David J. Rapp

This study pushes the boundaries by adding a new dimension to the discussion of the ethics of fair value accounting by examining its ethics from a more systemic and societal perspective.

The much-emphasized distinction between active and passive investing is overblown. The passive portfolio’s construction is the product of subjective human judgment just as the actively managed portfolio is.

How should we address uncertainty when using NPV calculations? The answer is rooted in the Austrian school of thought rather than neoclassical finance theory.