Podcasts about American Finance Association

Jon Hartley and Eugene Fama discuss Gene's career at the University of Chicago Booth School of Business since the 1960s and helping to start Dimensional Fund Advisers (DFA) in the 1980s, fat tails, the rise of modern portfolio theory, efficient markets versus behavioral finance, factor-based investing, the role of intermediaries, and whether asset prices are elastic versus inelastic with respect to demand. Recorded on March 14, 2025. ABOUT THE SPEAKERS: Eugene F. Fama, 2013 Nobel laureate in economic sciences, is widely recognized as the "father of modern finance." His research is well-known in both the academic and investment communities. He is strongly identified with research on markets, particularly the efficient markets hypothesis. He focuses much of his research on the relation between risk and expected return and its implications for portfolio management. His work has transformed the way finance is viewed and conducted. Fama is a prolific author, having written two books and published more than 100 articles in academic journals. He is among the most cited researchers in economics. In addition to the Nobel Prize in Economic Sciences, Fama was the first elected fellow of the American Finance Association in 2001. He is also a fellow of the Econometric Society and the American Academy of Arts and Sciences. He was the first recipient of three major prizes in finance: the Deutsche Bank Prize in Financial Economics (2005), the Morgan Stanley American Finance Association Award for Excellence in Finance (2007), and the Onassis Prize in Finance (2009). Other awards include the 1982 Chaire Francqui (Belgian National Science Prize), the 2006 Nicholas Molodovsky Award from the CFA Institute recognizing his work in portfolio theory and asset pricing, and the 2007 Fred Arditti Innovation Award given by the Chicago Mercantile Exchange Center for Innovation. He was awarded doctor of law degrees by the University of Rochester and DePaul University, a doctor honoris causa by the Catholic University of Leuven, Belgium, and a doctor of science honoris causa by Tufts University. Fama earned a bachelor's degree from Tufts University in 1960, followed by an MBA and PhD from the University of Chicago Graduate School of Business (now the Booth School) in 1964. He joined the GSB faculty in 1963. Fama is a father of four and a grandfather of ten. He is an avid golfer, an opera buff, and a former windsurfer and tennis player. He is a member of Malden Catholic High School's athletic hall of fame. Jon Hartley is currently a Policy Fellow at the Hoover Institution, an economics PhD Candidate at Stanford University, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), a Senior Fellow at the Macdonald-Laurier Institute, and an Affiliated Scholar at the Mercatus Center. Jon also is the host of the Capitalism and Freedom in the 21st Century Podcast, an official podcast of the Hoover Institution, a member of the Canadian Group of Economists, and the chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as a Fixed Income Portfolio Construction and Risk Management Associate and as a Quantitative Investment Strategies Client Portfolio Management Senior Analyst and in various policy/governmental roles at the World Bank, IMF, Committee on Capital Markets Regulation, U.S. Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list and was previously a World Economic Forum Global Shaper. ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information, visit: capitalismandfreedom.substack.com/

Anat R. Admati is the George G.C. Parker Professor of Finance and Economics at Stanford Graduate School of Business and a senior fellow at Stanford Institute for Economic Policy Research. Her disciplinary interests lie in the interaction of business, law and policy, and specifically governance and accountability mechanisms in the private sector and in government. Admati is also Faculty Director of the Corporations and Society Initiative at the GSB, whose mission is to raise awareness and increase understanding of the complex interactions among people, corporations and governments.Since 2010, Admati has been engaged in the policy debates around the globe related to financial regulations and corporate accountability. Her insights have been featured in media outlets, including the New York Times, Washington Post, Wall Street Journal, Bloomberg, the Financial Times, CNN, and PBS. In 2014, Admati was named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy Magazine as among 100 global thinkers.Admati has written academic papers on information dissemination in financial markets, portfolio management, financial contracting, corporate governance, and banking. She is the co-author, with Martin Hellwig, of the award-winning and highly acclaimed book, The Bankers' New Clothes: What's Wrong with Banking and What to Do about It (Princeton Press 2013). A 10th anniversary update will be published in 2023.Admati holds BSc from the Hebrew University, MA, MPhil, and PhD from Yale University and an honorary doctorate from University of Zurich. She is a fellow of the Econometric Society, the recipient of multiple fellowships, research grants, and paper recognition, and is a past board member of the American Finance Association. She has served on a number of editorial boards and is a former member of the FDIC's Systemic Resolution Advisory Committee, the CFTC's Market Risk Advisory Committee, and visiting scholar at the International Monetary Fund.Leoš Rousek, the Head Of Corporate Communications at PPF Group (https://www.ppf.eu/en) and contributor of PFI Talks, talked with Anat Admati.

Jon Hartley and Raghuram Rajan discuss Raghu's research, his policy career including his time as the Governor of the Reserve Bank of India and the Chief Economic Adviser to the Government of India under Prime Minister Manmohan Singh, India adopting inflation targeting during his tenure, Rajan predicting the 2008 financial crisis, and economic growth in India, the legacy of his book Saving Capitalism from the Capitalists among many other topics. Recorded on February 19, 2025. ABOUT THE SPEAKERS: Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. Dr. Rajan's research interests are in banking, corporate finance, and economic development. The books he has written include Breaking the Mold: Reimagining India's Economic Future with Rohit Lamba,  The Third Pillar: How the State and Markets hold the Community Behind 2019 which was a finalist for the Financial Times Business Book of the Year prize and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times prize for Business Book of the Year in 2010. Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys Prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016. Dr. Rajan is the Chairman of the Per Jacobsson Foundation, the senior economic advisor to BDT Capital, and a managing director at Andersen Tax. Jon Hartley is a policy fellow, the host of the Capitalism and Freedom in the 21st Century Podcast at the Hoover Institution and an economics PhD Candidate at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently an Affiliated Scholar at the Mercatus Center, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), and a Senior Fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists, and serves as chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, IMF, Committee on Capital Markets Regulation, US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC, and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper. ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information, visit: capitalismandfreedom.substack.com/

“People will claim that something is rigorous because it's by an authority figure or it's written in a book. But anyone can write a book.” We often think the solution to misinformation is fact checking. But just checking facts is not enough. Even if a fact is 100% accurate, it could still be misleading – it could be a large-scale correlation when there's no causation. The solution to misinformation is not obtaining a PhD in statistics, London Business School professor Alex Edmans and author of “May Contain Lies” argues. We often already possess the discerning skills to distinguish truth within ourselves. Misinformation is so prevalent today because we suffer from confirmation bias, or the idea that we have a certain view of the world and we will latch onto any piece of evidence that supports our viewpoint. When we inject skepticism into our thought process, we can overcome these biases. ---------------------------------------------------------------------------------- Go Deeper with Big Think: ►Become a Big Think Member Get exclusive access to full interviews, early access to new releases, Big Think merch and more. https://members.bigthink.com/?utm_sou... ►Get Big Think+ for Business Guide, inspire and accelerate leaders at all levels of your company with the biggest minds in business. https://bigthink.com/plus/great-leade... ---------------------------------------------------------------------------------- About Alex Edmans: Alex Edmans is Professor of Finance at London Business School. Alex graduated from Oxford University and then worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (New York). After a PhD in Finance from MIT Sloan as a Fulbright Scholar, he joined Wharton in 2007 and was tenured in 2013 shortly before moving to LBS. Alex's research interests are in corporate finance, responsible business and behavioural finance. He is a Director of the American Finance Association; Vice President of the Western Finance Association; Fellow, Director, and Chair of the Ethics Committee of the Financial Management Association; Fellow of the British Academy; and Fellow of the Academy of Social Sciences. From 2017-2022 he was Managing Editor of the Review of Finance, the leading academic finance journal in Europe. Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, presented to the World Bank Board of Directors as part of the Distinguished Speaker Series, and given the TED talk What to Trust in a Post-Truth World and the TEDx talks The Pie-Growing Mindset and The Social Responsibility of Business with a combined 2.8 million views. He has written for the Wall Street Journal, Financial Times, Harvard Business Review and World Economic Forum and been interviewed by Bloomberg, BBC, CNBC, CNN, ESPN, Fox, ITV, NPR, Reuters, Sky News, and Sky Sports. Learn more about your ad choices. Visit megaphone.fm/adchoices

