Keynote Address for the Dr. R. H. Patil Memorial Lecture, Mumbai, India
Robert C. Merton, Arun Muralidhar, Rui Seybert P. Ferreira
SSRN Electronic Journal DOI: 10.2139/ssrn.3350107
From the ARFE-MIT-NYU Conference
The financial crisis led to a loss of trust in providers, regulators, and financial innovation among consumers, Merton observes. Some have proposed technology can stand in for trust, but he says fintech cannot create trust or succeed without it. Two things, however, can substitute for trust: verification and transparency. Some forms of fintech can provide verification, but financial advice tends to be opaque rather than transparent. Merton also discusses data showing retail investors as less satisfied with cost disclosures and performance from active portfolio managers than institutional investors.
Business Times: Government and Economy
NBER: New Developments in Long-Term Asset Management Second Annual Conference, London, UK
"Observations on the Role of Finance Science and Financial Innovation in Global Economic Growth and Development"