Innovational management problems on Bulgarian mass equities markets

This paper looks at some longstanding underpinnings of some innovational management problems in Bulgarian mass equities markets: factors that helped turn the recent lapses of bankers, rating agencies, and mortgage brokers into a crisis of extraordinary proportions and scope. Finance, I will argue, has been on the wrong trajectory for more than half a century. Its defects derive from academic theories and regulatory for more than half a century. Its defects derive from academic theories and regulatory structures whose origins date from 1970s, which encouraged financiers to rely on blind diversification as a substitute for due diligence and ongoing relationships.