Todd Gormley is an Assistant Professor of Finance at The Wharton School at the University of Pennsylvania, where he teaches advanced corporate finance in the MBA program and empirical methodologies in the PhD program.  Professor Gormley’s research focuses on how financial sector competition affects the local economy, how external governance affects managerial choices, and how individuals and managers respond to risk.  His recent research examines whether managers have an underlying preference to “play it safe” and how this preference might manifest across firms when external governance is weakened.