Erik Gilje

• J. Anthony Cookson, Erik Gilje, Rawley Heimer (Working), Shale Shocked: The Long Run Effect of Wealth on Household Debt.
• Viktar Fedaseyeu, Erik Gilje, Philip Strahan (Working), Technology, Economic Booms, and Politics: Evidence from Fracking.
• Erik Gilje, Robert Ready, Nikolai Roussanov (Working), Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution.
• Erik Gilje, Elena Loutskina, Daniel Murphy (Forthcoming), Drilling and Debt.
• Paul Decaire, Erik Gilje, Jerome Taillard (2019), Real Option Exercise: Empirical Evidence, The Review of Financial Studies. Description
  • Best Paper Award, 15th Annual Conference in Financial Economics at IDC-Herzliya (2018)
  • Best Paper Award, 6th Annual USC Marshall Ph.D. Conference in Finance (2018)
• Erik Gilje (2019), Does Local Access To Finance Matter? Evidence from U.S. Oil and Natural Gas Shale Booms, Management Science, 65 (), pp. 1-18.
• Doron Levit, Erik Gilje, Todd A. Gormley (2018), Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives, Journal of Financial Economics, Forthcoming (). Abstract

  We derive a measure that captures the extent to which common ownership shifts managers’ incentives to internalize externalities. A key feature of the measure is that it allows for the possibility that not all investors are attentive to whether a manager’s actions benefit the investor’s overall portfolio. Empirically, we show that potential drivers of common ownership, including mergers in the asset management industry, and under certain circumstances even indexing, could in fact diminish managerial motives to internalize externalities. Our findings illustrate the importance of accounting for investor inattention when analyzing whether the growth of common ownership affects managerial incentives.

• Erik Gilje and Jerome Taillard (2017), Does Hedging Affect Firm Value? Evidence from a Natural Experiment, Review of Financial Studies.
• Erik Gilje (2016), Do Firms Engage in Risk-Shifting? Empirical Evidence, Review of Financial Studies.
• Erik Gilje, Elena Loutskina, Phil Strahan (2016), Exporting Liquidity: Branch Banking and Financial Integration, Journal of Finance. Related
  Links

  Exporting Liquidity: Branch Banking and Financial Integration

Past Courses

• FNCE2510 - Fnce of Buyouts & Acqs

  The course focuses on financial tools, techniques, and best practices used in buyouts (financial buyers) and acquisitions (strategic buyers). While it will touch upon various strategic, organizational, and general management issues, the main lens for studying these transactions will be a financial one. It will explore how different buyers approach the process of finding, evaluating, and analyzing opportunities in the corporate-control market; how they structure deals and how deal structure affects both value creation and value division; how they add value after transaction completion; and how they realize their ultimate objectives (such as enhanced market position or a profitable exit). The course is divided into two broad modules. The first module covers mergers and acquisitions, and the second one studies buyouts by private equity partnerships. FNCE 2030 or FNCE 2070 are recommended.

• FNCE2560 - Energy Finance

  The objective of this course is to provide students with detailed knowledge of corporate structures, valuation methods, project finance, risk management practices, corporate governance issues, and geo-political risks in the energy industry. In general, this course seeks to provide students with an overall context for understanding energy issues and risks, and how these might affect financing and investment decisions for both providers of energy and end-users of energy. FNCE 2030 or FNCE 2070 are recommended but not required.

• FNCE3990 - Independent Study

  Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.

• FNCE7510 - Fnce of Buyouts & Acqs

  The course focuses on financial tools, techniques, and best practices used in buyouts (financial buyers) and acquisitions (strategic buyers). While it will touch upon various strategic, organizational, and general management issues, the main lens for studying these transactions will be a financial one. It will explore how different buyers approach the process of finding, evaluating, and analyzing opportunities in the corporate-control market; how they structure deals and how deal structure affects both value creation and value division; how they add value after transaction completion; and how they realize their ultimate objectives (such as enhanced market position or a profitable exit). The course is divided into two broad modules. The first module covers mergers and acquisitions, and the second one studies buyouts by private equity partnerships. FNCE 7030 or FNCE 7070 are recommended.

• FNCE7560 - Energy Finance

  The objective of this course is to provide students with detailed knowledge of corporate structures, valuation methods, project finance, risk management practices, corporate governance issues, and geo-political risks in the energy industry. In general, this course seeks to provide students with an overall context for understanding energy issues and risks, and how these might affect financing and investment decisions for both providers of energy and end-users of energy. FNCE 7030 and FNCE 7070 are recommended but not required.

• FNCE8990 - 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. Applications for FNCE 8990 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. ISP's must be supervised by a Standing Faculty member of the Finance Department.

• FNCE9210 - Intro Empir Methods Fin

  This course is an introduction to empirical methods commonly employed in finance. It provides the background for FNCE 934, Empirical Research in Finance. The course is organized around empirical papers with an emphasis on econometric methods. A heavy reliance will be placed on analysis of financial data.

• FNCE9260 - Empirical Meth Corp Fn

  The course will cover a variety of micro-econometric models and methods including panel data models, program evaluation methods e.g. difference in differences, matching techniques, regression discontinuity design, instrumental variables, duration models, structural estimation, simulated methods of moments. The structure of the course consists of lectures, student presentations, and empirical exercises. Published studies will be utilized in a variety of fields such as corporate finance, labor economics, and industrial organization to illustrate the various techniques. The goal of the course is to provide students with a working knowledge of various econometric techniques that they can apply in their own research. As such, the emphasis of the course is on applications, not theory. Students are required to have taken a graduate sequence in Econometrics, you should be comfortable with econometrics at the level of William Green's "Econometric Analysis of Cross-Section and Panel Data".

Knowledge @ Wharton

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• How Do Consumers Feel About the Economy? New Survey Shows Not So Great, Knowledge @ Wharton - 05/07/2024
• How Financial Frictions Hinder Innovation, Knowledge @ Wharton - 05/07/2024
• Cultivating a Healthy Work-life Integration Culture, Knowledge @ Wharton - 05/07/2024
• Do Accelerators Improve Startup Success Rates?, Knowledge @ Wharton - 05/07/2024
• The U.S. Housing Market Has Homeowners Stuck | Lu Liu, Knowledge @ Wharton - 05/07/2024
• What Will Happen to the Fed’s Independence if Trump Is Reelected?, Knowledge @ Wharton - 05/02/2024
• 2024 Kentucky Derby With Jeff Seder, Knowledge @ Wharton - 05/01/2024
• Mental Health Is Becoming Critical to Workplace Organizational Culture, Knowledge @ Wharton - 04/30/2024