The Wharton School · University of Pennsylvania

Vincent Glode

Pasi M. Häkkinen Professor of Finance

I study the economics of financial intermediation, how markets, incentives and information shape the people who move capital. My work combines theory with real-world market design questions.

Curriculum Vitae ↓View Publications

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.

→Research portfolio summary, as of May 2023

→Informational Frictions in Decentralized Markets — 2019 FTG Summer School

→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

▶ The Microstructure Exchange · Knowledge@Wharton

Technological Progress and Rent Seeking — with Guillermo Ordoñez

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

Finance Theory Insights

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

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

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

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

Harvard Law School Forum · 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

The Labor Market for Bankers and Regulators — with Philip Bond

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

Lead Article · RFS Editor's Choice

RFS Executive Editor Blog · 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

Knowledge@Wharton · 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

Why Mutual Funds "Underperform"

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

Best Paper Award — 2008 Northern Finance Association / 2007 FMA Meeting

Teaching

Courses

Valuation (formerly Corporate Valuation)

Wharton, since Spring 2010

Featured in Philadelphia Magazine

Financial Economics Under Imperfect Information

Wharton (team-taught), since Fall 2024

Introduction to Finance

Carnegie Mellon, Summer 2007