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Title: Finance Teaching and Research After the Global Financial Crisis
Authors: Jayanth R Varma
Issue/Year: Oct-2011
Section: Perspectives
Abstract: The global financial crisis of 2007 and 2008 provides an opportunity for all finance professionals to introspect about the changes that need to be made in their discipline. Whether the problem was only a gap between theory and practice or whether there are fundamental problems in finance theory itself is a more difficult question. This paper is the result of the author's own introspection about these issues. The paper first discusses what the crisis taught us about the 3 P's of finance individuals' preferences, their assessment of probabilities, and the behaviour of market prices. This is followed by a discussion on the nature of changes that need to be made in the models that are used in modern finance and the need for finance to integrate insights from other source disciplines.
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