# Professor Thomas Philippon's research on the efficiency of the financial industry is referenced

1 Faculty News July 1, 2016 ![Forbes logo](/sites/default/files/styles/246w/public/assets/images/con_030508.jpg?itok=SId6k3bx)>

Excerpt from [Forbes](http://www.forbes.com/sites/lbsbusinessstrategyreview/2016/07/01/will-fintech-make-the-world-a-better-place/#19d8c7ab7422) -- "In a recent paper, [Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) from New York University finds the annual cost of financial intermediation in the U.S., which is roughly 2%, is the same now as it was in the late nineteenth century. This leads him to conclude that the US finance industry has showed no efficiency gains at all over 130 years."

[Read more](http://www.forbes.com/sites/lbsbusinessstrategyreview/2016/07/01/will-fintech-make-the-world-a-better-place/#19d8c7ab7422)