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What Happens When Private Equity Meets 401(k)s?

An image of two people smiling toward the viewer with the caption: "Bilge Yilmaz And Burcu Esmer on Private Equity in Retirement Plans." A new executive order under consideration by the Trump administration could reshape how Americans invest for retirement. But will the presence of private equity in retirement plans benefit investors? The Big Ideas: Expanding 401(k) access to private equity could diversify portfolios and improve long-term outcomes — if implemented with care.…Read More

Future of Finance Podcast: The Rise of Crypto Coming this August

A podcast host smiles toward the viewer while wearing headphones Cryptocurrency, stablecoins, digital assets – this season, the Future of Finance podcast will explore how these technologies can potentially transform global markets, regulation, and the very concept of money. Hosted by Professor Itay Goldstein, chair of Wharton's finance department each episode features candid conversations with top economists, academics, policy leaders,…Read More

The “Pecking Order” of Firm Growth

A person smiles toward the viewer in a sunlit room. Are growing companies better off acting on new, innovative ideas — or scaling their existing ones? In “Capital, Ideas, and the Costs of Financial Frictions,” Professor Thomas Winberry explores how firms balance investment in current operations with the pursuit of future innovations. This paper earned the 2024 Marshall Blume Prize…Read More

The Financial Power of Data Sharing Among Firms

A headshot of a person with curly hair and a friendly smile, wearing a light-colored top against a neutral background. What is the scope of data-sharing across firms, and what are the economic implications? In her study, "Data as a Networked Asset," supported by the Stevens Center for Innovation in Finance, Huan Tang, assistant professor of finance at Wharton, uncovers a hidden network of inter-firm data flows – revealing that…Read More

The Future of Capitalism: Tariffs, Growth & Market Shifts

Two speakers in conversation onstage Joao Gomes, senior vice dean for research, centers and academic initiatives at Wharton, joined a panel at Inc. Founders House to discuss tariffs, immigration, and other risks facing businesses amid recent market shifts. View his conversation with Mike Hofman, editor-in-chief of Inc. Magazine, by watching the video above. Professor Gomes offered…Read More

Itay Goldstein on the Central Bank’s Independence

Itay Goldstein headshot Professor Itay Goldstein, director of the Wharton Initiative on Financial Policy and Regulation, joined CNA News to discuss the growing debate around central bank independence and the potential consequences of political interference in monetary policy. Professor Goldstein provided his insights on LinkedIn: "An independent central bank is essential for long-term…Read More

What Shapes Analysts’ Long-Term Forecasts?

A person smiling toward the viewer with text: "Discoveries Marius Guenzel" How do professional forecasters think about a firm’s growth far into the future? Marius Guenzel, assistant professor of finance at the Wharton School, discusses his paper “What Drives Very Long-Run Cash Flow Expectations?” which uncovers the different factors that shape the long-term forecasts that drive valuations. What motivated you to…Read More

Meme Stocks, Social Investing, and the Future of Market Stability

Two individuals are wearing headphones and conversing in a podcast setting. The image includes text: "Future of Finance" and "New Phenomena in Behavioral and Social Investing," with the Wharton logo visible. The GameStop saga took the world by storm in 2021, turning Reddit’s “Wall Street Bets” into an unlikely player in the financial markets. But was this a one-time anomaly or the beginning of a new era in investing? In an episode of the Future of Finance podcast, Professor Itay Goldstein…Read More

Understanding Common Risk Factors Between Stocks, Bonds, and Options

A man smiling in a sunlit room with windows in the background. How do common risk factors connect stocks, bonds, and options? In their recent study, which won the Jacobs Levy Center Research Paper Prize for Best Paper, Professor Nikolai Roussanov and his coauthors uncover the shared sources of variation driving returns across these asset classes. Their findings reveal how shared exposures…Read More

2024 Wharton Future of Finance Forum

Joao Gomes, Sarah Hammer, and David Musto pose for a photo before a Rodney White Center banner On December 9, 2024, the Harris Family Alternative Investments Program and the Rodney L. White Center for Financial Research hosted the second annual Wharton Future of Finance Forum at Penn Washington. This year's event brought together leading voices from academia, industry, and government to explore the transformative forces shaping global…Read More