alexa Is Volatility Risk? The Bad Influence of Academia to the Discussion
ISSN: 2167-0234

Journal of Business & Financial Affairs
Open Access

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Opinion Article

Is Volatility Risk? The Bad Influence of Academia to the Discussion

George Athanassakos*

Ivey Business School, Western University, Canada

*Corresponding Author:
George Athanassakos
Professor of Finance
Ivey Business School
Western University, Canada
E-mail: [email protected]

Received November 20, 2014; Accepted November 28, 2014; Published December 15, 2014

Citation: Athanassakos G (2014) Is Volatility Risk? The Bad Influence of Academia to the Discussion. J Bus Fin Aff 3:127. doi:10.4172/2167-0234.1000127

Copyright: © 2014 Athanassakos G. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

 

Abstract

Finance academics define risk as volatility, whereas value investors define risk as the probability that adverse outcomes in the future will permanently impair the cash flow potential of a business leading to permanent (long run) impairment of capital. Which is the right definition? It all depends on your investment horizon. But if maximizing terminal wealth is of importance to investors, and it is difficult to argue otherwise, then the latter is the right way to look at risk. In this sense, academia may be bad for an investor’s wealth and prosperity.

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