Does Finance Benefit Society?
Gresham College Lectures
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Gresham College Lectures
Does Finance Benefit Society?
Apr 24, 2019
Gresham College
Since the financial crisis, there has been a strong view that the financial sector has little benefit for society. The stock market is not a net supplier of capital - as much money is spent on share buybacks as is raised from new issuance. Moreover, most stock market trading is speculative side-bets between investors, with no new money being raised by firms.

This talk will show that stock market trading may contribute to society even if does not lead to firms raising new capital.

A lecture by Alex Edmans, Gresham Professor of Business 24 April 2019

The transcript and downloadable versions of the lecture are available from the Gresham College website:

Gresham College has been giving free public lectures since 1597. This tradition continues today with all of our five or so public lectures a week being made available for free download from our website. There are currently over 2,000 lectures free to access or download from the website.


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