Few people are better equipped to unravel the riddle of the Indian economy than the former Governor of the Reserve Bank of India, Raghuram Rajan. As the co-author (with Rohit Lamba) of the just published Breaking the Mold: India's Untraveled Path to Prosperity, Rajan lays out a strategy for Indian economic development that might allow the country to both maintain its much storied democracy and provide jobs and prosperity for its almost 1.5 billion people. While Rajan didn't use the term “third way” in our conversation, there is a sense that he's trying to navigate India between the Scylla of conventional western free market neo-liberalism and the Charybdis of the protectionism pursued by populists like Trump, Erdogen and perhaps the current Indian Prime Minister Narendra Modi. Certainly no great fan of Modi's bureaucratic centralization, Rajan's path to prosperity lies in decentralizing economic power to its federal states. It's in the enlightened economic policies of states like Kerala, Rajan argues, that India can break the mold and become not just a prosperous society but also a model for other developing 21st century economies. Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago business school. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. Dr. Rajan's research interests are in banking, corporate finance, and economic development. The books he has written include Breaking the Mold: Reimagining India's Economic Future with Rohit Lamba, The Third Pillar: How the State and Markets hold the Community Behind 2019 which was a finalist for the Financial Times Business Book of the Year prize and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times prize for Business Book of the Year in 2010. Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016. Dr. Rajan is the Chairman of the Per Jacobsson Foundation, the senior economic advisor to BDT Capital, and a managing director at Andersen Tax.Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running How To Fix Democracy show. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

In this episode, Xavier Bonilla has a dialogue with Alex Edmans about misinformation and the role of human biases. They discuss how to look at data, confirmation bias, statements not facts, facts not data, and the value and limits of the scientific method. They also discuss data mining and ethics with stats, correlation not being causation, data with social issues, and many more topics.Alex Edmans is Professor of Professor of Finance at London Business School. He has a degree from Oxford University and a PhD in Finance from MIT Sloan as a Fulbright Scholar. Prior to teaching at LBS, he taught at Wharton and became tenured in 2013. He is a Director of the American Finance Association, Vice President-Elect of the Western Finance Association, Fellow, Director, and Chair of the Ethics Committee of the Financial Management Association, and a Fellow of the Academy of Social Sciences. From 2017-2022, he was Managing Editor of the Review of Finance, the leading academic finance journal in Europe. Alex's research interests are in corporate finance, responsible business and behavioral finance.  He is a Director of the American Finance Association, Vice President-Elect of the Western Finance Association, Fellow, Director, and Chair of the Ethics Committee of the Financial Management Association, and a Fellow of the Academy of Social Sciences. From 2017-2022 he was Managing Editor of the Review of Finance, the leading academic finance journal in Europe. Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, presented to the World Bank Board of Directors as part of the Distinguished Speaker Series, and given the TED talk What to Trust in a Post-Truth World and the TEDx talks The Pie-Growing Mindset and The Social Responsibility of Business. He has written for the Wall Street Journal, Financial Times, Harvard Business Review and World Economic Forum and been interviewed by Bloomberg, BBC, CNBC, CNN, ESPN, Fox, ITV, NPR, Reuters, Sky News, and Sky Sports. He is the author of the latest book, May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases – And What We Can Do About It.Website: https://alexedmans.com/ Get full access to Converging Dialogues at convergingdialogues.substack.com/subscribe

In a “post-truth” world, who should we trust? According to Alex Edmans, one of the UK's hottest business school professors, you should trust him enough to read his new book, May Contain Lies: How Stories, Statistics and Studies Exploit Our Biases - And What We Can Do About It. You should also trust me enough to listen to and/or watch this conversation with Edmans, but not enough to believe everything that I say. For example, describing Alex as one of the UK's “hottest” business school professors could be an exaggeration. It might even be a lie.Alex Edmans is Professor of Finance at London Business School.  Alex graduated from Oxford University and then worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (New York).  After a PhD in Finance from MIT Sloan as a Fulbright Scholar, he joined Wharton in 2007 and was tenured in 2013 shortly before moving to LBS. Alex's research interests are in corporate finance, responsible business and behavioural finance.  He is a Director of the American Finance Association, Vice President-Elect of the Western Finance Association, Fellow, Director, and Chair of the Ethics Committee of the Financial Management Association, and a Fellow of the Academy of Social Sciences. From 2017-2022 he was Managing Editor of the Review of Finance, the leading academic finance journal in Europe.  Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, presented to the World Bank Board of Directors as part of the Distinguished Speaker Series, and given the TED talk What to Trust in a Post-Truth World and the TEDx talks The Pie-Growing Mindset and The Social Responsibility of Business with a combined 2.8 million views. He has written for the Wall Street Journal, Financial Times, Harvard Business Review and World Economic Forum and been interviewed by Bloomberg, BBC, CNBC, CNN, ESPN, Fox, ITV, NPR, Reuters, Sky News, and Sky Sports.  Alex serves as a Non-Executive Director of The Investor Forum, on the World Economic Forum's Global Future Council on the Future of Responsible Investing, on Royal London Asset Management's Responsible Investment Advisory Committee, and on Novo Nordisk's Sustainability Advisory Council. The UK government appointed him (jointly with PwC) to study the alleged misuse of share buybacks and the link between executive pay and investment. Alex previously served as Mercers' School Memorial Professor of Business at Gresham College, giving a four-year programme of lectures to the public. His series were on The Principles of Finance (2021/2), The Psychology of Finance (2020/1), Business Skills for the 21st Century (2019/20) and How Business Can Better Serve Society (2018/9). Alex's book, Grow the Pie: How Great Companies Deliver Both Purpose and Profit, was featured in the Financial Times Best Business Books of 2020 and won the Financial Times award for Excellence in Sustainable Finance Education; it has been or is being translated into Arabic, Chinese, French, Italian, Japanese, Korean, Portuguese, Russian, and Turkish. He is a co-author of the 14th edition of Principles of Corporate Finance (with Brealey, Myers, and Allen). His latest book, May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases – And What We Can Do About It, will be published by Penguin Random House in 2024. Alex was named Professor of the Year by Poets & Quants in 2021. He has won 25 teaching awards at Wharton and LBS, won the Finance for the Future award for Driving Change in the finance community, and featured in Thinkers50 Radar.Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running How To Fix Democracy show. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

Franklin Allen is Professor of Finance and Economics and Director of the Brevan Howard Centre at Imperial College London and has held these positions since July 2014.  In August 2019 he became the Associate Dean for Faculty and Research in the Business School and in August 2020 the Vice-Dean (Research & Faculty) there.  In September 2023 he became Interim Dean.  He was on the faculty of the Wharton School of the University of Pennsylvania from September 1980 – June 2016. He now has Emeritus status there. He was formerly Vice Dean and Director of Wharton Doctoral Programs, Co-Director of the Wharton Financial Institutions Center, Executive Editor of the Review of Financial Studies and Managing Editor of the Review of Finance. He is a past President of the American Finance Association, the Western Finance Association, the Society for Financial Studies, the Financial Intermediation Research Society and the Financial Management Association, and a Fellow of the Econometric Society and the British Academy.  He received his doctorate from Oxford University. Dr. Allen's main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises.  He is a co-author with Richard Brealey and Stewart Myers of the eighth through thirteenth editions and with Alex Edmans as well of the fourteenth edition of the textbook Principles of Corporate Finance. Visit https://www.aib.world/frontline-ib/franklin-allen/ for the original video interview.

