2018年春季罗伯特·希勒《金融市场》课程大纲、阅读材料
这是入门级的概论课。如果你有一点金融基础，就不必看了。
我记的课堂笔记整理在这里：1-7课，8-14课，15-23课（完）
我收集的书目：金融通识 Finance for Liberal Arts
Course Description:
Financial institutions are a pillar of civilized society, directing resources across space and time to their best uses, supporting and incentivizing people in their productive ventures, and managing the economic risks they take on. The workings of these institutions are important to comprehend if we are to predict their actions today and their evolution in the coming information age. The course strives to offer understanding of the theory of finance and its relation to the history, the strengths and imperfections of such institutions as banking, insurance, securities, futures, and other derivatives markets, the problems and crises with these institutions, the moral issues that financial practitioners face, and the future of these institutions over the next century.
Books to Purchase:
Frank J. Fabozzi, Capital Markets: Institutions, Instruments, and Risk Management, 5th ed., Cambridge: MIT Press, 2015.
Robert J. Shiller, Irrational Exuberance 3rd ed, Princeton University Press, 2015.
Lectures and Readings (* denotes optional reading; if a book, on reserve at Bass Library)
Lecture 1: Introduction: Finance and Our Human Purposes Wed, Jan. 17
Fabozzi, Ch. 1, Financial Assets and Financial Markets, Ch. 2, Overview of Risks and Risk Management, Ch. 3, Overview of Market Participants
Shiller, Finance and the Good Society, Princeton University Press, 2012, Introduction
Carnegie, Andrew, The Gospel of Wealth and Other Timely Essays, New York: The Century Company, 1901, Ch 1, pp. 1-46 (Excerpts in Carnegie’s voice in 1914 Thomas Edison audio file click on “web exclusive audio” below)
*“The Gospel of Wealth” (Review) San Francisco Chronicle, February 9, 1890, p. 4.
*Surowiecki, James, “In Defense of Philanthrocapitalism,” The New Yorker, Dec 21 & 28, 2015, p. 40.
Lecture 2: Risk and Entrepreneurism and Financial Crises Fri, Jan. 19
Goetzmann, Money Changes Everything, Introduction
*Gary Gorton, “Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007,” Federal Reserve Bank of Atlanta Financial Markets Conference, 2009
Lecture 3: Insurance Mon, Jan 29
Fabozzi, Ch. 5, Insurance Companies, pp 141-159
*Michel-Kerjan, Erwann O., Paul A. Raschky and Howard Kunreuther, “Do Firms Manage Catastrophe and Non-Catastrophe Risks Differently?” University of Pennsylvania, Wharton School Working Paper
Lecture 4: Portfolio Diversification, CAPM & Supporting Financial Institutions Wed, Jan 31
Fabozzi, Ch. 13 “Portfolio Selection Theory,” Ch. 14 “Asset Pricing Theory”
*Jeremy Siegel, Stocks for the Long Run, Chapters 1 and 2, Reserve, Bass
Lecture 5: Technology and Invention in Finance Mon, Feb 5
Shiller, Robert J., “Crisis and Innovation,” Journal of Portfolio Management, 2010.
*Georgia Levenson Keohane, Capital and the Common Good: How Innovative Finance is Tackling the World’s Most Urgent Problems, Columbia Business School Publishing, Columbia University Press, 2016
*Sandor, Richard L., Good Derivatives: A Story of Financial and Environmental Innovation, Wiley, 2012
Lecture 6: Efficient Markets Wed, Feb 7
Shiller, Irrational Exuberance, Appendix, "Nobel Prize Lecture: Speculative Asset Prices, pp. 239-42 only, Ch. 9 "Psychological Anchors for the Market," "Ch. 10: Herd Behavior and Epidemics"
Fabozzi, pp. 259-62
Conant, Charles A. Wall Street and the Country: A Study of Recent Financial Tendencies, New York, G.P. Putnam’s Sons, 1904, Ch. 3, The Function of the Stock and Produce Exchanges, pp. 83-116
*Lehrer, Jonah, “The Truth Wears Off: Is there Something Wrong with the Scientific Method?” The New Yorker, December 13, 2010, pp 52-57.
*Swensen, David, Pioneering Portfolio Management, Ch. 8, Alternative Asset Classes (Reserve Bass)
Lecture 7: Behavioral Finance and the Role of Psychology Fri, Feb 9
Shiller, Irrational Exuberance, Ch. 11, "Efficient Markets, Random Walks, and Bubbles," and Ch. 12 "Investor Learning--and Unlearning”
Shiller, “From Efficient Markets to Behavioral Finance” Journal of Economic Perspectives, 2003
Lecture 8: GUEST LECTURER: DAVID SWENSEN Wed, Feb. 14
Fabrikant, Geraldine, “The Money Management Gospel of Yale’s Endowment Guru”, The New York Times, Nov. 5, 2016
*Swensen, David: "Pioneering Portfolio Management" Introduction
Lecture 9: Theory of Debt, Its Proper Role, Leverage Cycles Mon, Feb 19
Shiller, Irrational Exuberance, Ch. 2, "The Bond Market in Historical Perspective"
Fabozzi, Ch. 15 “The Theory and Structure of Interest Rates;” Ch 16 “Valuation of Debt; Ch 17 “The Term Structure of Interest Rates”
* Sullivan, Teresa, Elizabeth Warren and Jay Lawrence Westbrook, The Fragile Middle Class: Americans in Debt, Yale University Press, 2000.
