Eugene F. Fama argues that the central consequences of the financial crisis are increased moral hazard, ineffective new regulations, and greater risk taking as investors search for yield.
Eugene F. Fama argues that the central consequences of the financial crisis are increased moral hazard, ineffective new regulations, and greater risk taking as investors search for yield. He also presents his responses to criticisms of the efficient markets hypothesis, from behavioral biases to momentum, and discusses skill and luck in active investment management and the identification of the best managers.