金融交易与市场结构2013夏第五课.pptVIP

金融交易与市场结构 2013年夏 第五课 some interesting thoughts Market Efficiency 工业社会的特征和观念 为了生存需要提升效率 为了效率希望能把人当机器使 机器：为了提升效率，将可描述可重复规则工具化的产物 科技日新月异，社会财富积累，可是很多人的工作永远消失了，结构性失业 Roberto Unger：没有人应该去干机器能干的活 核心主题：生存，效率，竞争 信息时代的特征 去中心化，重体验感受 要么你追求和别人不一样的目标，要么走不一样的路 萨特：人是自己的选择 自己对自己负责 自己为自己选择 自己学会成长 核心词是：自由，快乐，个性 Some word-pairs Compete-Socialize Produce-Experience Protect-Explore Optimize-Imagine Laborious-Joyful Discipline-Individual Instruct-Inspire Market efficiency Three forms cost to acquire information and profitably trade upon academic arguments for efficient market hypothesis Recent (and renewed) attack by Soros Trade-off between liquidity and informative prices uninformed traders lose to pay for information which goes into price total benefits to the economy of the informative prices probably greatly outweigh the above cost Benefits of Public Information advancing both objectives of liquidity and price efficiency allow trader to know value better lower the cost to be a informed trader information services provided by private sectors 作业题 Question 1：In their race to profit, informed traders often duplicate their research efforts, since research is often very expensive,these duplicative efforts suggest that the competition among informed trader creates economic inefficiencies. Should informed trader collude to lower their costs? Would their collusion make prices more efficient? Should regulators address this issue? If so, how? 私募圈的那些事儿：大难当头各自飞的利益同盟 　　初夏的傍晚，深圳一家幽静的餐厅，一个包房内觥筹交错，关于一只创业板股票的讨论正在火热地进行着。“还有30%的上涨空间，到时候我至少可以收获200% 的收益！”一位私募人士言语间难掩兴奋，在座的其他人则报以点头微笑。 　　公募的抱团取暖曾经饱受诟病。实际上，在私募圈内，几家私募公司联合重仓一只股票，不断抬高太高股价的情况也不少见。只不过私募本身的不透明性让这些小圈子更加隐秘。 推荐阅读