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The Changing Landscape of Municipal Financial Advisors
"Municipal financial advice has moved from something that commonly existed but was only lightly regulated to an activity where all sorts of behavior is now defined and restricted."
Municipal financial advisors play an important, but often under-examined, role in how state and local governments access financial markets. Professor Daniel Garrett spoke about his paper, “The Evolving Role of 21st Century Municipal Financial Advisors,” in the Discoveries blog – exploring how this advisory landscape has evolved over the past 25 years.
New Research from Wharton Finance
Geoeconomic Competition and Capital Reallocation in Global FX Funding
Amy Wang Huber and her co-author Yu An measure how countries compete for global capital — and how policy actions in one country can shift capital flows worldwide.
IneQuality
Gideon Bornstein and his co-author Alessandra Peter study how market power shapes the product design choices of firms and, through this channel, affects consumption inequality.
Public Employee Pensions and Municipal Insolvency
Sean Myers proposes a new model of government saving and borrowing which accounts for the choice of risk exposure.
Events and Updates
Fireside Chat with Howard Marks
Wharton hosted investing leader Howard Marks (W'67), Co-Chairman and Co-Founder of Oaktree Capital Management, L.P., for an installment of the Howard Marks Investor Series. This conversation, moderated by Professor Chris Geczy included a Q&A session for students to directly engage with Marks on topics like value investing, AI in finance, and the federal debt.
Investment Banking with Blair Effron
The Harris Family Alternative Investments Program welcomed Blair Effron, Co-Founder of Centerview Partners and one of the most influential figures in global M&A advisory, for a fireside chat moderated by undergraduate student Muhammad Vakil, President of the PEVC Club.
In the News
Navigating Concerns about Private Credit
Professor Itay Goldstein joined CNN Business to share his insights about private credit and the market movements of Blue Owl.
Revamping the American Tax Code
Professor Daniel Garrett joined a WHYY Studio 2 panel to discuss ideas for overhauling the tax system.
U.S. Gas Prices and Middle East Oil
Professor Nikolai Roussanov joined USA Today to discuss the impact of the war in the Middle East on U.S. gas prices.
View recent Finance at Wharton news.
Photo of Howard Marks and Chris Geczy by Shira Yudkoff
Photo of Muhammad Vakil and Blair Effron by Aditi Anakala