Finance prof wins honorary degree from Stockholm

Anthony Santomero, finance professor and deputy Wharton dean, recently was awarded an honorary doctorate degree from the Stockholm School of Economics for his research on Sweden's financial structure. Santomero, who was presented with the award two weeks ago in Stockholm, is the first American recipient since 1989. "The opportunity to receive an honorary degree is humbling," Santomero said last week. "It makes you recognize that people take your work seriously and respect it." "I have been pleased by the reaction on the campus," he added. "A large number of my colleagues have come over to congratulate me." For the past three years, Santomero has travelled to and from Europe, aiding the Swedish government in analyzing the ails of their financial institutions and economy. "The four largest banking institutions [in Sweden] are under financial strain," Santomero said. He added that Sweden's economy is below the European average. Santomero has also authored The Role of the Financial Structure in Economic Performance. Sweden's productivity commission and the Center for Business and Policy Studies in Stockholm asked Santomero to write the book, which was published in 1991, Santomero said. He added that the book has shaped discussions concerning Sweden's "substantial restructuring" of their economy. Finance professor Richard Herring, who aided Santomero on the research project, lauded his colleague's accomplishment. "The Stockholm school is a very prestigious institution," Herring said. "It is a very remarkable honor. Quite a remarkable achievement." "It reflects not only his standing in the profession but also the impact he had in Sweden," Herring added. Santomero called his experience "extremely valuable," adding that he will bring his international perspective to the classroom. Herring said Santomero is unique, in that he received an honorary degree at the midpoint of his career. "It is the kind of thing that happens to distinguished scholars at the end of their career," Herring said.

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