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Eli F. heckscher lecture 2018

A crisis of Beliefs: Investor Psychology and Financial Fragility

Welcome to the Eli F. Heckscher Lecture 2018!

Keynote speaker: Andrei Shleifer, Professor of Economics at Harvard University. Shleifer is a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association.

Shleifer has worked in the research areas of comparative corporate governance, law and finance, behavioral finance, as well as institutional economics, among others. He has writtenseveral books, with titles such as The Grabbing Hand (with Robert Vishny), and Inefficient Markets: An Introduction to Behavioral Finance. He has also written about the legal traditions as important factors for financial development.

His new book A Crisis of Beliefs: Investor Psychology and Financial Fragility (with Nicola Gennaioli), investigates the theories of investors and regulators that shape financial markets. It shows that extrapolation of the past and neglect of unrepresentative risks characterize investor expectations across financial markets. This clarify the beliefs around the financial crisis of 2008, credit cycles and financial fragility more generally.

Shleifer is also an Editor of the Quarterly Journal of Economics. According to RePEc (Research Papers in Economics), Shleifer is the most cited economist in the world.

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