» Dr. Clas Wihlborg
Professor, Fletcher Jones Chair in International Business
Research Faculty

The George L. Argyros School of Business and Economics
Dr. Clas Wihlborg
Office Location:
Beckman Hall 307E
(714) 744-7630
Lund University, Bachelor of Arts
Princeton University, Ph.D.
Fletcher Jones Chair in International Business. Ph.D., Princeton University. Dr. Wihlborg has held faculty positions in Finance and International Business at New York University, and in Finance and Business Economics at the University of Southern California, At Göteborg University in Sweden he was Head of the Financial Economics programs before moving in 2000 to the Copenhagen Business School (CBS) in Denmark, where he was a Professor of Finance and Director for the Center for Law, Economics and Financial Institutions (LEFIC). He is a member of the European Shadow Financial Regulatory Committee and the Royal Swedish Academy of Engineering Sciences (IVA). His research and teaching have focused on International Finance, International Financial Management, Law and Economics, and Financial Institutions. In these areas he has published numerous journal articles and books, most recently as coauthor of Corporate Performance and the Exposure to Macroeconomic Fluctuations.
Recent Creative, Scholarly Work and Publications
“Tilliten till den Monetära och Bankunionen” in Europaperspektive: Tilliten i EU vid ett vägskäl” in Bakardjieva-Engelbrekt, A., A. Michalski och Lars Oxelheim (eds), Santerus, Stockholm, 2017 (English Version, “The Credibility of the EU’s Monetary and Banking Unions,” in Perspectives on Europe, Forthcoming, Palgrave McMillan, 2018)
“Too Big to Fail: Measures, Remedies and Consequences, “Financial Market, Institutions and Instruments,” Financial Markets, institutions and Instruments, Dec. 2017, pp 1-72 (with James Barth, Forthcoming)
“Bail-ins: Issues of Credibility and Contagion,” SUERF Policy Note, No 10, Jan. 2017
“Legacy Problems as a Threat to the European Banking Union.” Statement No 43, European Shadow Financial Regulatory Committee, Rome, Jan. 24, 2017
"Too Big to Fail and Too Big to Save: Dilemmas for Banking Reform, " (with James R. Barth), National Institute Economic Review, No 235, Feb.
“Towards Banking Union and Capital Markets Union in Europe: The Role of Shadow Banks,” Statement No 41 from the European Shadow Financial Regulatory Committee. Brussels, March 16
"Europe under Threat: The Political Dynamics of Brexit Interacting with Weakness in the European Financial System." Statement No 42, European Shadow Financial Regulatory Committee, London, Sept. 16, 2016.
“Regulatory Response to the Financial Crisis in Europe: Recent Developments, 2010–2013,” in Barth, J. and G. Kaufman (eds) The First Great Financial Crisis of the 21st Century: A Retrospective, World Scientific Publisher, 2015 (with T. Berglund, H. Benink and S. Carbo-Valverde)
"Macroeconomic Fluctuations as Sources of Luck in CEO Compensation," Journal of Business Ethics, 2015 (with Chiu, H.S., L. Oxelheim and J. Zhang)
“Regulatory Response to the Financial Crisis in Europe: Recent Developments, 2010–2013,” Journal of Financial Economic Policy, (with T. Berglund, H. Benink, S. Carbo-Valverde).
“Resolving Europe’s Bank-Resolution Problems” (with Harald Benink), the Wall Street Journal, European edition and web edition, Nov. 20.
“Greece’s Game of Chicken” (with Theodore Koutsobinas), Orange County Register, Web Edition, Febr. 19.
No 40. “Escalating Crisis in the Euro-zone; “The case for Conditional Debt Relief,” Statement No 40 from the European Shadow Financial Regulatory Committee, Frankfurt, June 29.
"The Dodd-Frank Act: Key Features, Implementation Progress, and Financial System Impact” in Barth, J. and G.G. Kaufman (eds), The Great Financial Crisis of the Twenty-first Century: A Retrospective,” Now Publishers, 2014
“Transparency in Financial regulation” in Forssbaeck, J. and L.Oxelheim, L. (eds), The Oxford Handbook of Economic and Institutional Transparency, Oxford University Press, 2014.
