Paul Pfleiderer
Biographic Data
| ID | 5739722 |
|---|---|
| NAME | Paul Pfleiderer |
| GIVEN NAMES | Paul |
| FAMILY NAME | Pfleiderer |
| SIGNATURE | PFLEIDERER P |
| AFFILIATIONS | Stanford University |
| VERIFIED | No |
| TOTAL WORKS | 5 |
| TOTAL CITATIONS | 23 |
| AUTHOR COUNT | 5 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1983 |
| LATEST PUBLICATION YEAR | 2020 |
| H-INDEX | 3 |
Chameleons: The Misuse of Theoretical Models in Finance and Economics
In this paper I discuss how theoretical models in finance and economics are used in ways that make them ‘chameleons’, and how chameleons devalue the intellectual currency and muddy policy debates. A model becomes a chameleon when it is built on assumptions with dubious connections to the real world but nevertheless has conclusions that are uncritically (or not critically enough) applied to understanding our economy. I discuss how chameleons are c…
Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is not Expensive
We examine the pervasive view that "equity is expensive," which leads to claims that high capital requirements are costly and would affect credit markets adversely.We find that arguments made to support this view are either fallacious, irrelevant, or very weak.For example, the return on equity contains a risk premium that must go down if banks have more equity.It is thus incorrect to assume that the required return on equity remains fixed as capi…
Noisytalk.com: Broadcasting Opinions in a Noisy Environment
Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium
The authors develop a model in which a large investor has access to a costly monitoring technology affecting securities' expected payoffs. Allocations of shares are determined through trading among risk-averse investors. Despite the free-rider problem associated with monitoring, risk-sharing considerations lead to equilibria in which monitoring takes place. Under certain conditions, the equilibrium allocation is Pareto efficient and all agents ho…
A Note on the Effect of Cost Changes on Prices
A Note on the Effect of Cost Changes on Prices
Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium
The authors develop a model in which a large investor has access to a costly monitoring technology affecting securities' expected payoffs. Allocations of shares are determined through trading among risk-averse investors. Despite the free-rider problem associated with monitoring, risk-sharing considerations lead to equilibria in which monitoring takes place. Under certain conditions, the equilibrium allocation is Pareto efficient and all agents ho…
Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is not Expensive
We examine the pervasive view that "equity is expensive," which leads to claims that high capital requirements are costly and would affect credit markets adversely.We find that arguments made to support this view are either fallacious, irrelevant, or very weak.For example, the return on equity contains a risk premium that must go down if banks have more equity.It is thus incorrect to assume that the required return on equity remains fixed as capi…
A Note on the Effect of Cost Changes on Prices
Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium
The authors develop a model in which a large investor has access to a costly monitoring technology affecting securities' expected payoffs. Allocations of shares are determined through trading among risk-averse investors. Despite the free-rider problem associated with monitoring, risk-sharing considerations lead to equilibria in which monitoring takes place. Under certain conditions, the equilibrium allocation is Pareto efficient and all agents ho…
Noisytalk.com: Broadcasting Opinions in a Noisy Environment
Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is not Expensive
We examine the pervasive view that "equity is expensive," which leads to claims that high capital requirements are costly and would affect credit markets adversely.We find that arguments made to support this view are either fallacious, irrelevant, or very weak.For example, the return on equity contains a risk premium that must go down if banks have more equity.It is thus incorrect to assume that the required return on equity remains fixed as capi…
Chameleons: The Misuse of Theoretical Models in Finance and Economics
In this paper I discuss how theoretical models in finance and economics are used in ways that make them ‘chameleons’, and how chameleons devalue the intellectual currency and muddy policy debates. A model becomes a chameleon when it is built on assumptions with dubious connections to the real world but nevertheless has conclusions that are uncritically (or not critically enough) applied to understanding our economy. I discuss how chameleons are c…
Banking stability, regulation, efficiency (3 works) · Economics (3 works) · Business (2 works) · Monetary economics (2 works) · Advertising (1 works) · Argument (complex analysis) (1 works) · Complex Network Analysis Techniques (1 works) · Complex Systems and Time Series Analysis (1 works) · Computer Science (1 works) · Computer security (1 works)