סמינר במימון חשבונאות

  Jonathan Berk, Stanford

The money management firm is an ideal place to study both asset pricing and corporate finance questions.  There are few corporations that allow the level of transparency that a mutual fund firm offers – these firms offer a window into human decision making that is hard to match elsewhere.  Consequently, the area offers a unique and rich opportunity for new and innovative research.  Historically, researchers have ignored these opportunities because the literature on money management has inconsistently applied the rational expectations equilibrium concept.   When applied consistently, the rational expectations equilibrium approximates the observed equilibrium in the money management space at least as well as it does in the stock market. Just as the application of the rational expectations equilibrium transformed the stock pricing literature, the consistent application of this paradigm to the money management literature has the potential to transform the money management literature.