Wharton’s research centers and initiatives are at the frontier of finance, promoting innovative research and groundbreaking programs in areas including investment management, private equity, hedge funds, venture capital, quantitative finance, fintech, financial policy, and regulation. See the future of finance below.
Future of Finance Podcast
Regulating Digital Assets | Timothy Massad and Jessica Wachter
As cryptocurrency moves further into the mainstream, regulators are stepping up efforts to define its legal and financial framework. But how far will regulation go, and what will it mean for investors, businesses, and the future of digital assets? Professor Itay Goldstein is joined by Wharton professor Jessica Wachter, recently the chief economist at the SEC, and former CFTC chair Timothy Massad to discuss crypto’s evolving regulatory landscape, the balance between innovation and oversight, and the geopolitical forces shaping crypto policy worldwide.
Research Discoveries
Correlation Neglect: Challenging the Unpredictability of Monthly Returns
What if investors aren’t processing information as efficiently as we’ve assumed? Professor Jessica Wachter shows that investors systematically overreact to repetitive earnings news — and then correct that mistake in the months that follow. Read more here!
The “Pecking Order” of Firm Growth
Are growing companies better off acting on new, innovative ideas — or scaling their existing ones? Professor Thomas Winberry shows that financial constraints can delay a company’s shift toward innovation, and that these delays have significant consequences for long-run growth. Read more here!
The Financial Power of Data Sharing Among Firms
What is the scope of data-sharing across firms, and what are the economic implications? Professor Huan Tang uncovers a hidden network of inter-firm data flows – revealing that companies are connected not only by products or supply chains, but by the information they exchange. Read more here!
Explore Our Events
Wharton Future of Finance Forum
The Harris Family Alternative Investments Program and the Wharton Initiative on Financial Policy and Regulation hosted the 2026 Future of Finance Forum, gathering leaders from academia, industry, and government to dive into topics like stablecoins, central banking, AI, geopolitics, private markets, and more.
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Conference on Liquidity and Financial Fragility
The Wharton Initiative on Financial Policy and Regulation held its annual conference on October 10-11, 2025 on Penn’s campus. WIFPR hosted financial experts on topics including information and liquidity, real estate, non-bank institutions and fragility, De-Fi, and more.
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Frontiers in Quantitative Finance Conference
On September 26, 2025, the Jacobs Levy Equity Management Center for Quantitative Financial Research hosted its annual conference at the New York Marriott Marquis, featuring presentations and discussions on groundbreaking papers in quantitative finance. The conference included a ceremony to award the 2025 Wharton-Jacobs Levy Prize for Quantitative Financial Innovation to Sanford “Sandy” J. Grossman, the Steinberg Trustee Professor Emeritus of Finance at the Wharton School.
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Wharton Alternative Investments Summit: For Rising Leaders in Private Equity
On May 30, 2025, leaders from the world of private equity gathered at the Penn Museum to share insights and reconnect with fellow Wharton alumni working in the alternative investments industry. Hosted by the Harris Family Alternative Investments Program, the summit offered a platform for rising leaders to engage in important dialogue on innovation, long-term value creation, and the future of private equity.
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Finance at Wharton Research Centers
