Karen K. Lewis

Karen K. Lewis
  • Joseph and Ida Sondheimer Professor in International Economics and Finance, Professor of Finance, Professor of Economics

Contact Information

  • office Address:

    2446 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: asset pricing, international finance, macrofinance, investments

Links: CV, Personal Website

Overview

Education

PhD, University of Chicago, 1985;  BA, University of Oklahoma, 1979

Affiliations

Research Associate, National Bureau of Economic Research, 1991-present.

Senior Fellow, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, 2010 – present.

Academic Positions Held

Current Positions:  Joseph and Ida Sondheimer Professor of International Economics and Finance, Finance Department, Wharton School – Primary Appointment; Professor, Economics Department, School of Arts and Sciences – Secondary Appointment

Other Positions at Wharton:  Co-Director, Weiss Center for International Financial Research, 2005-2011; Professor of Finance, 1994-present; Associate Professor of Finance, 1991-1994.

Previous appointment: Assistant Professor, Stern School, New York University, 1985-1991.

Other Positions

Olin Fellow, National Bureau of Economic Research, 1989-90; Visiting Scholar, International Finance Division, Board of Governors of the Federal Reserve System, 1987, 1991, 1995; Consultant, International Monetary Fund, 1996; Economist, First National Bank of Chicago, 1981-82.

 

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Research

  • Fabio Ghironi and Karen K. Lewis (Working), Equity Sales and Manager Efficiency across Firms and the Business Cycle.

  • Karen K. Lewis and Edith X. Liu (2017), Disaster Risk and Asset Returns: An International Perspective, Journal of International Economics.

  • Karen K. Lewis, Bernard Dumas, Emilio Osambela (2017), Differences of Opinion and International Equity Markets, Review of Financial Studies, 0.

  • Karen K. Lewis (2017), Changing Risk Exposures of Cross-listed Firms and Market Integration, Journal of International Money and Finance, 70 (), pp. 378-405.

  • Karen K. Lewis and Edith X. Liu (2015), Evaluating International Consumption Risk Sharing Gains: An Asset Return View, Journal of Monetary Economics, 71 (), pp. 84-98.

  • Karen K. Lewis (2011), Global Asset Pricing, Annual Review of Financial Economics, Vol 3: 435-66, 2011.

  • Karen K. Lewis (2007), Peso Problem, The New Palgrave Dictionary of Money and Finance,, 2007.

  • Karen K. Lewis (2003), What Can Explain the Apparent Lack of International Consumption Risk-sharing?, Journal of Political Economy, Vol. 104, no. 2 : 267-297, reprinted in International Financial Integration (Edward Elgar), 2003.

  • Karen K. Lewis (2000), Why Do Stocks and Consumption Suggest Such Different Gains from International Risk-Sharing?, Journal of International Economics, Vol. 52: 1-35, 2000.

  • Karen K. Lewis (1999), Trying to Explain Home Bias in Equities and Consumption, Journal of Economic Literature, Vol. 37: 571-608, 1999.

Teaching

All Courses

  • FNCE2310 - Global Val Risk Analysis

    This course analyzes the financial management problems that result from operating in global environments. Key topics include managing currency risk through hedging and financing, calculating the cost of capital for foreign operations, assessing sovereign risks, capital budgeting from a project and parent perspective, and international taxation and financing, measuring exchange rate exposure, calculating the cost of capital for foreign operations, assessment of sovereign risks, capital budgeting from a project and parent perspective, and international taxation.

  • FNCE3990 - Independent Study

    Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.

  • FNCE7310 - Global Val and Risk Analysis

    This course analyzes the financial management problems that result from operating in global environments. Key topics include managing currency risk through hedging and financing, calculating the cost of capital for foreign operations, assessing sovereign risks, capital budgeting from a project and parent perspective, and international taxation.

  • FNCE8990 - Independent Study

    Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. Applications for FNCE 8990 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. ISP's must be supervised by a Standing Faculty member of the Finance Department.

  • FNCE9330 - International Finance

    To provide an understanding of selected topics of current academic research in the areas of international finance and its intersection with international macroeconomics; to teach interested students the tools for conducting research in this field. Each topic will be developed beginning with early classic papers and then updated through the current status of the profession. The typical target audience comprises students in their second year or later. Prerequisite: Completion of first year course requirements

In the News

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Activity

Latest Research

Fabio Ghironi and Karen K. Lewis (Working), Equity Sales and Manager Efficiency across Firms and the Business Cycle.
All Research

In the News

Research Roundup: Foreign Diversification, Social Comparisons and Consumer Identity

Is investing in foreign stocks still a good strategy for offsetting risk and boosting returns in your portfolio? How do social comparisons impact the different dimensions of trust that people can have for each other? How can companies use emotional cues to convey a particular identity to consumers? Wharton professors Karen Lewis, Maurice Schweitzer and Patti Williams, respectively, examined these issues -- and what they mean for business and consumers -- in recent research papers.…Read More

Knowledge at Wharton - 5/8/2013
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