Karen Lewis

Education

PhD, University of Chicago, 1985;  BA, University of Oklahoma, 1979

Affiliations

Research Associate, National Bureau of Economic Research, 1991present.

Senior Fellow, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, 2010 present.

Academic Positions Held

Current Positions:  _Joseph and Ida Sondheimer Professor of International Economics and Finance, _Finance Department, Wharton School Primary Appointment; _Professo_r, Economics Department, School of Arts and Sciences Secondary Appointment

Other Positions at Wharton:  CoDirector, Weiss Center for International Financial Research, 20052011; Professor of Finance, 1994present; Associate Professor of Finance, 19911994.

Previous appointment: Assistant Professor, Stern School, New York University, 19851991.

Other Positions

Olin Fellow, National Bureau of Economic Research, 198990; Visiting Scholar, International Finance Division, Board of Governors of the Federal Reserve System, 1987, 1991, 1995; Consultant, International Monetary Fund, 1996; Economist, First National Bank of Chicago, 198182.

Fabio Ghironi and Karen K. Lewis (Working), Equity Sales and Manager Efficiency across Firms and the Business Cycle.

Karen K. Lewis, Bernard Dumas, Emilio Osambela (2016), Differences of Opinion and International Equity Markets , Review of Financial Studies.

Karen K. Lewis (2016), Changing Risk Exposures of Crosslisted Firms and Market Integration , Journal of International Money and Finance, 70, pp. 378405.

Karen K. Lewis (Work In Progress), Disaster Risk and Asset Returns: An International Perspective.

Karen K. Lewis and Edith X. Liu (2015), Evaluating International Consumption Risk Sharing Gains: An Asset Return View , Journal of Monetary Economics, 71, pp. 8498.

Karen K. Lewis (2011), Global Asset Pricing , Annual Review of Financial Economics, Vol 3: 43566, 2011.

Karen K. Lewis (2007), Peso Problem , The New Palgrave Dictionary of Money and Finance,, 2007.

Karen K. Lewis (2003), What Can Explain the Apparent Lack of International Consumption Risksharing? , Journal of Political Economy, Vol. 104, no. 2 : 267297, reprinted in International Financial Integration (Edward Elgar), 2003.

Karen K. Lewis (2000), Why Do Stocks and Consumption Suggest Such Different Gains from International RiskSharing? , Journal of International Economics, Vol. 52: 135, 2000.

Karen K. Lewis (1999), Trying to Explain Home Bias in Equities and Consumption , Journal of Economic Literature, Vol. 37: 571608, 1999.

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.

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.

FNCE893 ASP GLOBAL MONETARY FNCE

This course aims to provide the future global manager and financial analyst with the knowledge on policies set by central banks, regulators and governments toreach the goals of price and financial stability as well as support of growth and employment. The core of the course connects between the formal and actual goals that central banks follow and the related economic analysis on which the goals and the policies are set. We will explain the economic rationale for the policy prescriptions to reach the goals and how these are implemented using institutional framework in the US, the European Central Bank (ECB), Israel and remarks on other countries. We use data, current events and events of the 20072013 financial crisis as a basis for discussion and assignments. All these are aimed at understanding how and why the Federal Reserve of the US (the Fed), The bank of Israel (BOI) and the European Central Bank (ECB) set their policies and how that is related to academic research on these issues.

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

FNCE933 INTERNATIONAL FINANCE

This course provides an understanding of current academic research in the areas of international finance and international macroeconomics. Students will learn the tools for conducting research in this field.

Global Stock Market Linkages Reduce Potential for Diversification, Economic Letter, Federal Reserve Bank of Dallas 02/29/2012 Description

 Comovement across international financial markets highlights U.S. equity markets’ exposure to foreign markets

Knowledge @ Wharton

Research Roundup: Foreign Diversification, Social Comparisons and Consumer Identity, Knowledge @ Wharton 05/08/2013