So, there's been a number of articles that documented that stock prices tend to jump shortly after options are issued to managers.

有一些文章记载表明,在公司发给经理们股票期权之后,股票的价格往往会出现短期激涨

耶鲁公开课 - 金融市场课程节选

That's what portfolio managers are supposed to be doing all the time.

也是投资组合经理们一直应该在做的事。

耶鲁公开课 - 金融市场课程节选

I mean, you could say, well that means the options are really working well because it really motivated the managers and they did something and made the company worth more.

我的意思是,你可以说,这是因为股票期权激励机制起作用了,因为它的确激励了经理们,这些经理为之付出努力并使公司市值更高

耶鲁公开课 - 金融市场课程节选

So that staggering amount of money then impairs the fund managers' ability to continue generating excellent returns, but they can stay in business and collect the fees that they get for having this huge pile of money.

于是这巨额的资金,会削弱基金经理,持续创造高收益的能力,但经理们依旧能保住饭碗,一如既往地从巨额资金中获得佣金

耶鲁公开课 - 金融市场课程节选

If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.

如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价

耶鲁公开课 - 金融市场课程节选