PhD student, Economics and Business
Faculty advisors: Dean Corbae, Jean-Francois Houde
Charles Smith is a PhD student in the joint PhD program in Finance and Economics at the Wisconsin School of Business. His research lies at the intersection of finance and industrial organization. He focuses on identifying and measuring inefficiency in financial markets such as banking, credit card lending, and mortgage lending.
“I study how market power, incomplete information, and risk can lead to inefficiencies in these financial markets,” Charles said. “Given potential inefficiencies, regulation can be a delicate balancing act. My research will identify how costly these inefficiencies are to help inform policy makers of how to optimal regulate these markets.”
Along with his advisor Dean Corbae and Federal Reserve Bank of Philadelphia economist Pablo D’Erasmo, Charles researches growing concentration in the U.S. banking industry. He works with PhD student Minnie Cui to study regulations in the Canadian credit card market. He also studies the growth of nonbanks lending in the U.S. mortgage market.
Charles received a WARF-funded fellowship in 2022-2023. He said he benefited substantially from being able to focus on his studies during his first year.
“The first year of an Economics PhD is very difficult and plays an important role in setting students up for success in their later years,” Charles said. “Because of this fellowship, I was able to build a strong foundation in Economics during my first year that has paid dividends in helping me be a better researcher today.”
Charles added that the WARF-funded fellowship “absolutely” helped him secure other funding, including the National Science Foundation Graduate Research Fellowship. “It is one of the most prestigious awards for Economics PhD students,” he noted. “This award provides the entirety of my funding for three years of graduate school and also compensates the university.”