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Book review: The Lunacy of Modern Finance Theory and Regulation

from CFA Institute's Enterprising Investor

The introduction of The Lunacy of Modern Finance Theory and Regulation reproduces the following headlines of Financial Times articles explaining short-term movements in stock prices: “Wall St Rallies as Crude Tumbles” (Nov. 4, 2004); Wall St Lower as Falling Oil Hits Energy Sector” (May 12, 2005). As University of Melbourne senior lecturer Les Coleman points out, the well-respected Financial Times implies in one instance that a drop in crude oil prices causes stock prices to rise and in another that it causes them to fall. This illogic may faintly justify the “lunacy” in the title of Coleman’s book, but it is an example drawn from journalism, rather than financial theory or regulation, his primary targets. more

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