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Economists’ Hubris - The Case of Award Winning Finance Literature

Shahin Shojai

Ernst & Young LLP

George Feiger

Contango Capital Advisors

November 30, 2010

Journal of Financial Transformation, Vol. 31, pp 9-17, March 2011

In this fifth article in the Economists’ Hubris series, we investigate the practical applications of eight papers that won best-article awards in 2008 and 2009 from the Journal of Finance or the Journal of Financial Economics, the two leading journals in finance. We find that these articles are unlikely to help financial executives improve the way they evaluate risk or manage either risk or their institutions. Finance academics appear to live in a parallel universe, completely oblivious to the nature of the financial services sector that they purport to study. Some of the papers do challenge long-held beliefs, which is very encouraging, but academics still need to go much further than that to write articles that are of any practical value.

Number of Pages in PDF File: 10

Keywords: Academic Finance, Financial Institutions, Efficient Market Hypothesis, Applied Finance, Economic Literature, Quantitative Finance

JEL Classification: G1, G2, G14, A2, C0

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Date posted: December 1, 2010 ; Last revised: May 15, 2012

Suggested Citation

Shojai, Shahin and Feiger, George, Economists’ Hubris - The Case of Award Winning Finance Literature (November 30, 2010). Journal of Financial Transformation, Vol. 31, pp 9-17, March 2011. Available at SSRN: http://ssrn.com/abstract=1717928 or http://dx.doi.org/10.2139/ssrn.1717928

Contact Information

Shahin Shojai (Contact Author)
Ernst & Young LLP ( email )
One More London Place
London, London SE1 2AF
United Kingdom
George Feiger
Contango Capital Advisors ( email )
111 Sutter Street, Suite 975
San Francisco, CA 94104
United States
415-677-6700 (Phone)
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