economics

Announcing the Winners of the Marshall Blume Prizes in Financial Research

Three people smile for a group photo holding prize boxes The winners of the Marshall Blume Prizes for 2025, from left to right: Courtney Wiegand, Parinitha Sastry, and Lu Liu. Photo taken by Luke Taylor. The Marshall Blume Prizes in Financial Research are awarded annually by the Rodney L. White Center for Financial Research to the best unpublished working papers…Read More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