Deeponomics

Welcome, friend and future deep-dweller!

This is the first interview episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.

This episode features a conversation with Hervé Stolowy and Luc Paugam from HEC Paris, centered on their upcoming article Shaping Collective Action in Financial Markets through Popular Expertise, soon to be published in Accounting, Organizations and Society.

The discussion focuses on the WallStreetBets movement on Reddit, where retail investors used humor, memes, financial analysis, and shared frustration to challenge the status quo of financial expertise. This collective effort helped trigger the GameStop short squeeze and raised questions about who holds epistemic authority in financial markets.

Topics explored include:

• The meaning of “popular expertise” and how it formed in digital spaces

• The hybrid language of memes, finance, and emotion on Reddit

• The shifting role of trust, expertise, and community in market behavior

• What this article signals about the evolving landscape of financial legitimacy

  
  

  
  

This is not just a story about meme stocks—it is an exploration of how narratives shape markets, and how ordinary voices can become powerful forces in finance, and challenge traditional expertise.

Oh, and if you are interested in reading the paper, hit this link:

https://www.sciencedirect.com/science/article/pii/S0361368224000485

Subscribe to follow along as each episode unpacks academic work, interrogates market assumptions, and ventures beneath the surface of financial storytelling.

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Find Us Deep

Substack: ⁠⁠deeponomics.substack.com⁠⁠

Instagram: ⁠⁠@deeponomics⁠⁠

YouTube: ⁠⁠@Deeponomics⁠⁠

Website: ⁠⁠www.deeponomics.com⁠⁠

Email: ⁠⁠[email protected]

Welcome, friend and future deep-dweller!

This is the sixth monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.

In this episode, we dig into the idea of information in financial markets—what counts as information, how it is defined, and why prices sometimes move even when nothing seems to happen.

References:

Shannon, C. E., 1948. A mathematical theory of communication. Bell System Technical Journal, 27(3), pp.379–423.

Rowley, J., 2007. The wisdom hierarchy: representations of the DIKW hierarchy. Journal of Information Science, 33(2), pp.163–180.

Fair, R. C., 2002. Events that shook the market. Journal of Business, 75(4), pp.713–731. Available at: https://www.jstor.org/stable/10.1086/341638

Siegel, J. J., 2008. Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies. 4th ed. McGraw-Hill.

Bouchaud, J.-P., Farmer, J. D., and Lillo, F., 2009. How markets slowly digest changes in supply and demand. In: T. Hens and K. Schenk-Hoppé, eds. Handbook of Financial Markets: Dynamics and Evolution. Amsterdam: Elsevier, pp.57–160.

Subscribe to follow along as we speak with researchers, unpack academic work, and challenge surface-level stories about markets.

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Find Us Deep

Substack:deeponomics.substack.com

⁠⁠Instagram: ⁠⁠@deeponomics⁠⁠

YouTube: ⁠⁠@Deeponomics⁠⁠

Website: ⁠⁠deeponomics.com⁠⁠

Email: ⁠⁠[email protected]

Welcome, friend and future deep-dweller!

This is the fifth monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.

In this episode, we explore why the “rational man” of economic theory is more fiction than fact—a simplified character built for models, not real life.

References:

Rubinstein, A., 2012. Economic Fables. Cambridge: Open Book Publishers.

Subscribe to follow along as we speak with researchers, unpack academic work, and challenge surface-level stories about markets.

—

Find Us Deep

Substack:deeponomics.substack.com

⁠⁠Instagram: ⁠⁠@deeponomics⁠⁠

YouTube: ⁠⁠@Deeponomics⁠⁠

Website: ⁠⁠deeponomics.com⁠⁠

Email: ⁠⁠[email protected]

Welcome, friend and future deep-dweller!

This is the fourth monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.

In this episode, we dive into the surprising reality that investment performance, like skills in other fields, may peak and decline with age — and why compounding experience is not always enough to outrun fading risk appetite, changing incentives, and the slow erosion of sharpness over time.

References:

Chevalier, J. & Ellison, G. (1999). Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance. The Journal of Finance, Vol. 54, No. 3. pp. 875-899. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1111/0022-1082.00130.

Jung, Y., Kim, K., Choi, S.T., Lee, J., Kim, B.W. and Lee, H.C., (2022). Association between surgeon age and postoperative complications/mortality: a systematic review and meta-analysis of cohort studies. Scientific Reports, 12, p.11251. Available at: https://doi.org/10.1038/s41598-022-15275-7.

Subscribe to follow along as we speak with researchers, unpack academic work, and challenge surface-level stories about markets.

—

Find Us Deep

Substack:deeponomics.substack.com

⁠⁠Instagram: ⁠⁠@deeponomics⁠⁠

YouTube: ⁠⁠@Deeponomics⁠⁠

Website: ⁠⁠deeponomics.com⁠⁠

Email: ⁠⁠[email protected]

Welcome, friend and future deep-dweller!

