Franklin Allen and Richard Herring:
Co-Directors of Wharton's Financial Institutions Center
The Wharton School of the University of Pennsylvania today announced
the appointment of Franklin Allen and Richard Herring as co-directors of
the Wharton Financial Institutions Center. They replace former director Dr. Anthony
M. Santomero, (Almanac July 18) who was recently named president
of the Federal Reserve Bank of Philadelphia.
Dr. Franklin Allen, Nippon Life Professor of Finance and Economics,
has spent 20 years as a member of the Wharton faculty. He formerly served
as vice dean and director of Wharton Doctoral Programs and has served in
various editorial capacities at several of the world's top academic journals
for finance and economics. A frequent winner of Wharton teaching awards,
Dr. Allen's research has focused on corporate finance, asset pricing and
the economics of information. His work includes the comparison of financial
systems across countries, and financial crises. He is currently President
of the American Finance Association. Dr. Allen received his D.Phil. from
the University of Oxford.
Dr. Richard Herring, Jacob Safra Professor of International Banking
and professor of finance, joined the Wharton faculty in 1972. Previously
vice dean and director of the Wharton Undergraduate Division, he served
as founding director of the Financial Institutions Center from 1992 to 1995,
and is currently director of Wharton's Joseph H. Lauder Institute of Management
and International Studies. He is a leading expert in the study of international
banking and finance and has been a member of the Shadow Financial Regulatory
Committee since 1990. In addition, he is co-chairman of the biennial multi-national
banking seminar. He received his Ph.D. from Princeton University.
The Financial Institutions Center brings industry executives together
with Wharton scholars and academics who are creating new concepts and approaches
to the management of financial services. Recognizing that today's most critical
issues cut across traditional industry segments, the Center's mission focuses
on studying the financial services industry collectively.
The research agenda is organized around the three broad themes of improving
productivity and performance, managing financial risks and assessing the
competitive structure of markets and institutions. The resulting findings
have been published through the Center's working paper series, respected
journals and books, as well as through an active program of industry and
"Through hard work and effective leadership, Tony Santomero has
elevated the Financial Institutions Center into one of the premier research
centers of its kind," said Allen. "Dick Herring and I look forward
to working with the Center's managing director, Peter Burns, in continuing
on this path of excellence."
Providing a multidisciplinary research approach to understanding and
managing financial services companies is a core undertaking of the Center.
"Both Franklin and Dick have been longstanding and important contributors
to the Center's research agenda," said Burns. "Their familiarity
with our programs and history with our industry advisory board will assure
a smooth transition. At the same time, their own unique perspectives will
move us forward in important areas of research."
"I couldn't be more pleased that these longtime colleagues will
be contributing their unique academic leadership capabilities to the Financial
Institutions Center," said Dr. Santomero, the Center's previous director.
Established in 1992 through a series of grants from the Alfred P. Sloan
Foundation, the Financial Institutions Center also enjoys generous financial
support from its many industry partners.