In this conversation, Bob French interviews his father, Ken French, a professor of finance, about key concepts in economics and investing. They discuss the concept of marginal cost and marginal revenue, which helps individuals make decisions based on the balance between costs and benefits. They also explore risk aversion and how it affects investment decisions, as well as the winner's curse, which refers to the tendency to overestimate the value of winning bids or investments. Overall, the conversation provides valuable insights into economic thinking and decision-making. In this conversation, Bob and Ken French discuss the challenges of drawing inferences about the future based on past performance in the financial markets. They highlight the winner's curse and the noise in securities returns as factors that make it difficult to predict which asset class or active manager will outperform in the future. They also discuss the problem of overconfidence and the importance of accurate market prices. The conversation concludes with a discussion on the benefits of stock buybacks and the option value of investments. Listen now to learn more!    Kenneth French's Bio: Kenneth R. French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business, Dartmouth College. French is an expert on the behavior of security prices and investment strategies. He and his frequent co-author Eugene F. Fama have written many notable papers, including “The Cross-Section of Expected Stock Returns”, “Common Risk Factors in the Returns on Stocks and Bonds”, and “A Five-Factor Asset Pricing Model.” French is a research associate at the National Bureau of Economic Research, an Advisory Editor of the Journal of Financial Economics, the Journal of Banking and Finance, and the Financial Review, a member of the Editorial Board of the Critical Finance Review, a former Associate Editor of the Journal of Finance and the Review of Financial Studies, and a former President of the American Finance Association. Professor French is also a Fellow of the American Finance Association and the American Academy of Arts and Sciences, Chair of the Valpo Surf Project's Global Board of Directors, and a member of the Board of Directors of the Cato Institute, Grassroot Soccer, and the International Rescue Committee. Professor French is a consultant to Dimensional Fund Advisors and a member of the firm's board of directors. Before joining Dartmouth, Professor French was on the faculty of MIT's Sloan School of Management, the Yale School of Management, and the University of Chicago Booth School of Business. Professor French received his PhD in finance from the University of Rochester in 1983. He also earned an MS and an MBA from the University of Rochester and a BS from Lehigh University. Takeaways Understanding the concept of marginal cost and marginal revenue can help individuals make informed decisions based on costs and benefits. Risk aversion is driven by the decreasing marginal utility of wealth, where the value of each additional dollar decreases as wealth increases. The winner's curse refers to the tendency to overestimate the value of winning bids or investments, and it can be observed in various contexts, such as oil lease auctions and hiring decisions. Considering these concepts can enhance economic thinking and decision-making in investing and other areas of life. Drawing inferences about the future based on past performance is challenging due to the winner's curse and the noise in securities returns. Overconfidence is a common problem in investing, and people often overestimate their ability to pick winning investments or active managers. Accurate market prices are important for allocating resources efficiently and signaling the value of different activities. Stock buybacks can be beneficial for companies and society, as they can signal undervaluation and allow companies to allocate resources more effectively. The option value of investments should be considered, as companies may choose to buy back stock when they don't have better investment opportunities. Chapters 00:00 Introduction and Setting the Stage 09:19 Navigating Risk Aversion in Investing 31:46 Enhancing Economic Thinking and Decision-Making 45:39 The Importance of Accurate Market Prices 51:42 The Benefits of Stock Buybacks   Links:  Register for the webinar with Retirement Researcher and Kenneth French! 'Five Things I Know About Investing' Wed 4/24 at 2 eastern www.risaprofile.com/podcast   The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

In this thought-provoking episode, Peter Czapp speaks with renowned finance professor Alex Edmans from London Business School on the intersection of profit and purpose in businesses. The discussion kicks off with the central question: How can businesses maximise profit while remaining purposeful? Professor Edmans explains the idea that businesses guided by purpose not only contribute positively to society but also make sound economic decisions. Professor Edmans emphasises the importance of defining a focused and targeted purpose for businesses, debunking the myth of solving all the world's problems. The conversation offers practical guidance on how businesses can authentically define and measure their purpose, with a focus on meaningful key performance indicators. The discussion also explains the role of individuals within businesses, showcasing the power of every individual to create positive change.The episode deep dives into the relationship between purpose and profit, challenging the traditional mindset that views them as conflicting objectives. Professor Edmans shares compelling research findings that highlight how purpose-driven companies outperform their peers in long-term shareholder returns. The conversation underscores the need for a holistic shift in mindset and metrics, encouraging businesses to integrate purpose seamlessly into their operations.Listeners will gain valuable insights into how businesses can embark on the journey towards purpose as well as a reflection on the future, envisioning a world where purpose and sustainability become so ingrained in business practices that they no longer require distinct labels.About Alex EdmansAlex Edmans is Professor of Finance at London Business School.  Alex graduated from Oxford University and then worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (New York).  After a PhD in Finance from MIT Sloan as a Fulbright Scholar, he joined Wharton in 2007 and was tenured in 2013 shortly before moving to LBS.Alex's research interests are in corporate finance, responsible business and behavioural finance.  He is a Director of the American Finance Association, Vice President-Elect of the Western Finance Association, a Fellow of the Financial Management Association, and a Fellow of the Academy of Social Sciences. From 2017-2022 he was Managing Editor of the Review of Finance, the leading academic finance journal in Europe. The Beautiful Business Podcast is bought to you in partnership with:Krystal Hosting - the UK's premium sustainable web hosting provider

Lemma W. Senbet is the William Mayer Chair Professor of Finance at the University of Maryland and a former ED/CEO of African Economic Research Consortium, the oldest and largest economic research and training network in Africa. Prior to Maryland and AERC, he held endowed chaired professorship at University of Wisconsin-Madison. Prof Senbet has achieved global recognition for his widely cited contributions to corporate finance, international finance, and finance in a public domain. He has received numerous recognitions for his impact on the profession. He has been elected twice as Director of the American Finance Association and is a past President of the Western Finance Association. In 2000, he was inducted into the Financial Economists Roundtable, a distinguished group of world-wide financial economists. In 2006, he was inducted Fellow of the Financial Management Association. In 2005, he was awarded an honorary doctorate by Addis Ababa University (Ethiopia). In 2022 he was inducted AIB Fellow. Prof Senbet has been editor and associate editor at over a dozen journals, including JF and JIBS. Moreover, he has supervised numerous doctoral students and placed them at leading institutions. He has also advised World Bank, IMF, UN, and other agencies globally on financial sector reforms and development. He is a member of:  Brookings AGI Distinguished Advisory Group; Advisory Panel of the G20 Compact with Africa; Independent Council of Economic Advisors (appointed by the Prime Minister of Ethiopia).  Regarding his role in the US financial industry, Prof Senbet was a Director of Fortis Funds and has been an independent Director for the Hartford Funds.  Visit https://www.aib.world/frontline-ib/lemma-senbet/ for the original video interview.

