.. I wanted to just give some-- often the inventions that occur in finance, they seem in a way obvious.
我想说一些-,在金融领域常见的发明,从某种程度上来看,他们是很显见的。
A couple of you, well this could be-- In fact, some engineering schools offer courses in finance, did you know that?
有几位,好的,事实上,有些工程类院校,也开金融学的课,你们知道吗
It's true that there are negative effects to the public finance of the Czech government because there are increased health care costs for people who develop smoking-related diseases.
它确实会对捷克政府的,公共财政产生负效应,因为吸烟造成的疾病,会增加医疗支出。
Then I want to talk about mortgages, which is the way that we finance both commercial and owner-occupied real estate.
然后再讲一下抵押贷款,它可以为,商业地产和自住房产提供融资
I wanted to list a few errors that are well-known and that are exploited by unscrupulous people in finance.
我先罗列一些大家熟知的错误,这些错误常常被无良的人在金融领域中利用
There's a term--I should write some of my terms down-- a very important term in finance and that's "dilution."
有一个词,我把它写下来,金融学中非常重要的词,叫"摊薄"
According to a time-honored tradition in finance, it says that it's a promise to pay $1, but it's not worth $1 today.
由于资金有时间价值,他说他承诺支付一美元,但在此时此刻它并不值一美元
That's part of public finance--is learning how to modify the tax system so that it works pretty well.
公共财政学的一个课题就是,研究如何改进税收制度,使其更有效。
.. In the capital asset pricing model, in finance-- this is the most famous model in finance.
金融学里的资本资产定价模型-,是金融学里最有名的模型。
The price of paper fell and created opportunity for record-keeping, which was very important because that's what finance is built-- you need financial records.
纸价下跌,从而使得纸质记录成为了可能,这点至关重要,因为这是金融立身之本-,人们需要财务记录。
The most important--The most successful people in finance, I believe, end up giving the money away and that means--you can't consume a billion dollars.
最重要的...在金融领域最成功的人士,我认为最终会把钱捐出去,这就意味着...你不可能花十亿美元
We're going to be talking about these in finance in regards to returns because-- generally the idea here is that we want high returns.
接下来我们讨论它们在金融学中的应用,从收益的角度来说,一般我们都渴望高收益
Maybe they're not- Maybe they're in publishing or some other field but they understand finance and a lot of them are directly in finance.
也许他们不是...,也许一些人是从事出版业的,或是其他的行业的,但是他们都懂金融,而且他们中很多人直接从事金融业
What I'm really referring to is what I think is the very original, the deep concept that underlies theoretical finance-- I wanted to get that first.
今天我要教授的知识,我认为是金融理论中最基本最核心的概念,我想先说说这个
The problem with finance is that it's a beautiful -financial institutions are beautiful structures but they only are as good as the people who use them.
金融业的问题是...,金融机构的结构十分巧妙,但它们的优劣取决于从业人员
There is another course--we have two basic courses in finance for undergraduates at Yale.
还有另外一门课,耶鲁共为,大学生准备了两门金融方面的基础课程
Then it becomes a theory of-- all of finance comes in as well.
这也形成了一种资金流入的相关理论。
That's what, in principle, we can do and what I think is the most important concept in finance--this concept of risk pooling.
原则上,这就是我们能做的,我认为这也是金融业最重要的概念,即风险汇聚及分摊。
It's a very important observation in finance that returns on a lot of speculative assets have fat-tailed distributions.
在金融界中,这是一种重要的观测方法,许多投机性资产的收益,都是服从长尾分布的
What finance theory is based on-- and much of economics is based on-- the idea that people want to maximize the expected utility of their wealth.
金融学理论建立在,并且很多经济学的都是建立在,人们希望能使自己对,财富的期望效用最大化这一基础上
It's actually--our International Center for Finance is sort of a museum for defaulted bonds.
实际上,我们的国际金融中心,有点像违约债券的博物馆
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