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Puzzles in finance

In: Controversies in Economics and Finance

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Abstract

Finance puzzles arise because of firm (perhaps dogmatic) belief in theories and models depicting how financial markets should behave or how things should be. They also arise because a set of empirical results that someone stumbles on becomes a finding that is as powerful as a law of physics. This is the field where the majority of economists think that the market efficiency hypothesis is the law of the land, even though casual empiricism tells us otherwise. It is also the field where the so-called ‘asset pricing models’, such as the full menu of the Fama_French models, are perceived to provide exact figures on what the return on a particular asset should be.

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  • ., 2020. "Puzzles in finance," Chapters, in: Controversies in Economics and Finance, chapter 4, pages 73-98, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19689_4
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    Cited by:

    1. Li, Jiaqi, 2023. "Predicting the demand for central bank digital currency: A structural analysis with survey data," Journal of Monetary Economics, Elsevier, vol. 134(C), pages 73-85.

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