Richard Marston

Education

PhD, Massachusetts Institute of Technology, 1972; BPhil, University of Oxford, 1968; AB, Yale University, 1966

Career and Recent Professional Awards; Teaching Awards

German Marshall Fund Fellow, 1981; Sanwa Bank Award, 1992

Academic Positions Held

Wharton: 1977present (Director, Weiss Center for International Financial Research, 1992present; Acting Director, U.S.Japan Management Studies Center, 198991; named James R.F. Guy Professor of Finance and Economics, 1986). University of Pennsylvania: 1972present. Visiting appointments: Kiel Institute; Institute for Monetary and Economic Studies, Bank of Japan; Chulalongkorn University, Thailand; Institute for Advanced Studies, Vienna; Ecole Superieure des Sciences Economiques et Commerciales, Paris; London Business School

Other Positions

Research Associate, National Bureau of Economic Research, 1979present; Research Fellow, Brookings Institution, 197172

Professional Leadership 20052009

Associate Editor, Journal of International Money and Finance, 1981present; Board of Editors, Empirical Economics, 1983present; Board of Editors, Japan and the World Economy, 1987present

Past Courses

FNCE208 INTERNATIONAL CORP FINAN

Analyzes financial problems corporations face that result from operating in an international environment. Major topics include managing exchange risk through hedging and financing, measuring exchange rate exposure, calculating the cost of capital for foreign operations, assessment of sovereign risks, capital budgeting from a project and parent perspective, and international taxation.

FNCE219 INTL FINANCIAL MARKETS

This course focuses on international financial markets and exchange rates. Topics include pricing in the foreign currency and Eurocurrency markets, use of forward exchange for hedging, shortterm returns and market efficiency in the international money markets, foreign currency options, international capital asset pricing, pricing of foreign currency bonds, currency swaps, Eurocurrency syndicated loans, foreign currency financing and exposure management.

FNCE719 INTL FINANCIAL MARKETS

FNCE 719 is a course on international financial markets and exchange rates. Topics include pricing in the foreign currency and Eurocurrency markets, use of forward exchange for hedging, shortterm returns and market efficiency in the international money markets, foreign currency options, international capital asset pricing, pricing of foreign currency bonds, currency swaps, Eurocurrency syndicated loans, foreign currency financing and exposure management.

FNCE731 INTERNATL CORP FINANCE

This course analyzes financial problems corporations face that result from operating in an international environment. Major topics covered are corporate strategy and the decision to invest abroad, international portfolio diversification, managing exchange risk, taxation issues, cost of capital and financial structure in the multinational firm, and sources of financing. Departmental Website: https://fnce.wharton.upenn.edu/ Registration: Registration for MBA electives is handled through the MBA Course Auction. For questions about core courses or MBA electives that don't appear in the course auction please contact the MBA Program Office. NonMBAs interested in graduate classes must work throught the academic department and the MBA Program Office.

FNCE899 INDEPENDENT STUDY

Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. At a minimum, we need a description of the methodology you intend to employ, a bibliography and description of the data that you will use as well as a list of interim deliverables and dates to ensure that you complete the project within the semester. Applications for FNCE 899 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. You must submit your Finance ISP request using the Finance Department's ISP form located at https://fnce.wharton.upenn.edu under the Course ISP section

• Investing for a Lifetime, New York Times 07/13/2014
• Survey: It’s a Riskier World, CFO.com 06/07/2010
• Greek Tragedy Unfolds, CFO Magazine 05/07/2010
• Painful Conversions, CFO Magazine 04/01/2010

