Wharton Research

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. Congratulations to the winners of the Marshall Blume Prizes in Financial Research! The Marshall Blume Prizes in Financial Research are awarded annually by the Rodney…Read More

Correlation Neglect: Challenging the Unpredictability of Monthly Returns

A person smiles toward the viewer with the caption, "Jessica Wachter: Dr. Bruce I. Jacobs Professor in Quantitative Finance. On 'Correlation Neglect in Asset Prices.'" What if investors aren’t processing information as efficiently as we’ve assumed? In a new paper, "Correlation Neglect in Asset Prices," Wharton Professor Jessica Wachter and her co-author Hongye Guo reveal a striking pattern in U.S. stock market returns tied to the quarterly earnings cycle. Their research shows that investors systematically…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

One Year of Discoveries

Sean Myers stands in a sunlit room with hands in his pockets Over the past year, the Discoveries blog has hosted exclusive interviews with Wharton's leading finance faculty. These insightful conversations highlight key insights and research shaping the finance industry, many of these projects having been supported by Wharton's finance research centers. Topics include the nature of growth stocks, international USD holdings,…Read More