Yale - L21. Guest Lecture by Paolo Zanonni, Part I
Guest speaker Paolo Zanonni, partner at Goldman Sachs, discusses the firm's transition from a straight partnership to a hybrid partnership/joint stock corporation. The impetus for…
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Yale - L22. Guest Lecture by Paolo Zanonni, Part II
Guest speaker Paolo Zanonni, partner at Goldman Sachs, explains a major deal in the European utilities market. Enel, a major European utility, attempted to totally transform its p…
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Yale - L22. Public and Non-Profit Finance
As an introduction to public and nonprofit finance, Professor Shiller reflects on the remarkable financial structures that we have in support of public causes, making possible the…
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Yale - L23. Finding your Purpose in a World of Financial Capitalism
After reviewing the main themes of this course, Professor Shiller shares his views about finance from a broader perspective. His first topic, the morality of finance, centers on P…
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Yale - L23. Marrying the Devil in Texas
Professor Rae discusses the case TXU v. EDF, about an electric company private equity deal that involves environmental interest groups. Professor Rae structures the discussion by…
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Yale - L24. Capitalist Enterprise and Clean Water for a Bolivian City
In this final lecture of the semester, Professor Rae gives a summary of major themes, thinkers, and cases covered in the course. He begins by reviewing some foundational ideas, in…
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Yale - L3. Counting the Fingers of Adam Smith's Invisible Hand
Professor Rae introduces Adam Smith's notion of the "invisible hand" of the market. Several preconditions must be met for the invisible hand to work. Markets must be open, and the…
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Yale - L3. Technology and Invention in Finance
In the beginning of the lecture, Professor Shiller reviews the probability theory concepts from the last class and extends these concepts by the central limit theorem. Afterwards,…
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Yale - L4. Karl Marx, Joseph Schumpeter, and an Economic System Incapable of Coming to Rest
Professor Rae relates Marxist theories of monopoly capitalism to Schumpeter's theory of creative destruction. Both Marx and Schumpeter agree that capitalism is a system that is "i…
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Yale - L4. Portfolio Diversification and Supporting Financial Institutions
In this lecture, Professor Shiller introduces mean-variance portfolio analysis, as originally outlined by Harry Markowitz, and the capital asset pricing model (CAPM) that has been…
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Yale - L5. Insurance, the Archetypal Risk Management Institution, its Opportunities and Vulnerabilities
In the beginning of the lecture, Professor Shiller talks about risk pooling as the fundamental concept of insurance, followed by references to moral hazard and selection bias as p…
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Yale - L5. Property, Freedom, and the Essential Job of Government
A practical theory of freedom is discussed, based on Hayek's Constitution of Liberty. Free societies can be thought of as great learning machines capable of aggregating individual…
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