Markets | Yale Insights

A trader at the New York Stock Exchange on February 28, 2020. Photo: Johannes Eisele/AFP via Getty Images.

Rational Order from ‘Irrational’ Actions

Shyam Sunder
October 19, 2020

Prof. Shyam Sunder outlines a strain of research, drawing on complexity theory, that suggests that outcomes of a social system can be rational even if its individual participants are not rational.
Does A Mutual Fund’s Past Performance Predict Its Future?

James Choi
July 07, 2020

A classic 1997 paper on mutual fund performance doesn’t describe present-day markets, Yale SOM's James Choi found.
Liquidity Injections May Have Driven the Stock Market Recovery

Shyam Sunder
June 17, 2020
Why did the stock market recover as the economy suffered? Yale SOM’s Shyam Sunder points to the hundreds of billions of dollars injected into the economy by the Federal Reserve and other central banks.
Why Did the Stock Market Bounce Back While COVID-19 Cases Kept Rising?

Peter K. Schott
June 10, 2020

According to preliminary research by Yale SOM’s Peter Schott and his co-authors, investors may be adjusting prices based on whether previous predictions of total infections seemed overly optimistic or pessimistic.
Crashes and COVID-19 in Historical Context

William N. Goetzmann
March 23, 2020

The stock markets are reeling as fear and uncertainty about the global pandemic grow. We asked Yale SOM’s William Goetzmann, whose research includes financial history, to put the volatility into historical perspective.
What the Plunge in the Stock Market Means for Individual Investors

James Choi
March 18, 2020

We asked Yale SOM’s James Choi, who has examined the implications of academic research for personal finance, what studies say about how to respond to a market crash.
What’s Next for Alibaba?

Matthew Spiegel Heather E. Tookes
December 20, 2019

The giant China-based conglomerate Alibaba raised more than $13 billion in November in a stock offering on the Hong Kong Stock Exchange. We asked Yale SOM’s Heather Tookes and Matthew Spiegel, who have studied the performance of companies after IPOs, what their research suggests about Alibaba’s prospects and its next steps.
Three Questions: Prof. Andrew Metrick on Paul Volcker’s Legacy

Andrew Metrick
December 10, 2019
Paul Volcker, former chairman of the Federal Reserve, died on December 8 at age 92. Prof. Andrew Metrick reflects on Volcker’s contributions to the Fed and economic policy.
What We Talk about When We Talk about Stock Market Crashes

Robert J. Shiller
November 04, 2019

In an excerpt from his new book, Yale SOM’s Robert Shiller examines how the stock market rise of the 1920s, the crash of 1929, and the Great Depression that followed came to be seen as a tale of recklessness and divine punishment—and how that narrative still shapes our understanding of the stock market.
Researchers Propose New Method to Hedge against the Risk of Climate Disaster

Stefano Giglio Bryan T. Kelly
October 29, 2019
Markets could be a huge part of mitigating climate risk. A proposal from Yale finance faculty seeks to make that a reality.