Lecture 10: GUEST LECTURER: Georgia Levenson Keohane, Wed, Feb. 21
Executive Director, Pershing Square Foundation
*Keohane, "Capital and the Common Good," Introduction
Lecture 11: Corporate Stocks Fri, Feb. 23
Fabozzi, Ch 18 “The Structure of the Common Stock Market”
Shiller, Irrational Exuberance, Ch. 1, The Stock Market in Historical Perspective; and Appendix, Nobel Prize Lecture, Speculative Asset Prices, pp. 243-58.
Lecture 12: Real Estate Mon, Feb. 26
Fabozzi, Ch. 25 “The Residential Mortgage Market”; Ch. 26 “The Market for U.S. Agency Residential Mortgage-Backed Securities”
Foote, Christopher, Kristopher S. Gerardi and Paul S. Willen, “Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis,” Federal Reserve Bank of Boston, 2012.
Shiller, Irrational Exuberance, Ch. 3, The Real Estate Market in Historical Perspective
Lecture 13: Misbehavior, Crises, Regulation and Self-Regulation Wed, Feb 28
*Johnson, Simon, Rafael La Porta, Florencio Lopez-di-Silanos, and Andrei Shleifer, "Tunneling," American Economic Review, 2000, 90(2):22-7. (JSTOR)
Lecture 14: Banks Mon, Mar 5
Fabozzi, Ch. 4 “Depository Institutions”
*Scott, Kenneth, “Dodd-Frank: Resolution or Expropriation ?” Hoover Institution, Stanford University, 2012.
Lecture 15: Forward and Futures Markets Mon, Mar 26
Fabozzi, Ch 9, “Introduction to Linear Payoff Derivatives: Futures, Forwards and Swaps”
“A Long Road to Regulating Derivatives,” The New York Times, March 24, 2012.
*Working, Holbrook, "Futures Trading and Hedging," American Economic Review, June 1953, pp. 314-43. Reprinted in Selected Writings of Holbrook Working. (JSTOR)
*Melamed, Leo, For Crying Out Loud: From Open Outcry to the Electronic Screen, Wiley, 2009.
Lecture 16: Monetary Policy Wed, Mar 28
*Walter Bagehot, Lombard Street: A Description of the Money Market, New York: Scribner, Armstrong & Co, 1873. Ch. 2, A General View of Lombard St., p. 21-73.
Lecture 17: Options Markets Mon, Apr 2
Start Problem Set #5 options
Fabozzi, Ch 10, “Introduction to Nonlinear Payoff Derivatives: Options, Credit Default Swaps, Caps, and Floors;” Ch 28 “The Market for Equity Derivatives”
Shefrin, Hersh, and Meir Statman, “Behavioral Aspects of the Design and Marketing of Financial Products, Financial Management, 22(2):123-34, 1993.
Lecture 18: Investment Banks, Crowdfunding Wed, Apr 4
Fabozzi, Ch 7, “Investment Banking Firms.”
Moritz, Alexandra, “Crowdfunding: A Literature Review and Research Directions” 2016.
*O. Barr, William M. and John M. Conley, Fortune and Folly: The Wealth & Power of Institutional Investing, Business-One Irwin, Homewood Illinois, 1992
Lecture 19: Money Managers, and their Influence Mon, Apr 9
Fabozzi, Ch 6 “Managers of Collective Investment Vehicles”
*Ellis, Charles, The Partnership: The Making of Goldman Sachs, London, Penguin, 2008, Ch 11 Principles. (Reserve Bass)
Lecture 20: Exchanges, Brokers, Dealers, Clearinghouses Wed, Apr 11
Fabozzi, Ch 18, “The Structure of the Common Stock Market;” Ch 19, “Common Stock Strategies and Trading Arrangements.”
*Commodity Futures Trading Commission and Securities Exchange Commission, Findings Regarding the Market Events of May 6, 2010, Report to the Joint Advisory Committee on Emerging Regulatory Issues, Washington DC: U.S. Commodity Futures Trading Commission, September 30, 2010.
Lecture 21: Public Finance Mon, Apr 16
Fabozzi, Ch 21, “Treasury and Agency Securities Markets; Ch 22, “Municipal Securities Markets”
*Seligman, Edwin R. A., The Income Tax: A Study of the History, Theory, and Practice of Income Taxation at Home and Abroad, 2nd Edition, New York: MacMillan, 1914. Ch. 1, The Development of a Norm of Taxation, p. 3; Ch. 2, Property as a Test of Faculty, p. 6; Ch. 3, Expenditure and Product as Tests of Faculty, p. 10; Ch. 4, Income as a Test of Faculty, pp 15-18; and Ch. 8 The Graduation of Taxation, pp. 29-33.
Lecture 22: Nonprofits, Cooperatives, Philanthropy Wed, Apr 18
Quincy, Josiah, “Co-operative Societies,” Christian Union, January 21, 1880, p. 52 (via ProQuest)
Lecture 23: Finding your Purpose in a World of Financial Capitalism Mon, Apr 23
Unger, Peter, Living High and Letting Die: Our Illusion of Innocence, New York: Oxford University Press, 1996
Sumner, William Graham, What the Social Classes Owe Each Other, New York: Harper Brothers, 1883, Ch III, “That It Is Not Wicked to Be Rich,” pp. 43-57.
*O’Hara, Maureen, Something for Nothing: Arbitrage and Ethics on Wall Street, W. W. Norton, 2016.
Lecture 24: TBD – Last Class - Review Wed, Apr 25
