NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Does Finance Benefit Society?

Luigi Zingales

NBER Working Paper No. 20894
Issued in January 2015
NBER Program(s):Corporate Finance

Academics’ view of the benefits of finance vastly exceeds societal perception. This dissonance is at least partly explained by an under-appreciation by academia of how, without proper rules, finance can easily degenerate into a rent-seeking activity. I outline what finance academics can do, from a research point of view and from an educational point of view, to promote good finance and minimize the bad.

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Document Object Identifier (DOI): 10.3386/w20894

Published: ZINGALES, L. (2015), Presidential Address: Does Finance Benefit Society?. The Journal of Finance, 70: 1327-1363. doi:10.1111/jofi.12295

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