Find out more about this event on our website: https://bit.ly/3I4UTdH We show that the premia ills of finance, asset mispricing and short-termism, have a common cause. The problems stem from the commonly adopted, and seemingly prudent practice whereby Giant pension and other institutional funds benchmark short-term performance of their delegated asset managers to market cap indexes or peer group performance. This forces the managers to chase rising prices irrespective of fundamental value, which in turn leads to high volatility of over-valued assets, momentum trading, and over-valuation of the aggregate market. Excessive focus on short-term asset prices obliges corporates to follow suit to the detriment of capital investment and long term growth. The solution will benefit social and investor wealth. Find out more about this event on our website: https://bit.ly/3I4UTdH Interested in watching our webinars live, or taking part in the production of our research? Join our community at: https://bit.ly/3sXPpb5 Paul Woolley's career has spanned the private sector, academia and policy-oriented institutions. He gained his BA and D Phil in Economics from the University of York (UK) and was a Lecturer there in the early 1970's. Following this, he had a long spell at the International Monetary Fund in Washington, latterly heading the division managing the Fund's investment and borrowing activities. He returned to the UK as a Director of Merchant Bank, Baring Brothers. He then founded, and ran for 20 years, the UK arm of GMO, the global fund management business based in Boston, US. He returned to academic life in 2007, funding the Paul Woolley Centre for the study of Capital Market Dysfunctionality at the London School of Economics, where he is a full-time member of the research team. He is a Senior Fellow at the LSE. He has published widely on asset management and related fields in both academic and policy journals throughout his career Dimitri Vayanos is Professor of Finance at the London School of Economics, where he also directs the Financial Markets Group and the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. He is a Fellow of the British Academy, a former Director and Managing Editor of the Review of Economic Studies, a Research Fellow at CEPR and a former Director of its Financial Economics program, a Research Associate at NBER, and a former Director of the American Finance Association. His research, published in leading economics and finance journals, such as Econometrica, the Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, the Quarterly Journal of Economics, the Review of Economic Studies, and the Review of Financial Studies, focuses on financial markets, and especially on what drives market liquidity, why asset prices can differ from assets' fundamental values, why bubbles and crises can occur, and what are appropriate regulatory and policy responses. He is a co-editor of the book “Beyond Austerity: Reforming the Greek Economy”, a member of the Pissarides Committee, tasked by the Greek government to develop a growth plan for Greece, and co-author of the European Safe Bonds (ESBies) proposal, and a Director of WWF Greece.

While China's rapid economic growth has made it an attractive target for foreign investments, it is not straightforward to know how much of one's portfolio includes exposure to Chinese companies. As Matteo Maggiori notes, much of the increasing investment in China is through shell companies in offshore markets like the Cayman Islands. Matteo joins EconoFact Chats to discuss the economic, regulatory and fiscal implications of investments in tax havens, and of international investment more generally. Matteo is the Moghadam Family Professor of Finance at the Stanford Graduate School of Business. He is a director of the Global Allocation Project. He received the American Finance Association's Fischer Black Prize in 2021.

While China's rapid economic growth has made it an attractive target for foreign investments, it is not straightforward to know how much of one's portfolio includes exposure to Chinese companies. As Matteo Maggiori notes, much of the increasing investment in China is through shell companies in offshore markets like the Cayman Islands. Matteo joins EconoFact Chats to discuss the economic, regulatory and fiscal implications of investments in tax havens, and of international investment more generally. Matteo is the Moghadam Family Professor of Finance at the Stanford Graduate School of Business. He is a director of the Global Allocation Project. He received the American Finance Association's Fischer Black Prize in 2021.

Today, I'm thrilled to be speaking with Burt Malkiel. You probably know him as the author of A Random Walk Down Wall Street, originally published 50 years ago and is now in its 13th edition. In the book, he made a compelling case to make index funds the core component of one's investment portfolio. Keep in mind that index funds weren't publicly available at that time. Having written one of the most influential books in the history of investing is an extraordinary achievement. And Burt's accomplishments are many, including several lifetime achievement awards from professional investment organizations. Burt is the Chemical Bank Chairman's Professor of Economics at Princeton University. He has also served as a member of the Council of Economic Advisers, president of the American Finance Association, the dean of the Yale School of Management, and spent 28 years as a director at the Vanguard Group. It was such an honor to have Burt on the show, and I'm so excited to share our conversation with you. You'll hear how he got to where he is today, from his humble beginnings as a poor kid in a Boston tenement house to his published work that transformed investing forever. He'll also share his thoughts on how today's inflation compares to the 1970s, the challenges we face to get it under control, and so much more! GET A FREE COPY OF BURT'S BOOK, A RANDOM WALK DOWN WALL STREET. Here's all you have to do... Step 1.) Subscribe to the podcast and leave an honest rating & review over on iTunes. Step 2.) Text BOOK, that's B-O-O-K to 866-482-9559 for a link to our book request page, complete the form and we will ship you the book for free. It's that simple! In this podcast interview, you'll learn: Why Burt believes education is so important–even though neither he nor I ever woke up excited to go to school. Why Albert Einstein called compound interest “the eighth wonder of the world.” How A Random Walk Down Wall Street slowly but surely changed investing as we know it today. What makes financial planning for growth and planning for preservation so drastically different. How to invest in individual stocks and make bets on businesses you believe in without putting your money at risk. How Burt structured his portfolio to generate safe, reliable fixed income once he needed to start taking RMDs. How high net worth individuals often get into financial trouble. How Burt thinks our current era of inflation compares to the stagflation of the 1970s–and why he's pessimistic about our ability to get inflation under control. Show Notes: RetireWithPurpose.com/343 Rate & Review the Podcast: RetireWithPurpose.com/review Sign Up to Casey's Weekend Reading Email! Sifting through the copious amount of conflicting financial advice and retirement information can be daunting - but it doesn't have to be! Each week, Casey makes it super easy. He hand-picks 4 of the most important articles you need to read, that are beneficial to you whether you're at, near, or in retirement! If you want them sent straight to your inbox, sign up by visiting RetireWithPurpose.com/weekend-reading

Luigi Zingales is the Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance and the Charles M. Harper Faculty Fellow at the University of Chicago Booth School of Business. His research interests span from corporate governance and financial development to political economy and the economic effects of culture. He has published extensively in the major economics and financial journals. He also wrote two best-selling books: Saving Capitalism from the Capitalists (2003) with Raghu Rajan, and A Capitalism for the People (2012). In 2014 he served as President of the American Finance Association. In July 2015 he became the Director of the Stigler Center for the Study of the Economy and the State at the University of Chicago. Since January 2018, he has co-hosted the podcast Capitalisn't, which explores how capitalism can go wrong and what we can do to fix it. Born in Italy, Zingales carries with him a civic passion and the belief that economists should not just interpret the world, they should change it for the better. Commenting on his method of teaching on a few very important lessons rather than a myriad of details, Zingales says, “Twenty years from now they might have forgotten all the details of my course, but hopefully they will not have forgotten the way of thinking.” Zingales received a bachelor's degree in economics summa cum laude from Università Bocconi in Italy in 1987 and a PhD in economics from the Massachusetts Institute of Technology in 1992. Visit https://www.aib.world/frontline-ib/luigi-zingales/ for the original video interview.