This is the third monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.

In this episode, we explore how finance treats time—mathematically precise, constant, and objective—and why that assumption breaks down when it meets human psychology, perception, and behavior.

References:

Thaler, R. H., & Shefrin, H. M. (1981). An Economic Theory of Self-Control. Journal of Political Economy, 89(2), 392–406. http://www.jstor.org/stable/1833317

Zauberman, G., Kim, B. K., Malkoc, S. A., & Bettman, J. R. (2009). Discounting Time and Time Discounting: Subjective Time Perception and Intertemporal Preferences. Journal of Marketing Research, 46(4), 543–556. http://www.jstor.org/stable/20618915

Subscribe to follow along as we speak with researchers, unpack academic work, and challenge surface-level stories about markets.

—

Find Us Deep

Substack:deeponomics.substack.com

⁠⁠Instagram: ⁠⁠@deeponomics⁠⁠

YouTube: ⁠⁠@Deeponomics⁠⁠

Website: ⁠⁠deeponomics.com⁠⁠

Email: ⁠⁠[email protected]

Welcome, friend and future deep-dweller!

This is the second monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.

In this episode, we revisit one of finance’s most fundamental principles—the risk-return tradeoff—and examine why the relationship between risk and reward may not be as straightforward as traditional theory suggests.

References:

Bali, T.G., 2008. The intertemporal relation between expected returns and risk. Journal of Financial Economics, 87(1), pp.101–131.

Subscribe to follow along as we speak with researchers, unpack academic work, and challenge surface-level stories about markets.

—

Find Us Deep

Substack: ⁠⁠deeponomics.substack.com⁠⁠

Instagram: ⁠⁠@deeponomics

⁠⁠YouTube: ⁠⁠@Deeponomics⁠⁠

Website: ⁠⁠deeponomics.com

Email: ⁠⁠[email protected]⁠

Welcome, friend and future deep-dweller!

This is the very first monologue episode of Deeponomics—a podcast exploring the research, deep ideas, and theories shaping markets, finance, and accounting.

In this short premiere, we explore one of mainstream finance’s most foundational theories—the Efficient Market Hypothesis (EMH)—and dig into its core assumptions and key shortcomings.

References:

Fama, E.F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. Journal of Finance, 25(2), pp.383–417.

Grossman, S.J. and Stiglitz, J.E. (1980). On the Impossibility of Informationally Efficient Markets. American Economic Review, 70(3), pp.393–408.

Jeng, L.A., Metrick, A., and Zeckhauser, R. (2003). Estimating the Returns to Insider Trading: A Performance-Evaluation Perspective. Review of Economics and Statistics, 85(2), pp.453–471.

Subscribe to follow along as we speak with researchers, unpack academic work, and challenge surface-level stories about markets.

—

Find Us Deep

Substack: ⁠deeponomics.substack.com⁠

Instagram: ⁠@deeponomics⁠

YouTube: ⁠@Deeponomics⁠

Website: ⁠deeponomics.com⁠

Email: ⁠[email protected]

Welcome friend and future deep-dweller!

This is the Credo for Deeponomics — a podcast about the research, deep ideas, and theories shaping markets, finance, and accounting.

In this short credo, you will hear what Deeponomics stands for, the kinds of questions we will explore, and why we believe there is a need for a space where we can pause, go deeper, and critically examine the theories and assumptions that mainstream finance is built on. See it as an elaboration and continuation of a typical trailer episode, but with more depth into the why.

Subscribe to follow along as we speak with researchers, unpack academic work, and challenge the surface-level stories of markets.

—

Find Us Deep

Substack: ⁠deeponomics.substack.com⁠

Instagram: ⁠@deeponomics⁠

YouTube: ⁠@Deeponomics⁠

Website: ⁠deeponomics.com⁠

Email: ⁠[email protected]

Welcome to Deeponomics friend and future deep-dweller!

This short trailer episode introduces the purpose and perspective behind the project.

Deeponomics isn’t about market forecasts or personal finance hacks. It’s about taking a step back—to examine the deeper structures, theories, and assumptions that shape how we understand finance, investing, and markets. Through an academic but accessible lens, we’ll explore the ideas that often stay beneath the surface.

In this episode, I (Johan) share what you can expect: solo episodes unpacking key concepts, interviews with researchers discussing their work, and conversations with practitioners reflecting on the gap between theory and practice.

It’s also the beginning of my own journey as a PhD student, studying capital markets through a qualitative lens—and I’ll be bringing you along for the ride.

Subscribe to follow along as we speak with researchers, unpack academic work, and challenge the surface-level stories of markets.

—

Find Us Deep

Substack: ⁠⁠deeponomics.substack.com⁠⁠

Instagram: ⁠⁠@deeponomics⁠⁠

YouTube: ⁠⁠@Deeponomics⁠⁠

Website: ⁠⁠deeponomics.com⁠⁠

Email: ⁠⁠[email protected]