“Implicit Guarantees, Business Models and Banks’ Risk-Taking through the Crisis: Global and European Perspectives,” Journal of Business and Economics, Forthcoming 2014 (with P. Prabha)
“Institutional Competition as an Alternative Mechanism for Harmonization in Monetary and Banking Unions” Forum for EU Debate, Stockholm, 2014. (with S.J. Khoury)
Guest editor of Special Issue on the Organization of Banking and Supervision, Journal of Financial Economic Policy, No 4, 2013
“The Organization of Banking and Supervision” in Journal of Financial Economic Policy, 2013, No 4, 2013
"Misdiagnosis of Crisis Led to Botched Liquidity Requirements" Joint Statement No 2 Joint Shadow Financial Regulatory Committees, Tokyo, Oct. 28, 2013
" Preparing for a European Banking Union" Statement No 37 from the European Shadow Financial Regulatory Committee, Sept. 16, 2013
“Market Discipline for Financial Institutions and Markets for Information” in Barth, J., L. Chen and C. Wihlborg (eds), Handbook on Research in Banking and Governance, 2012, Edward Elgars (with A.P. Angkinand and T.W. Willett)
“How to avoid compensating CEO for luck: the case of macroeconomic fluctuations” in Thomas, R.S. and J.G. Hill (eds) Research Handbook on Executive Pay, Edward Elgars, 2012 (with L. Oxelheim and J. Zhang)
“The New Financial Architecture: The Role of Market Discipline for Governance” in Oxelheim, L. (Ed) EU/Asia and The Repolarization of The Global Economic Arena, World Scientific Publishing, New York, 2012 (with A. P. Angkinand)
Handbook on Research in International Banking and Governance, (Coedited with James Barth and Chen Lin), Edward Elgars, 2012
“Corporate Distress and Restructuring with Macroeconomic Fluctuations: The Cases of GM and Ford” Journal of Applied Finance, 22, 2012, No. 1(with Lars Oxelheim).
“Developing Distress Resolution Procedures for Financial Institutions” SUERF (Société Universitaire Européenne de Recherches Financières) Study, 2012/4, August.
“Origins and Resolution of Financial Crises; A Policy Dilemma” in Kolb, R., Financial Contagion: The Viral Threat to the Wealth of Nations,? John Wiley & Sons, March 2011 (with F. Ostrup and L. Oxelheim).
“The CFO’s Information Challenge in Managing Macroeconomic Risk” in Hommel, U., M. Fabich, E. Schellenberg and L. Firnkorn (eds) The Strategic CFO, Creating Value in a Dynamic Market Environment, Springer 2011 (with L. Oxelheim)
“The Recent Financial Crisis: Lessons from Europe” in Litan, R. (ed) World in Crisis: Insights from Six Shadow Financial Regulatory Committees from Around the World, Wharton Financial Institutions Center, University of Pennsylvania, Nov. 2011 (with R. Schmidt, K. Alexander, H. Benink and R. Lastra)
“International Comparisons of Bank Regulation, Liberalization, and Banking Crises”, Journal of Financial Economic Policy, 3, 2011, No. 4 (with Puspa Amri and Apanard P. Angkinand).
“Deposit Insurance Coverage, Ownership, and Banks’ Risk-taking in Emerging Markets”, Journal of International Money and Finance, 2010, V. 29, pp 254-274 (with Penny Angkinand)
“Financial Liberalization and Banking Crisis; A Cross-country Analysis” International Review of Finance, June 2010 (with Penny Angkinand and Wanvimol Sawangngoenyuang )
“The Impact of Monetary Regimes on International Trade: Are EU Experiences Relevant for Asia?” Review of Market Integration, August/December 2010, V 2, (2-3), pp 255-290 (with Penny Angkinand)
“Endogenous OCA (Optimum Currency Area) Analysis and the Early Euro Experience”, The World Economy, 2010, V 33, (7), pp 851-872 (with Thomas D. Willett and Orawan Permpoon)
“CAPM in Up and Down Markets: Evidence from Six European Emerging Markets”, Journal of Emerging Market Finance, Oct. 2010 (with Jianhua Zhang)
“The Euro Crisis; It Isn’t Just Fiscal”, World Economics, Dec. 2010 (with Thomas D. Willett and Nan Zhang)
“Deposit Insurance” and “Lender of Last Resort” in the The Princeton Encyclopedia of the World Economy, 2009
"Origins and Resolution of Financial Crises; Lessons from the Current and Northern European Crises" Asian Economic Papers, Vol 8 (3), 2009 (with F. Ostrup and L. Oxelheim)
Managing Macroeconomic Uncertainty; Corporate Performance and Risk Assessment, (with Lars Oxelheim) Oxford University Press, New York, 2008
“Executive Compensation and Macroeconomic Fluctuations” (with L. Oxelheim and J. Zhang) in Oxelheim, L. and C. Wihlborg (eds) Compensation and Markets for Executives in Europe, Emerald Group Publishing Ltd, London, 2008
Compensation and Markets for Executives in Europe (Coedited with Lars Oxelheim), Emerald Group Publishing Ltd, London, 2008
“Lessons from the EMU for Asian Regional Integration”. Journal of Asia Pacific Business, Vol.9 , No 1, 2008 (with Sarkis J. Khoury)
“Fears and Fantasies of Finance” Economics and Business Review, Chapman University, Dec 2008
“Clash of the Titans; The Battle for ABN Ambro”, The Financial Regulator, Vol. 12, No 1, June 2008