Hero or villain? The financial system in the 21st century
The paper reviews the literature and data on the role of finance in socioeconomic
development. The evidence suggests that a well‐developed financial system can certainly …
development. The evidence suggests that a well‐developed financial system can certainly …
Market Efficiency, Skilled Human Capital, and Financial Deregulation over the Past Century
Contrary to the prevailing view, equity markets have not followed a consistent trend toward
increasing efficiency over time. Instead, we document more timely price adjustment to both …
increasing efficiency over time. Instead, we document more timely price adjustment to both …