“Arbitrage proof has since been widely used throughout finance and econ...” — Merton Miller Quote

Arbitrage proof has since been widely used throughout finance and economics.

I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn't see any.

Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.

My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges.

Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.

I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. That can only work in the longer-term. I want euro bonds to be used to finance targeted investments in future-oriented growth projects. It isn't the same thing. Let's call them 'project bonds' instead of euro bonds.

When you print money, the money does not flow evenly into the economic system. It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do people. It does not go to the worker.

Each time you buy a used game, this is money that doesn't go into the pocket of the people that took the risk to create this, to finance it, to develop it.

Let's not forget, it was the government, Department of Finance and Central Bank that decided to unfairly land the taxpayers of this country with unmitigated losses of Anglo and massive legacy issues that would have been expected when nationalising a fraudulent bank.