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Financial Theory: Lecture 1 TranscriptSeptember 3, 2009javascript:history.go(-1); backProfessor John Geanakoplos: So anyway, the course Im going to teach is called Financial Theory. Im going to teach an actual class. Im going to spend the first half of the class talking about the course and why you might be interested in it, and then Im going to start with the course. There are not that many lectures available in the semester so Im not going to waste this one. So the first half of the class is going to be about why to study it and the mechanics of the course, and the second half of the lecture is going to be actually the first part of the course. Itll give you maybe an idea of whether youll find the course interesting too. So I think Ill turn this--I wont have too much PowerPoint here. So you should know that finance was not taught until ten years ago at Yale. It was regarded by the deans and the classically minded faculty of the arts and sciences as a vocational subject not worthy of being taught to Yale undergraduates. It was growing more and more famous, however, in the world and there was a band of business school professors, Fischer Black, Robert Merton, William Sharpe, Steve Ross, Myron Scholes, Merton Miller, who had a huge following in business schools teaching the subject, and whose students went off to Wall Street, and more or less dominated the investment banking parts of Wall Street, and became extremely successful. Finance became the most highly paid profession. It became the most highly paid faculty in the university, although they were all in business schools. There are more physics PhDs working in finance now than there are working in physics. So this merry band of financial theory professors didnt really believe in regulation. They believed markets left unfettered worked best of all. They believed in what they called efficient markets and the idea that asset prices reflect all the available possible information. So an implication of that is that if
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