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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