Knowledge @ Wharton

• What Your Financial Advisor Hasn’t Been Telling You, Knowledge @ Wharton 05/05/2016
• Will Negative Interest Rates Stimulate Growth — or Backfire?, Knowledge @ Wharton 03/01/2016
• Has the Hedge Fund Industry Lost Its Way?, Knowledge @ Wharton 11/06/2015
• Why You May Not Be as Ready for Retirement as You Think, Knowledge @ Wharton 08/19/2014
• Emergingmarket Investing: Will the Roller Coaster Ride Continue?, Knowledge @ Wharton 11/20/2013
• Papandreou Wheels out a Trojan Horse, Knowledge @ Wharton 11/02/2011
• The Euro Zone of Denial Hits the Wall, Knowledge @ Wharton 11/01/2011
• Will the U.S. and Europe Rise Again — or Sink Together?, Knowledge @ Wharton 10/31/2011
• Fair — or Unbalanced? Decoding the Buffett Rule Debate, Knowledge @ Wharton 09/28/2011
• The Economy: When Will Happy Days Be Here Again?, Knowledge @ Wharton 06/08/2011
• Keeping Its Distance: Can the Fed Be Effective, Innovative — and Independent?, Knowledge @ Wharton 03/30/2011
• Under the Microscope: AIG’s Second Chance, Knowledge @ Wharton 03/02/2011
• Budget Blues: What Would State Bankruptcies Accomplish?, Knowledge @ Wharton 02/16/2011
• Manila or Bust?, Knowledge @ Wharton 02/11/2011
• The Global Economy in 2011: A Rocky Ride or Smoother Sailing Ahead?, Knowledge @ Wharton 01/05/2011
• The Big Financial Stretch: Preparing for Those Later Decades, Knowledge @ Wharton 12/06/2010
• In a Withering Market, Where Will Your Investments Grow?, Knowledge @ Wharton 09/29/2010
• Deflation — Delusion or Danger?, Knowledge @ Wharton 09/15/2010
• Ushering in a ‘New Financial World’ While Avoiding the Excesses of the Old, Knowledge @ Wharton 07/14/2010
• Whither the Euro: Safe Harbor or Fractured Fate?, Knowledge @ Wharton 06/23/2010
• Regulating the Unknown: Can Financial Reform Prevent Another Crisis?, Knowledge @ Wharton 06/09/2010
• U, V or W: What Kind of Recovery Can We Expect, and When?, Knowledge @ Wharton 02/03/2010
• Seeing Red: What Are the Costs of China’s Currency Policy?, Knowledge @ Wharton 01/20/2010
• Could Dubai World’s Debt Default Spark a Crisis in the Middle East and Beyond?, Knowledge @ Wharton 12/09/2009
• TARP Sees Sharp Turnaround, Knowledge @ Wharton 12/01/2009
• Why Insider Trading Is Hard to Define, Prove and Prevent, Knowledge @ Wharton 11/11/2009
• ‘Too Big to Fail’: Can Regulation Control Systemic Risk?, Knowledge @ Wharton 10/14/2009
• Checkup for U.S. Banks: Healthy in Appearance — but Weaknesses Remain, Knowledge @ Wharton 09/16/2009
• Is the World Losing Faith in the U.S. Dollar?, Knowledge @ Wharton 09/02/2009
• ‘Rewarding Failure’: Will the Crisis Leave a Residue of Moral Hazard?, Knowledge @ Wharton 07/08/2009
• Obama’s Regulatory Plan: Too Hot, Too Cold, or Just Right?, Knowledge @ Wharton 06/24/2009
• Deflation Fears: Could Falling Prices Let the Air Out of a Recovery?, Knowledge @ Wharton 05/13/2009
• Why Economists Failed to Predict the Financial Crisis, Knowledge @ Wharton 05/13/2009
• The $2 Trillion Question: Will Investors Buy the Government’s Toxic Asset Plan?, Knowledge @ Wharton 04/01/2009
• After Dodging Many Bullets, Hedge Funds Are Back in Regulators’ Sights, Knowledge @ Wharton 03/18/2009
• Worry in the West as Eastern and Central European Economies Head South, Knowledge @ Wharton 03/04/2009
• The Other Banking Drama: Those Secret Swiss Accounts, Knowledge @ Wharton 03/04/2009
• A World Transformed: Panelists Look Beyond the Crisis, Knowledge @ Wharton 03/04/2009
• Trade Wars: Will Protectionism Win out over Recovery?, Knowledge @ Wharton 02/18/2009
• The Financial Crisis: Bad and Getting Worse, but Put Away that Dword, Knowledge @ Wharton 01/21/2009
• Getting It Right: Making the Most of an Opportunity to Update Market Regulation, Knowledge @ Wharton 01/21/2009
• Global Economic Forecast for 2009: Will Demand for Good News Outpace Supply?, Knowledge @ Wharton 01/07/2009
• The Fairness Issue: How to Cope with the Flood of Foreclosures, Knowledge @ Wharton 11/26/2008
• The G20 Economic Summit: More Symbolic than Substantive?, Knowledge @ Wharton 11/12/2008
• A Billion Here, A Trillion There: Calculating the Cost of Wall Street’s Rescue, Knowledge @ Wharton 10/29/2008
• Richard Marston and Jeremy Siegel: Will the Bank Plan Revive Global Markets?, Knowledge @ Wharton 10/15/2008
• How the Credit Crisis Could Forge a New Financial Order, Knowledge @ Wharton 10/15/2008
• The $700 Billion Question: How Much Is That Exotic Security?, Knowledge @ Wharton 10/01/2008
• Huge Reserves, Emerging Market ‘Challengers’ and Other Forces Are Changing Global Finance, Knowledge @ Wharton 09/22/2008
• After the Bailout: How Can the Fed Clean Up the Fannie and Freddie Mess?, Knowledge @ Wharton 09/17/2008