# Prof. Thomas Philippon's research on the efficiency of the finance industry is cited

1 Faculty News December 13, 2013 ![MarketWatch logo](/sites/default/files/styles/246w/public/assets/images/marketwatch%20logo.jpg?itok=pHUVfozf)>

Excerpt from [MarketWatch](http://www.marketwatch.com/story/forget-too-big-to-fail-banking-is-too-big-period-2013-12-13) -- "The financial sector is actually less efficient than it was before ATMs and online trading and collateralized debt obligations, [Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) has found. In real terms, financial services cost more now than they did when J.P. Morgan’s clerks filled in the ledger by hand."

[Read more](http://www.marketwatch.com/story/forget-too-big-to-fail-banking-is-too-big-period-2013-12-13)