# Prof. Thomas Philippon's research on the financial services industry in the US is cited

1 Faculty News June 21, 2014 ![The Economist logo](/sites/default/files/styles/246w/public/assets/images/uat_025662.jpg?itok=1_MW1PTy)>

Excerpt from [The Economist](http://www.economist.com/news/finance-and-economics/21604574-new-paper-shows-industrys-take-has-been-rising-counting-cost-finance) -- "Mr Bazot calculates a unit cost for finance by comparing the sector’s income with the stock of financial assets—'the real cost of the creation and maintenance of one euro of financial service over one year'. He finds that, outside France (where it has been stable), the unit cost has increased over the past 40 years; a 2012 paper by [Thomas Philippon](http://w4.stern.nyu.edu/faculty/bio/thomas-philippon) of New York University found a similar result for America."

[Read more](http://www.economist.com/news/finance-and-economics/21604574-new-paper-shows-industrys-take-has-been-rising-counting-cost-finance)