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In slightly more formal terms, Id suggest that they were able to take on, at least in tiny part, five of Robert Merton and Zvi Bodies six standard functions of a financial system: settling payments, providing information, setting incentives, pooling resources, and transferring resources.
Economists and finance. Only the one I assert in my book Trillion Dollar Economists , that business managers may want to pay a bit more attention to the scribbling of academic economists. Admittedly, better pricing of options has been a mixed blessing. What’s the larger point to be made here?
It’s been more than 50 years since Nobel prizewinners Franco Modigliani and Merton Miller identified return on investments as a major component of value creation (and value destruction). As the chart below shows, only half of the CEOs of companies in the Dow Jones Index have previous experience in corporate finance or strategy.
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