Prof. Thomas Philippon's research on the efficiency of the finance industry is cited
— April 15, 2014
Excerpt from The Wall Street Journal -- "'The unit cost of financial intermediation appears to be higher today than it was in the 1960s, and about the same as it was around 1900,' writes Thomas Philippon, finance professor at New York University's Stern School of Business. Mr. Philippon said advances in information technology should lower the physical transaction costs of finance. 'In finance, however, the exact opposite happens,' he says."