In questo audio il prezioso incontro con Luigi Zingales economista e Chiara Marletto fisica quantistica. L'intervista è in Contemporaneamente di Mariantonietta Firmani, il podcast pensato per Artribune.In Contemporaneamente podcast trovate incontri tematici con autorevoli interpreti del contemporaneo tra arte e scienza, letteratura, storia, filosofia, architettura, cinema e molto altro. Per approfondire questioni auliche ma anche cogenti e futuribili. Dialoghi straniati per accedere a nuove letture e possibili consapevolezze dei meccanismi correnti: tra locale e globale, tra individuo e società, tra pensiero maschile e pensiero femminile, per costruire una visione ampia, profonda ed oggettiva della realtà.Con Luigi Zingales e Chiara Marletto parliamo dell'umano tra economia e ricerca, un incontro incredibilmente denso di contenuti, quasi stretching per il pensiero. L'adozione di ICT digitali, (Information and Communication Technologies), consente economie di scala e trasparenza, richiede promozione del merito. La scienza indaga verità universali e gli scienziati cercano sempre contraddizioni nelle leggi verificate da molteplici esperimenti. Il concetto di entanglement, fattorizzazione dei numeri attraverso algoritmi quantistici, ha enormi applicazioni in finanza. È necessario migliorare la qualità del processo scientifico all'interno dell'economia affinché questa non si riduca a marketing. Esistono computer più generali che non fanno solo computazioni ma che possono eseguire delle trasformazioni fisiche. La crescita nella sua forma migliore è accumulazione di conoscenza, perciò è molto importante la cultura del dubbio. L'enorme sviluppo tecnologico favorisce l'accentramento di ricchezza e potere nelle mani di pochi è necessario trovare una migliore gestione della democrazia. … e molto altro.ASCOLTA L'INTERVISTA!BREVI NOTE BIOGRAFICHE DEGLI AUTORIChiara Marletto è ricercatrice in fisica teorica al Clarendon Laboratory e al Wolfson College, all'Università di Oxford. è membro attivo del Quantum Cluster e del New Frontiers Quantum Hub. Dopo aver conseguito la laurea magistrale in ingegneria fisica al Politecnico di Torino, ha ottenuto il dottorato ad Oxford in fisica teorica. In collaborazione col fisico britannico David Deutsch, ha sviluppato la “constructor theory”, un nuovo approccio per generalizzare la teoria della computazione quantistica. Questo approccio ha prodotto interessanti applicazioni nel campo della teoria dell'informazione, della termodinamica e della metrologia quantistica, della fisica della materia condensata e della biologia quantistica. Racconta la sua ricerca nella pubblicazione divulgativa “La scienza dell'Impossibile" (The Science of Can and Can't).Luigi Zingales, economista, laurea in economia alla Bocconi Milano nel 1987, nel 1992 PhD al Massachusetts Institute of Technology Cambridge. Dal 1992 presso la Booth School of Business University of Chicago, è prima Assistant, poi Associate, e Full Professor of Finance. Illustre professore di impresa e finanza alla Robert C. McCormack, e dal 2015 è direttore del George J. Stigler Center. Fischer Black Chair al MIT Sloan School nel 2021-22; nel 2014-15 e 2005-06 Taussig Research Professor Harvard University Cambridge.Ricercatore e membro in prestigiose istituzioni come: dal 1994 nel National Bureau of Economic Research; dal 1997 al Center for Economic Policy Research. Dal 2002 all'European Corporate Governance Institute, dal 2015 in American Finance Association, dove è direttore 2005-2008, Presidente nel 2014. Ancora, dal 2012 Member of American Academy of Arts and Sciences; nel 2007-2014, Member of the Board of Telecom Italia; dove riveste diversi ruoli. Tra i molti premi e riconoscimenti: 2018 Hicks Tinbergen Award, 2014 invitato alla casa Bianca per discutere modi di accelerare la crescita degli Stati Uniti con il Presidente Obama. Nel 2012 è tra i top 100 Global Thinkers del Foreign Policy Magazine. Partecipa a molti congressi tra cui nel 2021 al EU Committee on Economic and Monetary Affairs European Parliament. E al Georgia House of Representatives, Science and Technology Committee-Hearings on Big Tech. Oltre cento articoli sulle più prestigiose riviste di settore, cinque pubblicazioni.

In this episode of the DeFi Download, Piers Ridyard interviews Professor Campbell Harvey, Professor of Finance at Duke University, and co-author of DeFi and the future of finance. Campbell R. Harvey graduated from the University of Chicago with a PhD in finance. He held the position of Editor of The Journal of Finance, one of the most prestigious journals in the field of economics, from 2006 to 2012. He presided over the American Finance Association in 2016.More than 150 scholarly articles by Professor Campbell Harvey have been published on subjects as diverse as investment finance, emerging markets, corporate finance, behavioural finance, financial econometrics, and computer science. Professor Harvey has been teaching "Innovation and Cryptoventures" at Duke University for the past few years. This course focuses on the workings and uses of blockchain technology as well as decentralised finance. You can find his DeFi-related online courses on Coursera. [1:00] How Campbell Harvey came to be a finance professor and write about DeFi and the future of finance[12:46] What is the purpose of the financial system?[19:48] What makes DeFi special? Why does this technological application differ from other digital service approaches?[24:00] The Internet's peer-to-peer nature as a network of services, providers, and users, its current degree of centralisation, the differences between Web 1.0, 2.0, and 3.0, and the significance of DeFi[27:47] Web 3.0's powerful advancements[31:28] Regulatory issues in the United States and globallyFurther resourcesWebsite: people.duke.edu/~charvey/ Book on Amazon: DeFi and the Future of FinanceCoursera CoursesTwitter: @camharvey LinkedIn: https://www.linkedin.com/in/camharvey

For this week's episode, we are revisiting a portion of our conversation with the legendary Professor Campbell R. Harvey and and his more optimistic viewpoint on the crypto space.  Campbell is the Professor of International Business at Duke University and is also a Research Associate at the National Bureau of Economic Research. In 2016 he served as the President of the American Finance Association, and from 2006 to 2012 he occupied the incredibly demanding role of Editor for the Journal of Finance. We hear about Campbell's latest book DeFi and the Future of Finance along with his most recent research. Discover how Campbell first became interested in the topic several years ago and decided to put together a course for his students. We also delve into the rise of decentralized finance (DeFi) and how we can expect it to shape global finance, trading, and the future of the internet. 

Dr. Lubos Pastor is the Charles P. McQuaid Professor of Finance at Booth School of Business, University of Chicago. Holding a Ph.D. in finance from Wharton, he has served as President of the Western Finance Association and Director of the American Finance Association and has almost 20,000 citations across several highly renowned papers.

A second conversation with economist John Cochrane BioJohn Cochrane is the Rose-Marie and Jack Anderson Senior Fellow of the Hoover Institution at Stanford University and the author of The Grumpy Economist Blog. Before that John was a Distinguished Senior Fellow of the University of Chicago Booth School of Business, he's taught both MBA and PhD programs. And a fellow of the Becker-Friedman Institute, a Research Associate of the National Bureau of Economic Research. He is a past President and Fellow of the American Finance Association, and a Fellow of the Econometric Society. He's served as the editor of numerous economics journals. He earned a Bachelor's degree in Physics at MIT, and earned his Ph.D. in Economics at the University of California at Berkeley. Times0:00 - Intro1:15 - Inflation, supply chain crisis & labor market shortages16:15 - Weird economic signals, looming recession?20:30 - Administrative state + government competence28:30 - Climate change37:30 - The media & censorship43:45 - Bitcoin50:00 - Central banks digital currencies1:00:30 - Government's role in money1:07:00 - The relationship between debt & inflation1:19:00 - Stanford Free Speech / University of Austin1:33:00 - Nobel prize / institutional failure — rebuild or build anew? LinksThe Grumpy Economist blogGoodFellows podcast narrativemonopoly.com

The Covid-19 pandemic laid bare the high costs of being ill-prepared for major crises and shocks to our institutions. What lessons can be learned for the future? Participants Markus Brunnermeier, Professor of Economics at Princeton University, Director of Princeton's Bendheim Center for Finance and Vice President of the American Finance Association. Brunnermeier has been awarded several best paper prizes and served on the editorial boards of a number of leading economics and finance journals. He is a member of several advisory groups, including to the US Congressional Budget Office, the Bank for International Settlements, and the Bundesbank, as well as previously to the International Monetary Fund, the Federal Reserve of New York and the European Systemic Risk Board. Paulina Dejmek Hack, Director for General Affairs at DG FISMA at the European Commission. Paulina has held several senior positions in the Commission and was the financial adviser of the then Commission President, Jean-Claude Juncker, between 2014 and 2019. She worked with Michel Barnier during the negotiations of the Trade and Cooperation Agreement with the United Kingdom in 2019/20. She has a doctorate degree in law from Heidelberg, Germany. Karolina Ekholm, Professor of Economics at Stockholm University and incoming Director General of the Swedish National Debt Office. She is former deputy governor at Sveriges Riksbank and state secretary to the Swedish Minister for Finance. The seminar is held in English and is moderated by Pehr Wissén, Professor Emeritus of Practice, Swedish House of Finance.

