Vincent Glode

Pasi M. Hamalainen Professor of Finance

Research

Research Interests

My research focuses on the financial sector and its workers, e.g., fund managers, traders, bankers, regulators. In particular, I build theoretical models to analyze how various financial intermediaries create and allocate surplus in the economy.

→Summary of Research Portfolio, as of May 2023

→Lecture on Informational Frictions in Decentralized Markets — 2019 FTG Summer School

→Lecture on Arms Races in Finance — 2019 Corporate Finance Symposium, Gerzensee ▶ Video

Working Papers

Active Working Papers

Trading Against Expert Dealers Under Limited Information Spillovers

with Maria Chaderina

Publications

Selected Publications

Selling Trading Advantages in Financial Markets — with Xingtan Zhang

Review of Finance, forthcoming

▶ presentation at Microstructure Exchange · summary by Knowledge@Wharton

Technological Progress and Rent Seeking — with Guillermo Ordoñez

Review of Financial Studies 38, April 2025, pp. 1259–1289

summary by Finance Theory Insights

Private Renegotiations and Government Interventions in Credit Chains — with Christian Opp

Review of Financial Studies 36, November 2023, pp. 4502–4545

summary by Knowledge@Wharton

To Pool or Not to Pool? Security Design in OTC Markets — with Christian Opp and Ruslan Sverchkov

Journal of Financial Economics 145, August 2022, pp. 508–526

Over-the-Counter vs. Limit-Order Markets: The Role of Traders' Expertise — with Christian Opp

Review of Financial Studies 33, February 2020, pp. 866–915

summary by Knowledge@Wharton

On the Efficiency of Long Intermediation Chains — with Christian Opp and Xingtan Zhang

Journal of Financial Intermediation 38, April 2019, pp. 11–18

Voluntary Disclosure in Bilateral Transactions — with Christian Opp and Xingtan Zhang

Journal of Economic Theory 175, May 2018, pp. 652–688

Compensating Financial Experts — with Richard Lowery

Journal of Finance 71, December 2016, pp. 2781–2808

summary in Harvard Law School Forum · summary by Knowledge@Wharton

Asymmetric Information and Intermediation Chains — with Christian Opp

American Economic Review 106, September 2016, pp. 2699–2721

best paper award — 12th annual conference in financial economics, IDC-Herzliya

older draft with additional extensions · online appendix of published version

The Labor Market for Bankers and Regulators — with Philip Bond

Review of Financial Studies 27, September 2014, pp. 2539–2579

lead article

summary by RFS Executive Editor · Harvard Law School Forum

Financial Expertise as an Arms Race — with Richard C. Green and Richard Lowery

Journal of Finance 67, October 2012, pp. 1723–1759

Terker family prize in financial research, 2nd place — Rodney L. White Center

summary by Knowledge@Wharton · summary by CFA Institute Digest

Information Spillovers and Performance Persistence for Hedge Funds — with Richard C. Green

Journal of Financial Economics 101, July 2011, pp. 1–17

lead article

Why Mutual Funds "Underperform"

Journal of Financial Economics 99, March 2011, pp. 546–559

best paper awards — 2008 NFA meeting & 2007 FMA meeting

Teaching

Courses

Valuation

Wharton, since Spring 2010

Featured in Philadelphia Magazine

Financial Economics Under Imperfect Information

Wharton (team-taught), since Fall 2024