Research Interests: foreign exchange risk management, international asset pricing, international investments
PhD, Massachusetts Institute of Technology, 1972; BPhil, University of Oxford, 1968; AB, Yale University, 1966
German Marshall Fund Fellow, 1981; Sanwa Bank Award, 1992
Wharton: 1977-present (Director, Weiss Center for International Financial Research, 1992-present; Acting Director, U.S.-Japan Management Studies Center, 1989-91; named James R.F. Guy Professor of Finance and Economics, 1986). University of Pennsylvania: 1972-present. Visiting appointments: Kiel Institute; Institute for Monetary and Economic Studies, Bank of Japan; Chulalongkorn University, Thailand; Institute for Advanced Studies, Vienna; Ecole Superieure des Sciences Economiques et Commerciales, Paris; London Business School
Research Associate, National Bureau of Economic Research, 1979-present; Research Fellow, Brookings Institution, 1971-72
Associate Editor, Journal of International Money and Finance, 1981-present; Board of Editors, Empirical Economics, 1983-present; Board of Editors, Japan and the World Economy, 1987-present
FNCE 219 is a course on international financial markets. Major topics include foreign exchange rates, international money markets, currency and interest rate derivatives (forwards, options, and swaps), international stock and bond portfolios, and cryptocurrencies. Students learn about the features of financial instruments and the motivations of market participants. The class focuses on risk management, investing, and arbitrage relations in these markets. In addition to course prerequisites, FNCE 101 is recommended.
Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.
This course covers topics on foreign exchange rates, international money markets, currency and interest rate derivatives (forwards, options, and swaps), international stock and bond portfolios, and cryptocurrencies. Students learn about the features of financial instruments and the motivations of market participants. The class focuses on risk management, investing, and arbitrage relations in these markets. In addition to prerequisites, FNCE 613 is recommended but not required.
This course analyzes financial problems corporations face that result from operating in an international environment. Major topics covered are corporate strategy and the decision to invest abroad, international portfolio diversification, managing exchange risk, taxation issues, cost of capital and financial structure in the multinational firm, and sources of financing.
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 899 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.
Economic recovery in the U.S. will be slow and require continued relief beyond the current measures, according to experts at Wharton.Knowledge @ Wharton - 3/31/2020