Presidential Address: Does Finance Benefit Society?
Academics' view of the benefits of finance vastly exceeds societal perception. This dissonance is at least partly explained by an underappreciation by academia of how, without proper rules, finance can easily degenerate into a rent-seeking activity. I outline what finance academics can do, from...
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| Published in: | The Journal of finance (New York) Vol. 70; no. 4; pp. 1327 - 1363 |
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| Main Author: | |
| Format: | Journal Article |
| Language: | English |
| Published: |
Cambridge
Blackwell Publishing Ltd
01-08-2015
Wiley Periodicals,Inc Blackwell Publishers Inc |
| Subjects: | |
| Online Access: | Get full text |
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| Summary: | Academics' view of the benefits of finance vastly exceeds societal perception. This dissonance is at least partly explained by an underappreciation by academia of how, without proper rules, finance can easily degenerate into a rent-seeking activity. I outline what finance academics can do, from a research point of view and from an educational point of view, to promote good finance and minimize the bad. |
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| Bibliography: | ark:/67375/WNG-QF4J6T55-R ArticleID:JOFI12295 istex:8DE42529B8207627B40FF616A333BDEA1AD3A4C1 Luigi Zingales is at University of Chicago Booth School of Business, NBER, and CEPR. Prepared for the 2015 AFA Presidential Address. While a consultant to the PCAOB, the opinions expressed in this paper are my own and do not necessarily reflect those of the Board or the PCAOB as a whole. I wish to thank Sarah Niemann for research assistantship and Nava Ashraf, Bruno Biais (the editor), Luigi Guiso, Oliver Hart, Adair Morse, Donatella Picarelli, Raghu Rajan, Guy Rolnick, Paola Sapienza, Amit Seru, Andrei Shleifer, Amir Sufi, and Paul Tucker for very valuable comments. ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 23 |
| ISSN: | 0022-1082 1540-6261 |
| DOI: | 10.1111/jofi.12295 |