证券投资学
证券投资学
这门课能给我们带来什么? ■点金术?
这门课能给我们带来什么？ ◼ 点金术？
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 successful system public and hence unsuccessful Second the authors do not 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
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 successful system public and hence unsuccessful. ◼ Second, the authors do not 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
本课程的目标 A sound investment decision requires in-depth knowledge of the financial markets rigorous analytical thinking and precise mathematical derivation. This class help you build the following skills: Analytical ability: modeling skills that are important in making investment decisions Quantitative skills: developing problem solving skills, data analysis probability evaluation of uncertain events Empirical knowledge of the financial markets equity, fixed income(default-free and default) and their respective derivatives
本课程的目标 ◼ A sound investment decision requires in-depth knowledge of the financial markets, rigorous analytical thinking and precise mathematical derivation. This class help you build the following skills: ◼ Analytical ability: modeling skills that are important in making investment decisions, ◼ Quantitative skills: developing problem solving skills, data analysis, probability evaluation of uncertain events. ◼ Empirical knowledge of the financial markets: equity, fixed income (default-free and default) and their respective derivatives
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 why companies 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 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 why companies 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
■证券投资是一门科学,也是一种艺术, 是一件知难行易的事,但做起来容易的 事如果只碰运气,却是难以成功的,证 券投资必须要有策略和方法,加上果断 的决策与好运,才能成功
◼ 证券投资是一门科学，也是一种艺术， 是一件知难行易的事，但做起来容易的 事如果只碰运气，却是难以成功的，证 券投资必须要有策略和方法，加上果断 的决策与好运，才能成功
这门课的主要内容 Financial theories: Portfolio theory the CAPM and the aPt, option pricing theory Equity analysis and pricing and empirical evidence Fixed income instruments the term structure of interest rates and managing bond porttolIos Market efficiency and active investments a brief introduction to behavioral finance
这门课的主要内容 ◼ Financial theories: Portfolio theory, the CAPM and the APT, option pricing theory ◼ Equity analysis and pricing, and empirical evidence ◼ Fixed income instruments, the term structure of interest rates and managing bond portfolios ◼ Market efficiency and active investments ◼ A brief introduction to behavioral finance
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 Palgrave dictionary of Money and finance
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. ◼ ---Palgrave Dictionary of Money and Finance
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
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
这门课所属的位置 微观层面:定价、风险管理 ■基础课
这门课所属的位置 ◼ 微观层面：定价、风险管理 ◼ 基础课