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
Major topics include foreign exchange rates, international money markets, currency and interest rate derivatives, 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 in these markets. In addition to course prerequisites, FNCE 101 is recommended but not required.
Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.
Major topics include foreign exchange rates, international money markets, currency and interest rate derivatives, 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 in these markets. In addition to course prerequisites, FNCE 613 is recommended but not required.
(Formerly named International Corporate Finance) 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.
This class covers advanced pricing models for equity, fixed income and credit derivatives. It aims at: 1) Introducing the main models used in practical applications to price and hedge derivatives; 2) Understanding their comparative advantages and limitations, as well as how they are calibrated and applied. As part of team assignments, students will be asked to calibrate and implement the models introduced in the class using software of their choice.
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.
President-elect Joe Biden’s proposed stimulus package is comprehensive and will likely help to move the economy forward, but direct payments could be better targeted to those in need, say Wharton experts.Knowledge @ Wharton - 1/19/2021