William Wilhelm headshot

William J. Wilhelm

Director, Global Commerce Scholars
Unit: McIntire School of Commerce
Department: McIntire School of Commerce
Office location and address
369 Rouss & Robertson Halls
40 South Lawn
Charlottesville, Virginia 22904
Ph.D., Business Administration (Finance), Louisiana State University
M.A., Economics, Wichita State University
B.B.A. (Finance), Wichita State University
Professor Wilhelm is an investment banking specialist. He has taught a wide range of courses, including investments, derivatives, financial institutions, investment banking, and the organizational design of financial services firms. Professor Wilhelm’s teaching interests include investment banking, corporate finance and financial engineering. His research focuses on the investment banking industry, and he has written extensively on how economic and (extra-) legal functions of investment banks have evolved through time in response to changes in their operating environment. Much of his work focuses on the securities issuance function, with special emphasis on initial public offerings of equity (IPOs). His work has been published in The American Economic ReviewThe Journal of FinanceJournal of Financial Economics;The Review of Financial StudiesJournal of Financial IntermediationJournal of Money, Credit, and BankingOxford Review of Economic Policy; and Journal of Applied Corporate Finance. His first book, Information Markets (Harvard Business School Press, 2001), explains how recent advances in information technology are transforming financial markets. Professor Wilhelm’s latest book, Investment Banking: Institutions, Politics, and Law(Oxford University Press, 2007) is an economic history of the investment banking industry. Professor Wilhelm began his academic career in 1988 at the Wallace E. Carroll School of Management at Boston College. Before joining McIntire, Professor Wilhelm held the American Standard Companies Chair in Management Studies at the Saïd Business School and was a Professorial Fellow of St Edmund Hall, University of Oxford, where he began serving as a visiting fellow in 1998. Professor Wilhelm also has held visiting appointments at the Institut d’Economie Industrielle (IDEI) in Toulouse, France, and at the Federal Home Loan Mortgage Corporation. He has worked as a consultant for the Resolution Trust Corporation, Dresdner Securities, London Economics, and Oxford Economic Research Associates and in executive education for the ING Group.
INST 1550: Interdisciplinary Studies-Student Initiated Courses
Credits: 1–3
With sponsorship and supervision by a faculty member and approval of the Dean's Office, acting for the Committee on Educational Programs and the Curriculum, students may initiate a course in which they provide the instruction. The grade is determined by the faculty member. These courses count as "outside the College." Students in the College may offer no more than 3.0 credits for the B.A. or B.S. Consult the INST course web page at http://www.uvastudentcouncil.com/student-services/initiatives/cavalier-education-program/ (copy and paste Web address into browser) for specific descriptions.
COMM 4559: New Course in Commerce
Credits: 1–4
This course provides the opportunity to offer new topics in the subject of Commerce.
COMM 4721: Advanced Corporate Finance: Investment Banking
Credits: 3
This course covers the traditional investment-banking functions of secruity design, issuance, and deal structure as well as risk-taking functions with emphasis on the market-making function. The course also covers current issues related to industry structure and regulation. Prerequisite: 4th Year Commerce
COMM 4839: Global Commerce Scholar Thesis Development
Credits: 1
The GCS thesis program takes place over 3 semesters. Registration for COMM 4839 does not guarantee admission to the program. Admission to the program is determined by a faculty advisor's willingness to take on the student's project. During the 1st semester students will focus on developing their research idea with their advisor. They are expected to meet with their advisor regularly. Students must make sufficient progress to remain in the program.
COMM 4840: Global Commerce Scholar Thesis Proposal
Credits: 2
Students admitted to the GCS program will meet periodically with their advisor & other students & faculty members involved in the program. Over the course of the semester, students will first produce a literature review & then a research proposal that will serve as the roadmap for the thesis to be completed during the spring semester (Comm 4841). The proposal will be presented at the end of the semester before student & faculty of the program. Prerequisite: Must be admitted into the Global Commerce Scholar Program
COMM 4841: Global Commerce Scholar Thesis
Credits: 3
Students will meet regularly with their advisor during the semester as they work to complete the independent research program developed in Comm 4840. Students will submit a preliminary thesis document for review prior to the end of the semester and will present the final thesis before the McIntire student community and faculty at the end of the semester.
GCOM 7730: Valuation Under Uncertainty
Credits: 3
This course expands the valuation techniques to important aspects of corporate decision making, focusing on situations where traditional valuation methods are inadequate. For example, how do we valuate startups that have negative cash flows? When is the optimal time to invest in a positive NPV project? It also studies agency and information problems in firms and financial markets as well as mechanisms that can help alleviate those problems.