Monday, 9 November 2009

Bits & pieces

1. The Other TPA report an acknowledgment by the BBC that they may have been hoodwinked by the actual TPA.

2. Great post on S&M about Tobin taxes. The Andrea Terzi paper Chris links to is well worth a read.

3. Via Tim Worstall, an interesting little piece by Eugene "EMH" Fama in defence of... err... the EMH.


Nick Drew said...

Tobin taxes: it was once just about possible to believe that Gordon Brown, sort-of, understood stuff

in the 'he understands enough to be dangerous' kind of way

but now ...

Nick Drew said...


do you agree with Fama ?

I more-or-less do, but would suggest that interpreting his conclusion for practical / policy purposes requires some subtlety

Tom Powdrill said...

I think if you look at the inability of active managers to deliver sustained outperformance it does provide a pretty strong case. and I think it's a useful way of thinking about how the stockmarket works. but I'm a bit wary. Alfred Rappaport said that markets might be infomationally efficient but allocatively inefficient. but doesn't that effectively just tell us that prices form?

I dunno, not entirely decided.