The belief that an aggregate of casual opinions provides a better process of value discovery than a flow of informed judgment through close engagement by investors, is an article of faith rather than a matter of empirical evidence.
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17 December 2014, Financial Times
22 October 2014, Financial Times
There are good reasons for state action in areas of business misconduct. But announcing ad hoc measures against companies in the news is the wrong way.
27 August 2014, Financial Times
Much of the complexity of modern finance is the result of regulatory arbitrage – avoiding or minimising restrictions by engaging in a transaction with more or less identical effect but more favourable regulatory treatment. Many regulators still cling to the hope that it could be eliminated if only rules were sufficiently extensive and sufficiently carefully prescribed. But this is an illusion.
23 July 2014, Financial Times
Limited competition may actually yield worse results for customers than either full-blooded competition or a cartel. Perhaps that explains the particularly tentative approach of the Competition and Markets Authority.
11 June 2014
What does the death rate from violent accident in England over seven centuries tell us about moral hazard in the financial system?
04 June 2014
John contrasts Timothy Geithner’s firefighting approach to financial crises with the analysis of their political origins of Calomiris and Haber in Fragile by Design
23 April 2014, Financial Times
Taxi licensing illustrates regulatory capture, the phenomenon by which regulation intended to serve the public is hijacked by industry interests.
05 February 2014, Financial Times
Obtaining better information about companies is essential to the efficiency of markets and society: obtaining it fractionally earlier is of no public value at all.
11 December 2013, Financial Times
Although transactions with low probability of large loss and high probability of small gain carry the potential for disaster, they can appear attractive for a very long time – perhaps for ever.
13 November 2013, Financial Times
Nuclear power and financial systems both have the capacity to blow up the world. Perhaps there are lessons from one for the other.
28 May 2008, Financial Times
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