PHILADELPHIA - The Wharton School of the University of Pennsylvania said it has, been granted $3.36 million, by the Alfred P. Sloan Foundation for a major financial-services research program - the first such Sloan grant covering a service industry.
Described by Wharton as "the largest research initiative [on financial services] ever conducted by a university," the program is designed to bring together legal, economic, statistical, sociological, and financial industry expertise for a comprehensive look at financial institutions and their future.
Breaking New Ground
"In both scope and organization, this project represents a ground-breaking approach to the study of an industry that employs more than 5 million workers," said Thomas P. Gerrity, dean of the Wharton School.
Richard Herring, professor of finance and director of the Wharton Financial Institutions Center, said the research will out across all types of financial institutions in such areas as risk-adjusted performance measurement, compensation systems, and technology.
Curriculums to Benefit
Results will be incorporated in the school's executive education, MBA, and undergraduate curriculums.
Mr. Herring will head a management committee of five other Wharton professors: Peter Capelli (management), J. David Cummins (insurance and risk management), Patrick T. Harker UPS Transportation professor for the private sector), Daniel A. Levinthal (management), and Anthony M. Santomero (finance). Research teams comprise 21 other faculty.