This lecture gives a brief history of the young field of financial theory, which began in business schools quite separate from economics, and of my growing interest in the field and in Wall Street. A cornerstone of standard financial theory is the efficient markets hypothesis, but that has been discredited by the financial crisis of 2007-09. This lecture describes the kinds of questions standard financial theory nevertheless answers well. It also introduces the leverage cycle as a critique of standard financial theory and as an explanation of the crisis. The lecture ends with a class experiment illustrating a situation in which the efficient markets hypothesis works surprisingly well.
Overall there are two groups of financial controls; physical and financial. Both are instrumental in ensuring the proper value as reported on the balance sheet. Physical controls are designed to verify existence, condition and custody of the respective asset. Financial controls are designed to record the values to the books of record using a reasonable basis of determining value. The two most important financial controls relate to proper recording of acquisition cost and using the appropriate depreciation method to match the asset’s life or use. Act on Knowledge.
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