Financial Services

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The disturbing reality that an estimated 1 billion people in the world live on less than $1.25 a day—and another 2.5 billion on less than $2 a day—has for decades fueled efforts from governments and nonprofits to help tackle global poverty. Businesses, large and small, are getting on board, too,...
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STANFORD GRADUATE SCHOOL OF BUSINESS — By now, nearly everyone knows that the financial meltdown of 2007, and the subsequent recession, began with the collapse of the housing market and the subprime securities market, the funder of millions of mortgages.Understanding exactly what happened, and why...
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Sir, Bankers say whatever serves their interests. William Isaac, Chair of Fifth Third Bankcorp, and Richard Kovacevich, former Wells Fargo chief executive, repeat standard and flawed arguments against what they call “breathtaking“ levels of equity such as 9 percent. Many others argue that...
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Admati, who is the George G.C. Parker Professor of Finance and Economics, wrote the paper with Martin Hellwig of the Max Planck Institute for Research; they share the runners-up prize of $1,500 with a team from the International Monetary Fund. The Admati-Hellwig essay, "Good Banking Regulation...
STANFORD GRADUATE SCHOOL OF BUSINESS — When he graduated from the Stanford Graduate School of Business with an MBA in 2005, Nigerian-born Tayo Oviosu said advice from the business world in his home country was loud and clear—"don't come back." At that time, he explained, "Nigeria was still about...
STANFORD GRADUATE SCHOOL OF BUSINESS—As more and more people are putting their money into the care of professionals, it's time to ask if the people investing your money are properly motivated—that is, if they are given incentives to make the right decisions when they construct portfolios composed...
John L. Beshears
STANFORD GRADUATE SCHOOL OF BUSINESS  - Like oracles in the stock market, securities analysts come up with earnings estimates that are supposed to signal the worth of a company's stock. But what happens when a company's actual performance proves an analyst's quarterly forecast is wrong? Instead of...
By Professor Jonathan B. Berk A.P. Giannini Professor of Finance STANFORD GRADUATE SCHOOL OF BUSINESS — In any financial crisis, it is possible with 20/20 hindsight to identify the specific proximal causes. Armed with this knowledge, legislators are invariably tempted to outlaw specific activities...
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(View the letter as it appeared in Thomson Reuters? Risk Magazine, June 14, 2011) (View the letter as it appeared in Huffington Post, June 14, 2011) Dear JPMorgan Chase Directors, I own some JPMorgan Chase (JPM) shares through mutual funds in my retirement account. I have read Mr. Dimon's recent...

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