For this week's episode (our longest to date), we get together with the legendary Professor Campbell R. Harvey and take a deep dive into a diverse range of topics that draw on his incredible breadth of knowledge and extensive research. Campbell is the Professor of International Business at Duke University and is also a Research Associate at the National Bureau of Economic Research. In 2016 he served as the President of the American Finance Association, and from 2006 to 2012 he occupied the incredibly demanding role of Editor for the Journal of Finance. One of his earliest achievements was identifying the inverted yield curve's ability to predict a recession, a highly regarded metric that is near-ubiquitous in its implementation. For the first half of our conversation, we focus on his research in areas like skewness and emerging economies. We cover specific topics like the factor zoo, why it's problematic, and how Campbell, along with his student Yan Lui, found through their research that approximately half of the published empirical research in finance at the time was, in fact, false. We also unpack his most downloaded paper entitled The Golden Dilemma and get into the intricacies of why gold is an unreliable inflation hedge. For the latter half of our conversation, we hear about Campbell's latest book DeFi and the Future of Finance along with his most recent research. Discover how Campbell first became interested in the topic several years ago and decided to put together a course for his students. We also delve into the rise of decentralized finance (DeFi) and how we can expect it to shape global finance, trading, and the future of the internet. Join us today for this essential episode on everything from the pitfalls of academia, to emerging markets, to Bitcoin, and much more!   Key Points From This Episode:   Introducing this week's guest Professor Campbell Harvey. [00:02:46] How Campbell's research brought him to Chicago's Ph.D. program. [00:03:55] How Campbell identified that an inverted yield curve had preceded the past four recessions and could be a reliable economic predictor. [00:07:03] Hear about Campbell's research on skewness, as opposed to simply mean and variance, which is often the focus of portfolio theory. [00:11:40] Why it's surprising that skewness is still largely disregarded in favor of mean and variance. [00:16:42] Why mean and variance are insufficient for measuring risk when comparing a concentrated portfolio with a more diversified portfolio. [00:20:45] Some of the special considerations that Campbell prioritizes when assessing emerging markets in context and managing an overall portfolio.[00:22:04] Observations on the cost of capital being higher before integration and liberalization. [00:25:11] The implications that Campbell's research on emerging markets has on asset allocation. [00:26:51] Dynamic asset allocation, Campbell's research in emerging markets, and how those lessons can be applied when investing in emerging markets at a time when the cost of capital is high. [00:30:04] The factor zoo, why it's problematic, and how it is caused by data mining. [00:32:26] How Campbell and his student Yan Lui estimated that half of the published empirical research in finance was false and how this has occurred in other industries due to data mining. [00:33:02] How economic incentives from the investment industry inform research. [00:39:38] The important distinction between academic research and practitioner research, and asset management. [00:44:15] The extent to which asset management research could be considered to be more reliable than academic research. [00:47:23] Some of the mistakes that investors make when they pursue these factor premiums that have been identified [00:49:29] Machine learning and its impact on investment decisions for retail and institutional investors. [00:56:06] Whether the benefits of potential alpha from machine learning will be passed on to investors or remain within a firm as their scale increases. [01:00:22] Campbell's research on traditional active management within the context of a firm's ability to continue delivering alpha in the future, and how that incrementally decreases as their asset base increases. [01:06:23] The arguments in favor of allocating gold to a portfolio, especially at times of higher inflation, and whether it holds up to scrutiny. [01:09:54] How technological changes can affect the real expected return. [01:16:51] Why gold can be a valuable asset in diversifying your portfolio. [01:17:22] How Campbell became interested in DeFi, cryptocurrency, and blockchain technology. [01:19:19] How digitized finance cuts out the inefficiency of having a middle person and fosters inclusion and financial democracy. [01:26:35] Harvey's thoughts on how cryptocurrencies facilitate criminal and fraudulent activity. [01:31:07] How DeFi could disrupt traditional asset management and how to prepare for those changes. [01:36:43] How to invest in DeFi even though it's decentralized. [01:38:33] How companies can increase their revenue by using cryptocurrencies in their transactions. [01:43:24] Why the current wave of FinTech will be replaced by DeFi. [01:44:58] Why it's important to have a very diverse portfolio when investing in DeFi. [01:51:22] How DeFi will allow people to monetize their content and disrupt the money that Google and Facebook make from their users' data. [01:52:22] Some of the risks of DeFi and investing in cryptocurrencies. [01:55:27] How Campbell defines success: positively impacting the world. [02:00:17]

El Salvador has officially made Bitcoin legal tender. Some in traditional finance are calling it an experiment doomed to fail... While others are calling it one of the biggest stories in the history of cryptocurrencies... One thing is for sure... This decision will likely have far-reaching effects around the world for years... Will other countries soon follow suit? Could this be the big adoption catalyst that sends Bitcoin soaring up towards $100K? Or will this experiment end disastrously and serve as a warning for other small nations thinking of doing the same thing? To help us make sense of this incredible new development, Dan invited crypto expert, Cam Harvey, onto the show... Cam is the professor of Finance at the Fuqua School of Business at Duke University. And he's also served as editor of the Journal of Finance from 2006-2012... as well as the President of the American Finance Association in 2016. When it comes to cryptocurrencies, Cam is way ahead of the curve... When Bitcoin was trading between $200 - $400 per coin, Cam was giving lectures to his students about Bitcoin during his finance classes... During their conversation, Cam and Dan discuss at length what El Salvador's recent move could mean for the US Dollar, traditional financial institutions, and other nations that might be thinking of doing the same thing... If you've thought about investing in cryptos and don't know where to get started, Cam says we're less than 1% into this disruption, so now is the perfect time... In fact, Cam walks listeners through the first 2 steps you need to take to get started in the crypto space the right way... He says every listener should consider entering the crypto space... because in his words, "You can either join this revolution, or get swept away by it..." Listen to Dan's conversation with Cam and more on this week's episode.

