headshot photo of Dr. Clas Wihlborg

Dr. Clas Wihlborg

Professor, Fletcher Jones Chair in International Business
Research Faculty
The George L. Argyros School of Business and Economics
Expertise: Banking Regulation; Financial Crisis; Exchange Rate Risk; Risk Management; European Union Integration
Office Location: Beckman Hall 307E
Phone: (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

Guest Editor for Special Issue, Liquidity: Efficiency and Stability in Financial Markets, Journal of Risk and Financial Management
“Trust in the Euro and the Banking Union after Financial and Sovereign Crises,” in Engelbrekt, A.B., A. Michalski och L. Oxelheim (eds), Trust in the EU in Challenging Times, Springer, 2018, (with S.J. Khoury)
"Tragedies of Commons and Anti-commons in Economics and Politics with an Application on the EU" in Ems, E. and T. Gylfason (eds), Prosperity through Trade and Structural Reforms, Dialogos, Stockholm, 2018
“Systemic Risk and the Organization of the Financial System: Overview,” Journal of Financial Economic Policy, 7, 2018, Issue 2
“Financial Synergies and Systemic Risk in the Organization of Bank Affiliates,“Journal of Banking and Finance, 88, 2018, issue 2 (March), 208-224 (with Elisa Luciano)
Special Issue on Systemic Risk and the Organization of the Financial System (Guest editor), Journal of Financial Economic Policy, 7, 2018, 2.
“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)
Paths for Sustainable Economic Development: Festschrift for Shubhashis Gangopadhyay (Co-editor with S. Sjögren and R. Lensink), U. of Gothenburg, U. of Groningen and Chapman University, 2017.
“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)
"Too Big to Fail and Too Big to Save: Dilemmas for Banking Reform, " (with James R. Barth), National Institute Economic Review, No 235, Feb.
“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.
"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)
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
“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