The Perils of Teaching Case Studies in Finance during Periods of Financial Volatility
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This study examines teaching in finance by application of case studies during times of financial market volatility. Academic textbooks often presume neat structured solutions to real world problems that are often quite complex. Recent events such as the global financial crisis (GFC) and the European debt crisis (EDC) come to mind. Leaders and policy makers are grappling with how to solve these major financial and societal problems. Templates within academic case studies are in many cases now defunct. These evolving crises are the new case studies of the future. This study posits that educators should address the tools they use in the classroom. Whilst they should still maintain the tool of traditional case study teaching in their portfolio, they should now evaluate new methodologies to attempt to learn about new and often frequently catastrophic events occurring in financial markets. Students should continue with traditional analysis of cases, but should also be probed and tested how to address events that have yet to happen and currently could be termed almost unimaginable. This should help educators prepare students to be the leaders and the thinkers of the future. Students should be encouraged to move away from a structured ‘black-box’ thought process which should allow them the ability to probe and find quick and efficient solutions for the betterment of society in future years if they are called upon to do so.
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