Vincent Glode

Pasi M. Hamalainen Professor
of Finance

Curriculum Vitae

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 my research portfolio, as of May 2023
* Summary of my work on Informational Frictions in Decentralized Markets, 2019 Finance Theory Group Summer School [video]
* Summary of my work on Arms Races in Finance, 2019 Corporate Finance Symposium in Gerzensee

Active Working Papers

Arms Sales in Financial Markets [with Xingtan Zhang]
* Summary in Knowledge@Wharton
* Recording of 1-hour presentation for The Microstructure Exchange

Trading Against Expert Dealers [with Maria Chaderina]

Selected Publications

Technological Progress and Rent Seeking [with Guillermo Ordoñez]
* Review of Financial Studies 38, April 2025, pp. 1259-1289

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 [Knowledge@Wharton, Harvard Law School Forum]

Asymmetric Information and Intermediation Chains [with Christian Opp]
* American Economic Review 106, September 2016, pp. 2699-2721 [Online Appendix, Older Draft with Additional Extensions]
* Best Paper Award --- 12th Annual Conference in Financial Economics at IDC-Herzliya

The Labor Market for Bankers and Regulators [with Philip Bond]
* Review of Financial Studies 27, September 2014, pp. 2539-2579 [RFS Editorial, Harvard Law School Forum]
* Lead Article
* RFS Editor's Choice Article

Financial Expertise as an Arms Race [with Richard C. Green and Richard Lowery]
* Journal of Finance 67, October 2012, pp. 1723-1759 [CFA Digest, Knowledge@Wharton]
* Terker Family Prize in Financial Research for 2010 [2nd Place] --- Rodney L. White Center at Wharton

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 Award [Capital Markets] --- 2008 Northern Finance Association Meeting
* Best Paper Award [Investments] --- 2007 Financial Management Association Meeting

Teaching

Valuation [formerly titled: Corporate Valuation] at Wharton since Spring 2010
* Featured in this Philadelphia Magazine article

Financial Economics Under Imperfect Information [team-taught] at Wharton since Fall 2024

Introduction to Finance at Carnegie Mellon in Summer 2007