Articles for general readership

Exploitative momentum investing would shrivel in the absence of benchmarkers.

Obsession with short-term performance against market cap benchmarks preordains the dysfunctionality of asset markets. The problems start when trustees...

Risk and return go hand in hand as companion variables central to the teaching and practice of economics and finance. Standard theory and common sense...

The Global Crisis has intensified debates over the merits of financial innovation and the optimal size of the financial sector. This column presents a...

The efficient market theory has failed to explain the market behavior and asset pricing of recent years. A new model that incorporates the principal...

Big investors currently pursue two very different strategies when appointing external managers. Their traditional approach is to hire fund managers...

Managers should focus on companies, not prices, says Paul Woolley.

Risk metrics should be based on asset cash flows.

The best way to resolve global financial instability is for the owners of capital to assert themselves, with sovereign funds well positioned to take...

Short-term price movements have come to dominate.

Most of us have been brought up to believe that free markets combined with healthy competition deliver good outcomes. We also presume that what holds...

HFT has its benefits but also poses potential systemic risks. Bruno Biais and Paul Woolley discuss the need for deft regulation.

According to classical economics, there are no gains to be made in an efficient market. Yet markets are often far from efficient and the gains are...

Open letter by the international Euro-nomics academic group (www.euro-nomics.com), composed of Markus Brunnermeier, Luis Garicano, Philip R. Lane...

This chapter offers a new understanding of how financial markets work. The key departure from conventional theory is to recognize that investors do...

How does economic theory need to adjust in light of the global financial crisis? This column presents a new insight on how innovation leads to rent...