Photo of Richard E. Kihlstrom

Richard E. Kihlstrom

Ervin Miller-Arthur M. Freedman Professor of Finance and Economics

Research Interests: financial market equilibrium, information and uncertainty in economics, managerial incentives

Contact Information

Address: 2255 Steinberg-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104
Office: (215) 898-4378



PhD, University of Minnesota, 1968; BA, Purdue University, 1964

Career and Recent Professional Awards; Teaching Awards

Fellow, Econometric Society, 1981

Academic Positions Held

Wharton: 1979-present (Chairperson, Finance Department, 2006-present; Chairperson, Finance Department, 1988-94; named Ervin Miller-Arthur M. Freedman Professor of Finance, 1986; Associate Director, Doctoral Programs, 1986 88). Previous appointments: Northwestern University; University of Illinois; State University of New York at Stony Brook; University of Massachusetts.

In The News



  • FNCE203 - 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 100 (FNCE 611). Some are as of financial management not covered in FNCE 100 are covered in FNCE 203. 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 100 are covered more in depth and more rigorously in FNCE 203. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy. During the Spring semester, Professor Opp does not allow students to take this course pass/fail.

  • FNCE923 - Financial Economics Under Imperfect Information

    This course covers General equilibrium and rational expectations, foundations of the theory of information; learning from prices in rational expectations equilibrium models, moral hazard, adverse selection, and signalling Bidding theories.