Conference Roundup: Bubbles for Fama

Laurence Articles

At the Q Group in Palm Beach, Florida, on May 7, 2018, Robin Greenwood, a Harvard finance professor, presented a paper, “Bubbles for Fama,” that he co-authored with Andrei Shleifer and Yang You. The Q Group is a discussion group where directors of research and other senior investment professionals interact with finance academics. Founded in 1966, and conducting two seminars per year, the group’s full name is the Institute for Quantitative Research in Finance.

Who is Eugene Fama and why does he need bubbles? Almost everyone has heard of Fama, the Nobel Prize-winning University of Chicago finance professor who first developed the Efficient Market Hypothesis (EMH) in the 1960s. Fama, a wunderkind who reportedly finished the Ph.D. program at that university’s business school faster than any other candidate before or since, was also one of the few authors ever to have his whole Ph.D. dissertation reproduced in a major journal.

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