El Salvador has officially made Bitcoin legal tender. Some in traditional finance are calling it an experiment doomed to fail... While others are calling it one of the biggest stories in the history of cryptocurrencies... One thing is for sure... This decision will likely have far-reaching effects around the world for years... Will other countries soon follow suit? Could this be the big adoption catalyst that sends Bitcoin soaring up towards $100K? Or will this experiment end disastrously and serve as a warning for other small nations thinking of doing the same thing? To help us make sense of this incredible new development, Dan invited crypto expert, Cam Harvey, onto the show... Cam is the professor of Finance at the Fuqua School of Business at Duke University. And he's also served as editor of the Journal of Finance from 2006-2012... as well as the President of the American Finance Association in 2016. When it comes to cryptocurrencies, Cam is way ahead of the curve... When Bitcoin was trading between $200 - $400 per coin, Cam was giving lectures to his students about Bitcoin during his finance classes... During their conversation, Cam and Dan discuss at length what El Salvador's recent move could mean for the US Dollar, traditional financial institutions, and other nations that might be thinking of doing the same thing... If you've thought about investing in cryptos and don't know where to get started, Cam says we're less than 1% into this disruption, so now is the perfect time... In fact, Cam walks listeners through the first 2 steps you need to take to get started in the crypto space the right way... He says every listener should consider entering the crypto space... because in his words, "You can either join this revolution, or get swept away by it..." Listen to Dan's conversation with Cam and more on this week's episode.

A conversation with world class economist John Cochrane on a wide range of topicsBioJohn Cochrane is the Rose-Marie and Jack Anderson Senior Fellow of the Hoover Institution at Stanford University and the author of The Grumpy Economist Blog. Before that John was a Distinguished Senior Fellow of the University of Chicago Booth School of Business, he's taught both MBA and PhD programs. And a fellow of the Becker-Friedman Institute, a Research Associate of the National Bureau of Economic Research. He is a past President and Fellow of the American Finance Association, and a Fellow of the Econometric Society. He's served as the editor of numerous economics journals. He earned a Bachelor's degree in Physics at MIT, and earned his Ph.D. in Economics at the University of California at Berkeley. Times0:15 - Intro1:30 - How did John become an economist?4:15 - How has the field of economics changed since John got started in it?7:00 - Are we all Keynesians now?10:15 - What's going on with inflation?15:45 - Putting modern American life in perspective19:15 - Covid & the incompetence of bureaucracy22:30 - Counter culture28:30 - Woke vs Woodstock33:00 - Central banks getting involved in climate policy38:45 - The role of the Press, the failure of the Press and the 1st Amendment49:15 - The Grumpy Economist & blogging lessons53:30 - r < g (govt debt)59:00 - What & when of a debt crisis1:07:15 - What is John's specialty? (If there is one)1:09:00 - Closing thoughts LinksThe Grumpy Economist blogGoodFellows podcast narrativemonopoly.com

The Real Effects of Financial Markets, Trading frenzies, Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage, Financial Crises: Fundamentals vs. Panic, Investor flows and fragility in corporate bond funds, and Financial Fragility in the COVID-19 Crisis Prof. Itay Goldstein is Professor of Finance and Economics at the Wharton School of the University of Pennsylvania. He is the Executive Editor of the Review of Financial Studies and a Research Associate at the National Bureau of Economic Research. He was the co-founder of the Finance Theory Group and served as a director of the American Finance Association. --- Send in a voice message: https://anchor.fm/scientificsense/message Support this podcast: https://anchor.fm/scientificsense/support

Our guest today is Dr. Campbell R. Harvey, who for the past 35 years has served as Professor of Finance at Duke University. Professor Harvey has also served as Partner/Senior Advisor to Research Affiliates, LLC and Advisor to Man Group. He served as Editor of the Journal of Finance from 2006 to 2012 and as the 2016 President of the American Finance Association. He holds a Ph.D. in Finance from the University of Chicago, MBA from York University and a BA from University of Toronto. Dr. Harvey has published over 125 scholarly articles on a variety of topics and has received many awards, including the following: Most recently, he won the 2020 Quant of the Year Award from the Journal of Portfolio Management. 8 Graham & Dodd Awards/Scrolls for excellence in financial writing from the CFA Institute. 2016 & 2015 Bernstein Fabozzi/Jacobs Levy Award for Best Article from Journal of Portfolio Management for his research on differentiating luck vs. skill. In this episode, we start by discussing how he got into finance and what he is most famous for, his research on the yield curve indicator (including his time at the University of Chicago under Nobel laureate Professor Eugene Fama), which has continued to be powerful in predicting recessions, including the current one. Further, we cover the risk of low interest rates, the expanding balance sheet of the U.S. Government, PPP loans, using gold as a risk against unexpected inflation, and more. Last, we discuss topics from one of the most popular finance courses in the country, Innovation & Cryptoventures, a class he has taught for the past five years, a course that focuses on the mechanics and applications of blockchain technology.   Please enjoy the episode.  Show host: Colby Donovan & Steve Curley, both board members with CFA Society Orlando. Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL

Entrevista con Gabriela Siller, ella estudió la carrera de economía en la UANL, obtuvo su Maestría en Finanzas en el Tec de Monterrey y un PhD en administración, con especialidad en finanzas por la EGADE del ITESM. La Dra. Siller es Directora de Análisis Económico y Financiero de Banco BASE y es profesora del departamento de Economía del Tec de Monterrey. Ha impartido cursos en diferentes instituciones financieras y ha dado conferencias en Estados Unidos, Costa Rica, y Polonia. Es miembro de la American Finance Association y capacitador certificado por la Asociación Mexicana de Intermediarios Bursátiles (AMIB). Ha recibido varios reconocimientos, entre ellos del Sistema Nacional de Investigadores del CONACYT; mención honorífica en el XX premio de investigación financiera IMEF-Deloitte 2004; Premio “Maestro Ricardo Torres Gaitán” a la investigación económica del Instituto de Investigaciones Económicas de la UNAM. 2001.

2:00 - The increased appetite for ESG investing and why it's misguided6:15  - What about ESG outperformance10:00 - ESG core values14:00 - Alternatives to ESG funds18:00 - The Pros of ESG investing20:00 - ESG as part of standard fundamental analysis23:00 - ESG fixed income investing24:30 - ESG and Retirement plans26:00 - The 60/40 portfolio's waning relevance29:30 - The future of active management33:30 - The future of financial advice36:00 - Most important thing to watchGuest Bio:Dr. Burton Malkiel is a Professor of Economics, Emeritus, and Senior Economist at Princeton University, perhaps most famous for his classic finance book A Random Walk Down Wall Street (first published 1973, in its 12th edition as of 2019). He is a leading proponent of the efficient-market hypothesis, which contends that prices of publicly traded assets reflect all publicly available information, although he has pointed out that some markets are inefficientDr. Malkiel served as a member of the Council of Economic Advisers (1975–1977), president of the American Finance Association (1978), and dean of the Yale School of Management (1981–1988).He also spent 28 years as a director of the Vanguard Group. He currently serves as Chief Investment Officer to WealthFront, he also serves as a member of the Investment Advisory Board for Rebalance.

