Why Pension Funds Bet on Rookie Managers

Does Better Internet Actually Make You Richer?

Does a permanent increase in income really change how people spend and plan for the future? In this episode of Marginally Speaking, Prof Vasudha Nukala speaks with Professor Sumit Agarwal (National University of Singapore) about a rare real-world test of the Permanent Income Hypothesis. Using the staggered rollout of 3G and 4G networks across India as a natural experiment, Agarwal shows how digital infrastructure affects income growth, consumption patterns, and financial behaviour over time. The discussion reveals how technology shocks translate into economic mobility and what this tells us about long-standing assumptions in economic theory.

Why Pension Funds Bet on Rookie Managers

Why do pension funds entrust billions of dollars to first-time fund managers with limited track records? In this episode of Marginally Speaking, Professor Vasudha Nukala speaks with Professor Amit Goyal (University of Lausanne) about a puzzling trend in institutional investing. Drawing on new research into private equity allocations, Goyal explains why pension funds increasingly back “rookie” managers, how incentives and information frictions shape these decisions, and why experience does not always translate into capital access. The conversation sheds light on how opaque investment processes influence retirement outcomes across global markets.

Profitable Misconduct: Why Fragile Banks Survive

Why are banks allowed to remain fragile, and who truly benefits from this instability? In this episode of Marginally Speaking, Professor Vasudha Nukala (ISB) speaks with Professor Anat Admati of Stanford University to examine why weak bank capitalisation persists despite repeated crises. Drawing on his influential research and writing, Admati explains how regulatory failures, political incentives, and muted accountability allow risky behaviour to become profitable rather than punished. The conversation explores why large fines rarely change conduct, how systemic fragility is normalised, and what meaningful reform would actually require.