Adrian E. Tschoegl

Adrian E. Tschoegl
  • Senior Fellow

Contact Information

  • office Address:

    2000 SH-DH
    3620 Locust Walk
    Philadelphia, PA 19104

Links: CV


1976–1980 Ph.D., International Business: Sloan School of Management (M.I.T.)
1972–1974 M.P.A., Major in International Development: UCLA.
1965–1969 B.A. (cum laude), Major in Political Science.  Certificate in African Studies: UCLA.


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  • Adrian E. Tschoegl (2009), The international diffusion of an innovation: The spread of decimal currency, Journal of Socio-Economics, (forthcoming).

    Abstract: This paper argues that decimalization of currency diffused as a consequence of all three forms of isomorphism: normative, coercive, and mimetic. Furthermore, it is ambiguous as to whether the normative isomorphism was well founded. The patterns of denominations show variety by country as a consequence of a number of factors, including cultural ones. These patterns tend to follow a powers-of-two (binary) principle for smaller denominations and a purer decimal principle for larger denominations, reflecting their utility for cash transactions and for store-of-value functions, respectively.

  • Mauro Guillen and Adrian E. Tschoegl, Building A Global Bank: The Rise of Banco Santander (2008)

  • Adrian E. Tschoegl and Mauro Guillen (2008), La Internacionalización de la banca española, Universia Business Review, 73-84.

    Abstract: The last two decades have witnessed the consolidation of the Spanish banking sector as one of the most competitive in the world. The largest commercial banks-especially Santander-and the savings banks have climbed positions on the international rankings both in terms of size and profitability. Moreover, they have entered numerous markets in Europe and the Americas based on their organizational, technological, and marketing skills. The great challenges for the future are to establish a presence in the Middle East and Asia, and to pursue growth opportunities in other segments such as investment banking. [

  • Adrian E. Tschoegl (2007), McDonald’s – much maligned, but an engine of development, Global Economic Journal, 7(4): 5.

    Abstract: Critics have excoriated the US fast-food industry in general, and McDonald’s most particularly, both per se and as a symbol of the United States. However, examining McDonald’s internationalization and development abroad suggests that McDonald’s and the others of its ilk are sources of development for mid-range countries. McDonald’s brings training in management, encourages entrepreneurship directly through franchises and indirectly through demonstration effects, creates backward linkages that develop local suppliers, fosters exports by their suppliers, and has positive external effects on productivity and standards of service, cleanliness, and quality in the host economies.

  • J. Scott Armstrong and Adrian E. Tschoegl (2007), Review of Expert Political Judgement by P.E. Tetlock : How good is it? How can we know?, International Journal of Forecasting, 23, 339-342.

  • Adrian E. Tschoegl (2006), Foreign Banks in the Pacific: A Note, Journal of Pacific History, 40(2): 223-235.

    Abstract: Presents the chronology of foreign bank presence in the Pacific Area. Evolution of the foreign banks presence from the late 19th century to the present; Summary of the most active banks in the region; Categorization of various islands into three spheres of influence.

  • Adrian E. Tschoegl and R. Grosse (2006), The Manager’s Guide to Big Macs, Advances in Financial Education, 4: 97-111.

  • Mauro Guillen and Adrian E. Tschoegl (2002), Banking on Gambling: Banks and Lottery-Linked Deposit Accounts, Journal of Financial Services Research, 21(3): 219-231.

    Abstract: Deposit accounts that provide an interest return determined by a lottery have proved to be popular around the world. From the point of view of a bank, these products are especially successful among relatively low-income customers, or in markets in which many people are outside the banking system. Below, we describe numerous examples of such accounts, and analyze their economics.


Past Courses


    The senior thesis course is a capstone for seniors in the Huntsman Program in International Studies and Business. Students in the Huntsman Program should consult with the Huntsman Program advisors for more information.


    Most successful firms go global in some way; why do they go global, and how do they navigate across international borders? This is the question at the core of multinational management. In this course, you will learn about topics such as how firms choose where and how to invest abroad, how shifts in the political economy landscape affect firm strategy, and how firms respond to restrictions on the movement of both physical and human capital across borders.


    This course focuses on the creation of competitive advantage in the multinational firm. It examines the nature of global competition by exploring the characteristics of global versus non-global industries and firms. We also explore different types of international strategy and structure and examine the specific challenges of managing in multiple countries and markets. Finally, we consider the strategic allocation of resources along the value chain and the role of strategic alliances as a crucial element of an effective global strategy.


    The Global Immersion Program is a pass/fail, 0.5 credit course that is designed to provide students with an in-depth exposure to international business practices and first-hand insights into a foreign culture. In past years, programs were offered in India, the Middle East, China, South America, Southeast, Asia, and Africa. The program offers studentsthe opportunity to learn about a foreign business environment by way of academic lectures and a multi-week study tour, allowing students to visit with corporate and government officials, network with alumni, and take cultural excursions.


    ASP topics can be individually selected by the student with the advice and consent of any instructor in the management Department. All ASP registrations require the written consent of the instructor and appropriate course and section number on the registration form. If the student has the instructor's written permission, he/she is not required to obtain written consent from the Department. Students, however, should send an email to to request the course and section numbers

Awards and Honors

  • Outstanding Professor. Awarded by the Greek System of the University of Pennsylvania, 1996