Photo of Vincent Glode

Vincent Glode

Pasi M. Hamalainen Professor
of Finance


Finance Theory Group

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 with Expert Dealers  [with Maria Chaderina]

Selected Publications

Technological Progress and Rent Seeking  [with Guillermo Ordoñez]
* Forthcoming at the Review of Financial Studies

Private Renegotiations and Government Interventions in Credit Chains  [with Christian Opp]
Review of Financial Studies 36, November 2023, pp. 4502-4545

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


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

Introduction to Finance at Carnegie Mellon in Summer 2007