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I start $100 as the average price of the stock, what should the average price of the stock be?
我把100美元作为股票的初始平均值，你们觉得这个股价的平均值应该是多少呢？
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I won't be able to show you what a market does unless I have stocks, but I can look at what an individual stock does without having a market.
我不会在没有股票的时候,就给你讲股市应该是怎么样的，但是我可以在没有股市的情况下,先去看单独的股票。
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Well there actually was a stock market in Russia before 1918 and in China before 1949, so what happened to investors?
实际上,俄罗斯在1918年前,中国在1949年前设有股票市场,那么投资者会得到怎样的回报呢
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And that's essentially what we saw people have more nucleus accumbens activation priority choice " they are more likely to choose that stock.
这就是我们得到的结果,在作出选择时，受试者的伏隔核活动越多,他们就越有可能选择“股票。
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Some people don't even know what a dividend is, they just think of stock as something whose price goes up.
有些人甚至都不知道股利是什么,他们仅仅把股票想象为一种会升值的玩意
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What I think the mutual fund industry has turned into, largely, is a stock picking industry, not a portfolio diversification industry.
我认为,共同基金行业在很大程度上,已经演变成选股行业,而非投资组合多样化行业
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And so there's an upward bias to the stock market, contrary to what you may have seen recently.
所以对股票市场来说是有一种上涨的倾向，这和你们最近看到的情况相反。
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You have closed end funds, trade as a security listed on the stock exchange, but what they do is own other securities.
假如你持有封闭式基金，这种基金在证券交易所作为一种债券进行交易，但是实际上它们做的是持有其他债券。
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So in fact, it is the case, if you look at data, and by the way, that's the way I ended up setting a lot of these parameters and playing with it, was comparing what my simulation said to historical stock data.
所以实际上，在这个例子中，如果你看到数据，顺便说一下，这就是我设置很多变量,然后编程的方式，也就是把我的仿真程序得到的结果,和历史股票数据进行比较。
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Now we need to think about a model of the stock market And the model we're going to use is based on what's called the Efficient Market Hypothesis.
现在需要想一想一个股市的模型是怎样的,我们要用的模型是,基于有效率市场假说的。
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Then you might ask, why in the world do companies issue stock dividends anyway, what's the point?
你可能要问,那公司发放股票股利到底是为了什么呢,意义何在
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If they're going to pay stock dividends and try to fool us, what's going to happen?
如果发股票股利只是为了愚弄我们的话,接下来会发生什么呢
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When you go to Rome, you can walk and see what's left of their stock market.
如果你去罗马的话,可以去看看当时证券市场的遗迹
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So, you don't care what the letter says-- whether it says dividend or stock repurchase.
所以你不必在意信上怎么写,不管它说是分红还是股票回购
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OK, that it doesn't matter what the price of the stock was yesterday.
无论昨天的股价是多少,今天它的价格就是。
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If someone were recommending you a stock, you'd first say, what is its dividend?
如果某人向你推荐一支股票,你会问,股利如何
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What is the probability that the stock market will go up this year?
今年的股票市场,会走高的概率是多少
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For companies that we thought had backdated stock options, that we could buy their bonds at what they would trade for without this potential event of default.
对于那些我们认为已经追溯股票期权的公司，我们会在没有潜在违约风险下进行交易的价格,购买他们的债券。
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Well what it means is that starting in the 1930s we began to think of central banks as managing the money stock to stabilize the economy.
好吧，它意味着从二十世纪三十年代开始,我们就认为中央银行是,为了稳定经济而,管理金融债券的。
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You can call your broker and say, I'd like to short stock number one and what the broker will do is borrow the shares on your behalf and sell them and then you own negative shares.
你可以打电话给你的经纪人说，我要做空一号股票,经纪人就会在你的名下赊入这些股票,然后卖掉,这样你就拥有数量为负的股票了。
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He said all this--this thing that I have up here-- well the previous slide, showing the dividend earnings ratio--it's just cultural; it means nothing because, to some extent, what's not shown in that diagram was the stock repurchase.
他是这么描述的,在这里,在上一张幻灯片中,展示了股利收益比,这跟文化相关,但却无意义,在某种意义上,在图表中没有展示出股票回购
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If I went back to my office after speaking with you this morning and took Yale's $22.5 billion dollars and put all of it into Google stock, asset allocation would have very little to say about what Yale's returns would be.
如果我今早下课之后回到办公室,把耶鲁的225亿美元,全部投资于谷歌股票,资产配置在这种情况下,对耶鲁的回报率就没有多少影响了
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Make move is what we call to change the price of a stock, at the beginning or end of a day if you will.
我们调用Make，move按照你的意愿早一天，开始或者结束的时候去改变一个股票的价格。
应用推荐