Markets
Why the Texas Power Market Failed
Texas-based energy economist Ed Hirs ’81 says the February 2021 power crisis exposed longstanding, fatal flaws in the state’s energy market design and oversight.

A Life in Finance: A Conversation with Prof. Roger Ibbotson
Professor Roger Ibbotson, an influential scholar and practitioner of finance for decades, sat down for a conversation with Professor William Goetzmann about his groundbreaking work on the historical returns of the stock market, his experiences as a teacher, and his current research.Forgiving Debts May Boost Employment During Recessions
In an analysis of the Great Recession, Yale SOM's Paul Goldsmith-Pinkham and his co-authors found that debt relief increased employment by up to 2% nationwide.
How Leverage Turns Market Corrections into Crashes
Leverage-induced fire sales contributed to the worst stock market crashes in history. Prof. Kelly Shue studied account-level data from the Chinese market crash in 2015 to illuminate how much leverage matters.Gig Workers Value their Flexibility... a Lot
Using extensive data on Uber drivers, Yale SOM’s Judith Chevalier and her co-authors examined their driving patterns to understand the economic value of flexible scheduling. They found that rideshare drivers would have to earn as much as double to accept less-flexible arrangements.Three Questions: Prof. Andrew Metrick on What Makes a Good Pick for the Fed
President Trump recently announced his intention to appoint two well-known conservative figures—Stephen Moore and Herman Cain—to the Federal Reserve Board of Governors. We asked Prof. Andrew Metrick about the qualities of an effective Fed governor.Activist Shareholders May Help Firms in the Long Term
Do activist shareholders choose quick profits over long-term health? Yale SOM’s Song Ma and his collaborators find evidence that their interventions boost innovation.Is Cryptocurrency Really a New Idea?
Bitcoin meshes digital technology with an approach to money that predates the development of cash and coin, according to Yale SOM’s William Goetzmann.Study Explores What Investors Are Really Thinking
Academic theories explaining which factors affect individual investment decisions abound, but few studies have involved asking people about the issue directly.Three Questions: Prof. William B. English on Markets and the Fed
We asked William B. English, a Yale faculty member and former Fed official, about how the Fed should respond to recent ups and downs in the stock market.Will Machine Learning Transform Finance?
Charles Elkan, Goldman Sachs’ global head of machine learning, on the technology can extract value from the natural resource that is defining this century—data.