“Frictions in Firms and Markets”


Sponsored by

The Rodney L. White Center for Financial Research

Wharton School, University of Pennsylvania


June 26-29, 2019




Following the success of previous summer schools, the Finance Theory Group (FTG), in conjunction with the Rodney L. White Center for Financial Research at the University of Pennsylvania’s Wharton School, is seeking applications and nominations for participation in the FTG’s biennial Summer School program. The theme of the 2019 three-day program will be “Frictions in Firms and Markets.”  Each day will feature a plenary talk in the morning, followed in the afternoon by three parallel presentations related to the topic covered in the morning.  Day one of the program will be devoted to “incentive issues;” day two to “informational issues;” and day three to “behavioral issues.  In addition to these invited lectures by select speakers, the event will allow for evening presentations of contributed papers by participants.   Below is the list of invited program speakers: 

Incentive issues (June 27)
Morning: Bruno Biais, HEC Paris

Itay Goldstein, Wharton (Banking)
Zhiguo He, U. of Chicago (Capital Structure)
Tomasz Piskorski, Columbia (Household Finance)

Informational issues (June 28)
Morning: Paul Pfleiderer, Stanford

Nadya Malenko, Boston College (Communication)
Vincent Glode, Wharton (Decentralized Trading)
Liyan Yang, U. of Toronto (Centralized Trading)

Behavioral issues (June 29)
Morning: David Hirshleifer, U. of California at Irvine

Snehal Banerjee, U. of California at San Diego (Heterogeneous Beliefs)
Simon Gervais, Duke (Overconfidence)
Uday Rajan, Michigan (Ambiguity Aversion)


(For information on previous FTG Summer School programs, visit the following link: http://apps.olin.wustl.edu/conf/CFAR-FTG/Home/)


The Summer School will start on the evening of June 26 with an opening reception and will end on the evening of June 29 with a closing dinner. All presentations will take place at the Wharton School on the campus of the University of Pennsylvania in Philadelphia.

The target audience includes PhD students and faculty members interested in the theory of corporate finance, financial institutions, and financial markets.  Both theorists and empiricists interested in deepening their knowledge of these topics are welcome to apply. 

The registration fee for the program is $500 for both student and faculty participants and includes meals.  Participants are responsible for their transportation and accommodation costs. 



PhD student nominations:
Students interested in attending the Summer School must be nominated by a faculty member from the school in which they are enrolled.  To help with the selection process, the faculty sponsor must submit a short description of the benefits for the nominated student of attending the Summer School.  To be eligible, students must have completed at least the 2nd year of their Ph.D. program by the time of the Summer School. 

To nominate a student, please click on the following link:



Faculty Registration Requests:
Faculty who are interested in participating in the Summer School may request to register for the program as well.

To apply for registration, please click on the following link:



The application deadline is March 1, 2019.  Students and faculty selected to participate in the Summer School will be contacted directly via email.

Please contact Elaine M. Thomas (emthomas@wharton.upenn.edu) for logistical questions and Professors Vincent Glode (vglode@wharton.upenn.edu) and Itay Goldstein (itayg@wharton.upenn.edu) for academic questions.





For information about the Finance Theory Group, please visit: https://www.financetheory.org/


For information about the Rodney L White Center for Financial Research, please visit: https://rodneywhitecenter.wharton.upenn.edu/