Todd Gormley is an Assistant Professor of Finance at The Wharton School at the University of Pennsylvania, where he teaches advanced corporate finance in the MBA program and empirical methodologies in the PhD program. Professor Gormley’s research focuses on the unanticipated effects of financial sector competition and on understanding how individuals and managers respond to risk. His recent research examines the effect of option-based pay on CEOs’ risk-taking incentives and how firms respond to unanticipated increases in business risk. Professor Gormley received his Ph.D. in Economics from the Massachusetts Institute of Technology. Prior to joining Wharton, he was an Assistant Professor of Finance at the Olin Business School at Washington University in St. Louis.