Photo of Franklin Allen

Franklin Allen

Nippon Life Professor of Finance

Professor of Economics

Research Interests: asset pricing, corporate finance, economics of information

Links: CV, Personal Website

Contact Information

Address: 2253 Steinberg-Dietrich Hall, Philadelphia, PA 19104
Office: (215) 898-3629



DPhil, University of Oxford, 1980; MPhil, University of Oxford, 1979; BA, University of East Anglia, 1977

Career and Recent Professional Awards; Teaching Awards

The Class of 1984 Teaching Award, 1996, 1997; Helen Kardon Moss Anvil Award, 1993, 1999; Excellence in Teaching Award (Graduate Division), 1990, 1993, 1996, 1997, 1998, 1999, 2000, 2001, 2002; Miller-Sherrerd MBA Core Teaching Award, 1992, 1993, 1996, 1997, 1999, 2000, 2001, 2002; Undergraduate Division Excellence in Teaching Award, 1991; Lindback Award for Distinguished Teaching, 2001.

Academic Positions Held

Wharton: 1980-present (named Nippon Life Professor of Finance, 1994; Vice Dean and Director, Doctoral Programs, 1990-93; Associate Director, Doctoral Programs, 1988-90; Co-Director, Financial Institutions Center, 2000-present). Visiting appointments: University of Oxford; University of Tokyo; University of Frankurt; Princeton University. Adjunct Appointments: New York University.

Professional Leadership 2005-2009

President, American Finance Association, 2000; Associate Editor, Financial Management, 1991-present

Corporate and Public Sector Leadership 2005-2009

Director, The Glenmede Fund, 1991-present


  • Franklin Allen (Working), "Financial Connections and Systemic Risk" (with A. Babus and E. Carletti), Working Paper 10-20, Wharton Financial Institutions Center, University of Pennsylvania..  Abstract
  • Franklin Allen (Working), "Financing Firms in India" (with R. Chakrabarti, S. De, J. Qian and M. Qian), Working Paper 06-08, Wharton Financial Institutions Center, University of Pennsylvania..  Abstract
  • Franklin Allen (Working), "Stakeholder Capitalism, Corporate Governance and Firm Value" (with E. Carletti and R. Marquez), Working Paper 09-28, Wharton Financial Institutions Center, University of Pennsylvania..  Abstract
  • Franklin Allen (Working), The African Financial Development Gap (with E. Carletti, R. Cull, J. Qian and L. Senbet), Working Paper 10-18, Wharton Financial Institutions Center, University of Pennsylvania..  Abstract
  • Darien Huang, Franklin Allen, Jun Qian, Mengxin Zhao (2012), The Initial Public Offering of the Industrial and Commercial Bank of China, The Frontier State of Economics: IEA XIV World Congress  Abstract
  • Franklin Allen, Jun Qian, Chenying Zhang (Under Review), An Alternative View on Law, Institutions, Finance and Growth.  Abstract
  • Franklin Allen, Ana Babus, Elena Carletti (2009), Financial Crises: Theory and Evidence, Annual Review of Financial Economics, December 2009.
  • Franklin Allen, Elena Carletti, Robert Marquez (2009), Credit Market Competition and Capital Regulation, Forthcoming, Review of Financial Studies  Abstract
  • Franklin Allen, Elena Carletti, Douglas Gale (2009), Interbank Market Liquidity and Central Bank Intervention, Journal of Monetary Economics, 56 (5), 639 - 652.  Abstract
  • Franklin Allen, Jun “QJ” Qian, Meijun Qian, Mengxin Zhao (2009), A Review of China’s Financial System and Initiatives for the Future, China's Emerging Financial Markets, Edited by James A. Barth, John A. Tatom and Glenn Yago, The Milken Institute Series on Financial Innovation and Economic Growth, 2009.  Abstract
  • Franklin Allen, Ana Babus (2009), Networks in Finance, The Network Challenge, Edited by Paul Kleindorfer and Jerry Wind, Wharton School Publishing, 367-382.
  • Franklin Allen, Elena Carletti (2008), Mark-to-Market Accounting and Liquidity Pricing, Journal of Accounting and Economics, 45 (2-3), 358 - 378.  Abstract
  • Franklin Allen, Elena Carletti (2008), The Roles of Banks in Financial Systems, In The Oxford Handbook of Banking, edited by A. Berger, P. Moyneux, and J. Wilson, Oxford University Press, 2008.  Abstract
  • Franklin Allen, Rajesh Chakrabarti, Sankar De, Jun “QJ” Qian, Meijun Qian (2008), Law, Institutions and Finance in China and India, In Emerging Giants: China and India in the World Economy edited by Barry Eichengreen, Poonam Gupta, and Rajiv Kumar, 2008.  Abstract
  • Franklin Allen, Elena Carletti (2008), The Role of Liquidity in Financial Crises, 2008 Jackson Hole Conference Proceedings, Federal Reserve Bank of Kansas City, 379-412.

In The News

Knowledge @ Wharton



  • FNCE611 - Corporate Finance

    This course serves as an introduction to business finance (corporate financial management and investments) for both non-majors and majors preparing for upper-level course work. The primary objective is to provide a framework, concepts, and tools for analyzing financial decisions based on fundamental principles of modern financial theory. The approach is rigorous and analytical. Topics covered include discounted cash flow techniques; corporate capital budgeting and valuation; investment decisions under uncertainty; capital asset pricing; options; and market efficiency. The course will also analyze corporate financial policy, including capital structure, cost of capital, dividend policy, and related issues. Additional topics will differ, according to individual instructors.