In today’s episode we are joined by Campbell Harvey, Professor of Finance at Duke University and Research Associate at the National Bureau of Economic Research in Cambridge, Massachusetts.  Cam served as Editor of The Journal of Finance from 2006 to 2012 and as the 2016 President of the American Finance Association. He holds a Ph.D. in Finance from the University of Chicago. Although Cam is well-known as being the inventor of the Yield-Curve Indicator, with an eight for eight track record in forecasting recessions in the U.S., he is also involved in crypto and blockchain technology, which made our conversation wide-ranging and super interesting. Topics Discussed in this Episode   The ‘Great Compression’ rather than another Great Depression “Compression means that we go into a deep recession but we also come out of it and the numbers that we will see coming out of this recession will also be note worthy, and new records for positive increases.” How the Yield Curve indicator was signalling a mild recession even before the Corona crisis Why politician’s would rather have inflation than raise taxes “To raise taxes is toxic in terms of your electability. So, it’s easier to have some sort of inflation and blame it on the pandemic or something like that.” How 50% of all companies in the S&P 500 were completely unaware of the risk of pandemics Why Bitcoin failed as a hedge in its first ever recession Why the US Dollar’s days as a world reserve currency are numbered “I think, just looking at history, it’s really naïve to think that the U.S. will be the dominant currency forever. So, things change. So, economic tides come in and go out.” Why central banks may now feel incentivised to create their own digital currencies ” I think governments will embrace this technology for another reason and that is tax. So, right now with the value-added taxes, especially in Europe, there are just so many incentives to basically transact in cash to avoid the VAT” Technology and how it’s going to unleash opportunities to transact value & human capital on a scale never seen before “I believe that technology will deliver a surge, in particular, to emerging markets; will spill over to the developed markets; the increased productivity will be striking. We will not be working 40 hour weeks in the future. There will be a lot more leisure time. There will be less income inequality as we’ve got equality of opportunity.” Cam’s somewhat rare, positive outlook for the future Why peer to peer transactions and lending will be the way forward Links Catch up with Campbell and learn more about his work: Campbell R. Harvey, Duke University Follow Niels, Moritz, Rob on Twitter: Niels Kaastrup-Larsen Moritz Seibert Rob Carver Subscribe on:

Burton Gordon Malkiel is an American economist and writer, most famous for his classic finance book A Random Walk Down Wall Street (now in its 12th edition).  He is the Chemical Bank chairman's professor of economics at Princeton University and is a two-time chairman of the economics department there. Dr. Malkiel is a leading proponent of the efficient-market hypothesis, which contends that prices of publicly traded assets reflect all publicly available information, and one of the original thought leaders of that lead to the creation of index funds.    Dr. Malkiel served as a member of the Council of Economic Advisers (1975–1977), president of the American Finance Association (1978), and dean of the Yale School of Management (1981–1988). He also spent 28 years as a director of the Vanguard Group. He currently serves as Chief Investment Officer for Wealthfront Inc. a software-based financial advisor, and as a member of the Investment Committee Member for IRA Rebalance, an investment advisory firm.    This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost.   The organization's free website is Bogleheads.org and the wiki site is Bogleheads® wiki. Bogleheads sites are operated by volunteers who contribute time and talent. Donations help defray operating costs.   Since 2000, the Bogleheads' have held national conferences in major cities around the country and currently meet in Philadelphia in the autumn of each year. There are 56 Local Chapters in the US and three Foreign Chapters that also meet regularly. New Chapters are being added on a regular basis.   This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012.

Campbell R. Harvey is a professor of finance at Duke University’s Fuqua School of Business and a Research Associate of the National Bureau of Economic Research. He served as President of the American Finance Association in 2016. Today, he discusses the most pressing economic decisions facing America in the wake of the COVID-19 pandemic, what we can learn from the responses of other countries, and how his original forecasts have changed as the crisis has progressed. This crisis allows us to see the future through the experiences of countries that were hit before the United States - like China, South Korea, and Sweden - and to consider their approaches in determining our own. According to Dr. Harvey, different parts of the country will have to draw different lessons from abroad that cater to individual demographics, densities, ages, and risk levels. He also explains that while his original economic forecast for the rest of the year was bleak, he thinks the public’s lockdown fatigue may encourage economic growth to pick up more quickly. He also thinks more good news on creating a vaccine could really accelerate that growth. Go to NoLabels.org to learn more about how we are bringing together a bipartisan group of public and private leaders working to stop the virus, save lives and get Americans back to work.

Bloomberg View columnist Barry Ritholtz interviews William F. Sharpe, the STANCO 25 professor of finance, emeritus, at Stanford University’s Graduate School of Business. Sharpe is a past president of the American Finance Association and received the Nobel Prize in Economic Sciences in 1990. This interview aired on Bloomberg Radio.

Campbell R. Harvey is Professor of Finance at the Fuqua School of Business at Duke University and a Research Associate of the National Bureau of Economic Research in Cambridge, Massachusetts. He served as Editor of The Journal of Finance from 2006-2012 and is President-elect of the American Finance Association.   Campbell’s research interests include statistical methods, risk management, asset allocation, real assets and cryptocurrencies. He is the Investment Strategy Advisor to the Man Group plc, the world’s largest, publicly listed, global hedge fund. In this episode you will learn:  why it’s important to use t-statistics and significance tests and how it can be improved. about the very simple idea Professor Campbell Harvey applies to his statistical modelling to improve the robustness of his tests. why it’s wrong to use 2 standard deviations to have 95% confidence when running many tests. about ‘Significant’, the XKCD cartoon that illustrates the vulnerability of statistical significance testing. why the level of skew in a distribution must play more of an important role in risk management and portfolio selection. why Taleb’s Black Swan only looks at one side of the distribution - the negative side, and why we must also look at the positive side. and much more. Subscribe on iTunes and never miss and episode. Check out the shownotes page and all the links mentioned in this episode at www.economicrockstar.com/harvey-campbell

Bill welcomes renowned behavioral economist Richard H. Thaler to the show. Richard is a member of the American Academy of Arts and Sciences, a Fellow of the American Finance Association and the Econometrics Society, and is the actiing President of the American Economic Association. He is also the author of the bestelling book Nudge. This week we'll be discussing his latest book, Misbehaving, which looks at how economists can use actual human behavior to create more viable economic models. Don't miss it!

Dr Pedro Saffi repeats his call for greater transparency around proxy voting and the part played by institutional investors as he outlines a paper to the prestigious American Finance Association. Corporate governance is important to institutional investors, and the proxy process is an important channel for corporate governance.

On Thursday, March 24, 2011, Dr. Anil K. Kashyap gave the Fathauer Lecture in Political Economy at The University of Arizona Eller College of Management. Anil K. Kashyap is the Edward Eagle Brown Professor of Economics and Finance and Richard N. Rosett Faculty Fellow at the University of Chicago Booth School of Business. His research focuses on banking, business cycles, corporate finance, price setting, and monetary policy. His research has won him numerous awards, including a Sloan Research Fellowship, the Nikkei Prize for Excellent Books in Economic Sciences, and a Senior Houblon-Norman Fellowship from the Bank of England. Prior to joining the Chicago Booth faculty in 1991, Kashyap spent three years as an economist for the Board of Governors for the Federal Reserve System. He currently works as a consultant for the Federal Reserve Bank of Chicago, and serves as a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, and as a Research Associate for the National Bureau of Economic Research (NBER). He is one of the advisors to the Cabinet Office of the Government of Japan for its research project on “The Japanese Economy and Macroeconomic Policies over Last Twenty-Five Years,” is on the Congressional Budget Office's Panel of Economic Advisers, serves on the Board of Directors of the Bank of Italy’s Einuadi Institute of Economics and Finance and is a member of the Squam Lake Group on Financial Regulation. Kashyap is also one of the academic members of the Bellagio Group (whose non-academic members consist of the Deputy Central Bank Governors and Vice Ministers of Finance of the G7 countries). Kashyap serves as co-organizer of the NBER's Working Group on the Japanese Economy and of the NBER’s Working Group on the Functioning of Financial Firms and Resolution of their Distress, is a member of both the American Economic Association and American Finance Association, and cofounded the U.S. Monetary Policy Forum. He is one of the two faculty directors of the Chicago Booth’s Initiative on Global Markets. He regularly speaks on the financial crisis, Japan, the global economy, and the direction of economic policy. He graduated from the University of California at Davis in 1982 with a bachelor's degree in economics and statistics with highest honors. In 1989, he earned a Ph.D. from the Massachusetts Institute of Technology. He enjoys rotisserie baseball, bridge, and the Indianapolis 500.