Photo of Michael Roberts

Michael Roberts

William H. Lawrence Professor, Professor of Finance

Research Interests: applied econometrics, corporate investment, capital structure, and payout policy, empirical asset pricing, security design and contract renegotiation

Links: Personal Website

Contact Information

Address: 2319 Steinberg-Dietrich Hall, 3620 Locust Walk, Philadelphia, PA 19104
Email: mrrobert@wharton.upenn.edu
Office: (215) 573-9780

Overview

Education

PhD, University of California at Berkeley, 2001; MA, University of California at Berkeley, 2001; BA, University of California at San Diego, 1992

Career and Recent Professional Awards; Teaching Awards

The Brattle Prize for Distinguished Paper in The Journal of Finance, 2006, 2008; Excellence in Teaching, Duke University, Fuqua School of Business, 2004; The David W. Hauck Award for Outstanding Teaching, The Wharton School, 2006; Excellence in Teaching Award, The Wharton School, 2006, 2008

Academic Positions Held

Wharton: 2004-present. Previous appointments: Duke University, Fuqua School of Business; University of California at Berkeley

Other Positions

Research Associate, National Bureau of Economic Research; Visiting Scholar, Federal Reserve Bank of Philadelphia, 2007; Financial Engineer, FEA Inc., 1998-1999; Senior Analyst, Regional Economic Research, 1992-1995

Professional Leadership 2005-2009

Editorial Boards: Journal of Finance, Review of Financial Studies,Journal of Financial and Quantitative Analysis, Review of Corporate Finance Studies, Financial Research Letters, International Review of Finance

In The News

Courses

Current

  • 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.

    FNCE611701 

    FNCE611702 

  • FNCE614 - CORPORATE FINANCE (Half CU)

    This course serves as an introduction to corporate investments for non-majors. 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, and capital asset pricing. This course will not cover the following topics included in FNCE 611, the full semester Corporate Finance course: market efficiency, corporate financial policy (including capital structure, cost of capital, dividend policy, and related issues), and options. Please Note: This course will not count towards the Finance Major. Format: Primarily lecture. Grading based on problem sets, one or two cases, and a final exam.

    FNCE614701 

    FNCE614702 

Previous

  • 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.

  • FNCE728 - Corporate Valuation

    The focus of this course is on the valuation of companies. Topics discussed include discounted cash flow techniques and valuation using alternative valuation techniques such as price multiples. Emphasis is on developing the required information for valuation from financial statements and other information sources.