文档介绍：证券投资学
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这门课的主要内容
Why do we study the theory?
Managers learn from experience how to cope with routine problems. But the best manager are also able to respond to change. To do this you need more than time-honored rules of thumb; you must understand panies and financial markets behave the way they do. In other words, you need a theory of finance.……Good theory helps you grasp what is going on in the world around you. It helps you to ask the right questions when times change and new problems must be analyzed. It also tells you what things you do not need to worry about.---------Brealey and Myers
Why does not there exists any advice on “guaranteed” ways to beat the market?
Any system designed to beat the market, once known to more than a few people, carries the seeds of its own destruction.
There are two reasons for not including advice on “guaranteed” ways to beat the market in this book.
First, to do so would make a essful system public and hence essful.
Second, the authors know of such system.
This does not mean that financial analysis is useless. Although individuals should be skeptical when others tell them how to use financial analysis to beat the market, individuals can try to understand the market with the use of financial analysis.-------------------W. Sharpe, etc.
什么是金融学(Finance)
Finance is a subfield of economics distinguished by both its focus and its methodology. The primary focus of finance is the workings of the capital markets and the supply and the pricing of capital assets. The methodology of finance is the use of close substitutes to price financial contracts and instruments. This methodology is applied to value instruments whose characteristics extend across time and whose payoffs depend upon the resolution of uncertainty.
金融学的研究领域
金融市场
宏观层面:金融框架
微观层面:定价、风险管理
公司财务
历史
H. M. Markowitz 均值-方差模型(Mean-variance model)
Harry M. Markowitz, Portfolio Selection, Journal of Finance, 7(1):77-91, 1952.
W. F. Sharpe , J. Lintner, J. Mos