Richard E. Kihlstrom

Richard E. Kihlstrom
  • Ervin Miller-Arthur M. Freedman Professor Emeritus of Finance, Professor of Economics

Contact Information

  • office Address:

    2255 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

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

Links: CV



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.

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All Courses

  • FNCE2030 - Advanced Corp Finance

    This course discusses the theory and empirical evidence related to the various investment and financing policies of the firm and attempts to improve decision-making ability in these areas. This course covers aspects of financial management not covered in FNCE 1000, including mergers and acquisitions, corporate reorganizations, financial planning and working capital management. It also offers a more rigorous coverage of topics discussed in FNCE 1000, such as investment under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and dividend policy.

  • FNCE9230 - Fin Econ Under Imp Info

    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 signaling bidding theories.

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Brazil’s New Leadership

It took Luiz Inacio Lula da Silva, a former shoe-shine boy who never earned a high school diploma, four attempts to become president of Brazil. But the struggles he has waged to reach the top may seem mild compared to the problems he now confronts. Wharton faculty members and analysts who specialize in Latin American economies say that Lula, as he is popularly known, must find a way to prevent Brazil from defaulting on its debt and keep the world’s ninth largest economy from going the way of Argentina.Read More

Knowledge at Wharton - 11/6/2002
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