• Do more investors at financial markets convey more information about the "true", or "fair", or "fundamental", or ... price?

Answer

• NO.

Implication

• We get it all wrong in macro finance, empirically and theoretically.

To learn more about this conclusion please attend my talks at various conferences, or follow this link. NEW: update available with even more data evidence!

German version on the (mis)use of the term "Casino capitalism" available.

Selected past conference presentation(s):

• Canadian Economic Association Annual Conference in Toronto, May 2009.Financial Econometrics Conference Berlin, March 2009.
• Money, Macro and Finance Research Group 40th ANNUAL CONFERENCE 2008 Birkbeck College, University of London, September 2008.
• European Economic Association, Milano, August 2008.
• Quantitative Methods in Finance, Sydney, December 2007.