Luncheon with Prof Paul De Grauwe - Capital Market Efficiency: Time for a New Paradigm? Are markets still efficient? Those of you who still have the “Foundations of Finance” from Eugene Fama in mind will realize how fundamentally this question touches the core of the Chicago School thinking, while at the same time we all observe how the efficiency paradigm is under scrutiny these days –and not only in the academic world. We are therefore pleased to devote our next Chicago luncheon to this topic. On December 9, Professor Paul De Grauwe (KUL) will join us for an insightful discussion on “Capital market efficiency: time for a new paradigm?”, including his view on potential policy implications. Professor De Grauwe is one of the prominent economists in Europe, professor at KUL and previously economist at IMF, senior research fellow at CEPS, Professor at the Freie Universität Berlin, Visiting scholar at the Board of Governors of the FED, Senator at the Belgian Parliament, Wim Duisenberg fellow at the European Central Bank and others. For many years he specialized in the field of international monetary economics, where he was known as one of the strong defenders of the market efficiency theorem. However, back in the late eighties he already started looking for other phenomena that could explain the often erratic exchange rate movements. As such, he was one of the pioneers of the academic research on deterministic chaos in the dynamic behaviour of exchange rates – away from pure stochastic behaviour. Recently, he became increasingly convinced of the existence of non-rational elements that influence the behaviour of investors and hence financial markets. Having him amongst us for an informal discussion on capital market efficiency therefore promises to become an insightful and rewarding experience.


Château Sainte-Anne
rue du vieux moulin 103
Brussels, Belgium


€ 50 (€ 40 for paying members) Please transfer the appropriate amount to account 210-0555573-09 of the University of Chicago Alumni in Belgium, BNP Paribas Fortis Bank, IBAN BE 52 2100 5555 7309 Please send an e-mail to Steven Coulembier mentioning your name and number of people attending.


Register By Email

Deadline: 12/8/2009


Steven Coulembier '06