Joseph Gyourko, and Yongheng Deng

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Trust Promotes Unethical Behavior: Excessive Trust, Opportunistic Exploitation, and Strategic Exploitation, Jeremy A. Yip and Maurice E. Schweitzer

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Dynamic Adverse Selection: Time-Varying Market Conditions and Endogenous Entry, Pavel Zryumov

Articles from 2014PDF
Optimal Online Selection of an Alternating Subsequence: A Central Limit Theorem, Alessandro Arlotto and J. Michael Steele

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Volatility, the Macroeconomy, and Asset Prices, Ravi Bansal, Dana Kiku, Ivan Shaliastovich, and Amir Yaron

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Borrowing Constraints During the Housing Bubble, Irina Barakova, Paul S. Calem, and Susan M. Wachter

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Can Marginal Rates of Substitution Be Inferred from Happiness Data? Evidence from Residency Choices, Daniel J. Benjamin

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Merger Negotiations with Stock Market Feedback, Sandra Betton, B. Espen Eckbo, Rex Thompson, and Karin S. Thorburn

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Financial Valuation of PBGC Insurance with Market-Implied Default Probabilities, Jules H. van Binsbergen, Robert Novy-Marx, and Joshua Rauh

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The Labor Market for Bankers and Regulators, Philip Bond and Vincent Glode

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The Euro and Corporate Financing Before the Crisis, Arturo Bris, Yrjo Koskinen, and Mattias Nilsson

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Retail Store Density and the Cost of Greenhouse Gas Emissions, Gerard. P. Cachon

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On Empirical Validation of Compactness Measures for Electoral Redistricting and Its Significance for Application of Models in the Social Sciences, Christine Chou, Steven. O. Kimbrough, Frederic H. Murphy, John Sullivan-Fedock, and Jason Woodard

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Put Your Imperfections Behind You: Temporal Landmarks Spur Goal Initiation When They Signal New Beginnings, Hengchen Dai, Katherine L. Milkman, and Jason Riis

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Equilibrium in Queues Under Unknown Service Times and Service Value, Laurens Debo and Senthil K. Veeraraghavan

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The Wharton/NUS/Tsinghua Chinese Residential Land Price Indexes (CRLPI) White Paper, Yongheng Deng, Joseph Gyourko, and Jing Wu

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A Demand Estimation Procedure for Retail Assortment Optimization with Results from Implementations, Marshall Fisher and Ramnath Vaidyanathan

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Integration of Online and Offline Channels in Retail: The Impact of Sharing Reliable Inventory Availability Information, Santiago Gallino and Antonio Moreno

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Costly Information, Entry, and Credit Access, Todd A. Gormley

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Common Errors: How to (and Not to) Control for Unobserved Heterogeneity, Todd A. Gormley and David A. Matsa

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Use of Social Media Across US Hospitals: Descriptive Analysis of Adoption and Utilization, Heather M. Griffis, Austin S. Kilaru, Rachel M Werner, David A. Asch, John C. Hershey, Shawndra Hill, Yoonhee P. Ha, Allison Sellers, Kevin B. Mahoney, and Raina Merchant

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Distributional and Peer-Induced Fairness in Supply Chain Contract Design, Teck-Hua Ho, Xuanming Su, and Yaozhong Wu

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Crash-Neutral Currency Carry Trades, Jakub W. Jurek

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Private Information and Bargaining Power in Venture Capital Financing, Yrjo Koskinen, Michael J. Rebello, and Jun Wang

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Are Consumers Strategic? Structural Estimation from the Air-Travel Industry, Jun Li, Nelson Granados, and Serguei Netessine

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Countercyclical Currency Risk Premia, Hanno Lustig, Nikolai Roussanov, and Adrien Verdelhan

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Understanding College Application Decisions Why College Sports Success Matters, Devin G. Pope and Jaren C. Pope

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Optimal Design of Social Comparison Effects: Setting Reference Groups and Reference Points, Guillaume Roels and Xuanming Su

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Composition of Wealth, Conditioning Information, and the Cross-Section of Stock Returns, Nikolai Roussanov

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Marriage and Managers' Attitudes to Risk, Nikolai Roussanov and Pavel Savor

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p-Curve and Effect Size: Correcting for Publication Bias Using Only Significant Results, Uri Simonsohn, Leif D. Nelson, and Joseph P. Simmons
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