The University of Chicago in the 1960s was ground zero for a data-driven scientific revolution that radically transformed the academic world of financial economics and real-world investment practices. In this roundtable discussion, Chicago Booth professors Eugene Fama, Richard Roll, and Myron Scholes share memories of the culture and personalities of the UofC finance group in the 1960s, including the roles played by Merton Miller and Michael Jensen in that remarkably productive research environment.
The discussion includes both funny personal stories as well as some background details on the research process that led to the recognition of fundamental ideas that are now taken for granted by financial economists.
0:00:00 "Recollections: Finance in the 1960s" Event Introduction
0:01:22 The Revolution in Financial Economics at the University of Chicago
0:08:22 Remembering Michael Jensen and Merton Miller
0:34:17 Fama, Fisher, Jensen, and Roll (1969)
0:47:21 Efficient Markets
0:59:06 Reflections on the University of Chicago: Campus, Classes, Colleagues
1:37:56 Real-World Application and Impact
2:06:54 Research Highlights Post-1960s
2:19:24 The Future of Finance