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.

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.