Itay Goldstein

Itay Goldstein, PhD

Joel S. Ehrenkranz Family Professor, Professor of Finance, Professor of Economics; Chairperson, Finance Department, The Wharton School

Research Interests:Corporate finance, financial fragility and crises, financial markets

About Itay

Itay Goldstein is the Joel S. Ehrenkranz Family Professor in the Finance Department at the Wharton School of the University of Pennsylvania. He holds a secondary appointment as a professor of economics at the University of Pennsylvania. He has been on the faculty of the Wharton School since 2004.

Professor Goldstein earned his PhD in economics in 2001 from Tel Aviv University. He is an expert in the areas of corporate finance, financial institutions, and financial markets, focusing on financial fragility and crises and on the feedback effects between firms and financial markets. His research has been published in top academic journals, including the American Economic Review, the Journal of Finance, the Journal of Financial Economics, the Review of Economic Studies, and the Review of Financial Studies. His research has also been featured in the popular press in the Economist, Wall Street Journal, Financial Times, Bloomberg, Forbes, National Public Radio, and others. Professor Goldstein has been the executive editor of the Review of Financial Studies since 2018. Before that, he served there as an editor for five years. He also served as an editor of the Finance Department in Management Science and an editor of the Journal of Financial Intermediation.

Professor Goldstein served as an academic advisor at the Federal Reserve Banks of New York, Philadelphia, and Richmond; the Bank of Canada; and the Committee on Capital Markets Regulation. He was the co-founder and the first president of the Finance Theory Group. He is a director of the American Finance Association and has been a director of the Western Finance Association and the Financial Intermediation Research Society. He is a frequent speaker in academic and policy forums around the world and acted as keynote speaker in leading academic conferences. He has taught various undergraduate, MBA, PhD, and executive education courses in finance and economics. Prior to joining Wharton, Professor Goldstein served on the faculty of Duke University’s Fuqua School of Business. He also worked in the research department of the Bank of Israel.

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Executive Education Programs Taught

Advanced Corporate Finance

Academic Director

Learn how your financial institution or firm can effectively manage risk in today’s uncertain economy. Discover whether it is more efficient to take on debt, offer equity, or do a combination of both when making capital structure decisions.

Advanced Finance Program

Accelerate your career by mastering multiple in-demand disciplines within the finance industry. This comprehensive, tailored learning journey takes you through six open-enrollment programs — each led by Wharton’s renowned Finance faculty. Upon completion, you will be granted highly sought-after Wharton alumni status.

The CFO: Becoming a Strategic Partner

This program helps you refine your leadership style, communicate your financial knowledge to other leaders, and extend your influence across the organization. You will enhance your ability to impact your organization's strategy and value creation.

Wharton Finance for Executives

Demystify the process of creating shareholder value; gain techniques to evaluate the financial impact and value of strategic decisions; and explore issues such as capital structures, diversification, and risk.