PhD, University of California at Berkeley, 2001; MA, University of California at Berkeley, 2001; BA, University of California at San Diego, 1992
Academic Positions Held
Wharton: 2004-present. Previous appointments: Duke University, Fuqua School of Business; University of California at Berkeley
Co-Editor, Journal of Finance; 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
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
This course provides an introduction to the theory, the methods, and the concerns of corporate finance. The concepts developed in FNCE 100 form the foundation for all elective finance courses. The main topics include: 1) the time value of money and capital budgeting techniques; 2) uncertainty and the trade-off between risk and return; 3) security market efficiency; 4) optimal capital structure, and 5) dividend policy decisions. During the Fall semester there are honors sections of FNCE 100 offered. The seats in the honors sections are awarded through an application process. Please go to: https://fnce.wharton.upenn.edu/programs/course-applications for additional information.
Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.
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 the 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.
The focus of this course is on the valuation of companies. The course covers current conceptual and theoretical valuation frameworks and translates those frameworks into practical approaches for valuing companies. The relevant accounting topics and the appropriate finance theory are integrated to show how to implement the valuation frameworks discussed on a step-by-step basis. The course teaches how to develop the required information for valuing companies from financial statements and other information sources in a real-world setting. Topics covered in depth include discounted cash flow techniques and price multiples. In addition, the course covers other valuation techniques such as leveraged buyout analysis.
The course will cover a variety of microeconometic models and methods including panel data models, program evaluation methods [e.g. difference in differences, matching techniques, regression discontinuity design] instrumental variables, duration models, structural estimation [e.g. simulated methods of moments]. The structure of the course consists of lectures, student presentations, and empirical exercises. I will utilize published studies in a variety of fields such as corporate finance, labor economics, and industrial organization to illustrate the various techniques. The goal of the course is to provide students with a working knowledge of various econometric techniques that they can apply in their own research. As such, the emphasis of the course is on applications, not theory.
Best paper on corporate finance and organizations published in the Journal of Financial Economics
A new paper co-authored by Wharton’s Michael R. Roberts shows how government borrowing makes it more expensive for corporations to borrow and invest.Knowledge @ Wharton - 2015/03/25