Joel S. Ehrenkranz Family Professor, Professor of Finance, Coordinator of PhD Program
Research Interests: corporate finance, feedback effects between financial markets and real economy, financial fragility and crises, financial institutions, financial markets
Links: Personal Website
Address: 2321 Steinberg-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104
Office: (215) 746-0499
PhD, Tel-Aviv University, 2001; MA, Tel-Aviv University, 1998; BA, Tel-Aviv University, 1994.
Academic Positions Held
Wharton: 2004-present. Previous appointment: Duke University, Fuqua School of Business.
Other Positions (Selected)
Academic Advisor, Bank of Canada, 2015; Visiting Scholar, Federal Reserve Bank of Richmond, 2013; Academic Consultant, Federal Reserve Bank of New York, 2011- ; Academic Consultant, Committee on Capital Markets Regulation 2010-2012; Visiting Scholar, Federal Reserve Bank of Philadelphia, 2005- ; Visiting Scholar, Princeton University, 2000-2001; Economist, Bank of Israel, 1998-2000.
Professional Leadership (Selected)
Co-founder of the Finance Theory Group; Editor of the Review of Financial Studies; Previously Editor at Management Science and the Journal of Financial Intermediation; Co-organizer of Wharton Conferences on Liquidity and Financial Crises; Elected Member of FARFE (Foundation for the Advancement of Research in Financial Economics); Member of FARFE Prize Committee, 2010.
Selected Press Coverage
Economist, Financial Times, National Public Radio, Forbes, Bloomberg, Ruters, TheStreet.com, Morningstar.
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.
FNCE726 - Advanced Corporate Finance
The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 611. Some areas of financial management not covered in FNCE 611 are covered in FNCE 726. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning, and working capital management, and some other selected topics. Other areas that are covered in FNCE 611 are covered more in depth and more rigorously in FNCE 726. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.
FNCE912 - Corporate Finance and Financial Institutions
This course provides students with an overview of the basic contributions in the modern theory of corporate finance and financial institutions. The course is methodology oriented in that students are required to master necessary technical tools for each topic. The topics covered may include capital structure, distribution policy, financial intermediation, incomplete financial contracting, initial and seasoned public offerings, market for corporate control, product market corporate finance interactions, corporate reorganization and bankruptcy, financing in imperfect markets, security design under adverse selection and moral hazard, and some selected topics.