SIPC did a survey of the U.S.population and this is one of the--In 2001, this is one of the questions SIPC asked.

证券投资者保护公司做过全民调查,在2001年,证券投资者保护公司调查问卷的问题之一

耶鲁公开课 - 金融市场课程节选

So the issue is going to be which firm does each consumer go and buy their product from.

所以问题变成了每个消费者,去哪家公司买东西

耶鲁公开课 - 博弈论课程节选

This is one the questions I get a lot from people who just staring out and say "Wow, technology has changed so much last five years, 10 years, 15 years, 20 years." Are all the great companies created?

这是我从很多只是向窗外眺望，然后说,“科技在近5年，10年，15年亦或是20年里,发展如此飞速“的人那儿得到的一个问题，所有伟大的公司都是创造出来的吗？

斯坦福公开课 - 微软CEO-Steve.Ballmer谈科技的未来课程节选

But the challenge is that we really didn't have a business model at that time.

但问题是,那时公司没有一个商业模式。

斯坦福公开课 - 百度CEO李彦宏演讲：全球最大搜索引擎的发展课程节选

The problem is, if your brokerage firm fails you could lose a lot; you could lose your cash account and your security account.

可问题是,一旦经纪公司破产,你可能损失惨重,赔光你现金账户和证券账户上所有的资金

耶鲁公开课 - 金融市场课程节选

And if you see all the profits of the pharmaceutical companies and hospitals and all that, there are thousands of Non-profit-making institutions in this country.

如果说是利润的问题,医药公司,和医院的利润问题，有数千家,全国有非营利机构。

斯坦福公开课 - 经济学课程节选

Now, younger companies aren't so much in that.

现在，新的公司还不会有这样的问题。

斯坦福公开课 - 戴尔CEO-Michael.Dell谈创业和发展课程节选

I think it's a remarkable dynamic that Mark started this company in 2004 and that first generation the first nine or ten years of the Internet did not have a Facebook-like company that was thinking through it in a simple way.

我认为马克在2004年开办的这个公司的影响巨大,因为互联网初期的那代人用了九、十年,都没能创办一家像脸谱网一样的公司,能用简单的思维考虑问题。

斯坦福公开课 - 扎克伯格谈Facebook创业过程课程节选

So we know how prices are set, they're set by the firms, so the next question is where do the quantities come from?

现在我们知道了价格是怎么决定的,它们是由公司决定的,下一个问题是产量怎样得到

耶鲁公开课 - 博弈论课程节选

The other thing that I want to say about Modigliani and Miller is about corporate debt.

我想讲的另一个问题是,莫迪利阿尼和米勒还谈到了公司债务

耶鲁公开课 - 金融市场课程节选

Somebody else owned them, and discovered them, and demanded that they get paid, and ended up negotiating with the company, and we got a kicker.

其他人买了这些债券，发现了这个问题，然后要求偿付，到最后以和公司协商了事，然后我们得到了一个促销品。

耶鲁公开课 - 金融市场课程节选

The problem is even more severe when you're looking at mutual funds because there's kind of a cynical game that mutual fund management companies play.

当你去观察基金市场,会发现问题更严重,因为基金管理公司,会玩一个偷梁换柱的把戏

耶鲁公开课 - 金融市场课程节选

Then of course, there's the other problem that the insurance company-- how does the insurance company reasonably specify that it can come through on this policy?

之后，对保险公司来说,当然还存在其它问题-,保险公司怎样才能使一份保单上,载明的内容合理而有效被执行呢？

耶鲁公开课 - 金融市场课程节选

That's a complicated thing that accountants figure out and accountants find it difficult to define the earnings of a company, but they do something and they come up with a number.

会计们会计算这个复杂的问题,他们还会发现公司收益很难定义,但是他们会想办法,得出一个数字

耶鲁公开课 - 金融市场课程节选

They have to contend with something called moral hazard, which is the risk that people will be affected by the fact that they're insured and do something bad.

保险公司必须应对道德风险的问题,也就是说,有些人可能会因为购买了保险,而动了歪念来骗取保费

耶鲁公开课 - 金融市场课程节选

The other thing is moral hazard -this is that companies, once they borrow money from anybody, a bank or anyone else, they have an obligation, which is fixed in dollar terms.

另一个问题是道德风险,意思是说,一旦公司借了钱,无论是从银行还是其他渠道,他们就背负了一种义务,金钱的义务

耶鲁公开课 - 金融市场课程节选

The problem that's been revealed in finance literature is that there's an uncanny tendency for the stock price to go up after the company awards large quantities of options to its executives.

但一些金融文献中提到这样一个问题,即出现了一种诡异的趋势,一旦公司奖励了大量的股票期权给,公司管理层,之后股价就会上升

耶鲁公开课 - 金融市场课程节选

So, there will be new municipal bond insurers appearing that will take up slack and we'll be all right but the problem is that we may have a crisis for a while.

新的市政债券保险公司将会出现,那样我们暂时可以松口气,但是问题是,次贷危机将会延续相当长的时间

耶鲁公开课 - 金融市场课程节选

Suppose you are interested in investing in debt of companies, then you as an investor are subject to the problem that you might end up with the worst stuff if you don't watch out.

假设你有兴趣投资于公司债权,那么作为投资人你会面临这样一个问题,如果不谨慎,投资有可能会血本无归

耶鲁公开课 - 金融市场课程节选

So for most of you these decisions will be a question of whether you spend 20 hours a day at the firm or 21 hours a day at the firm, something like that.

对于大多数人来说就是要决定,你每天在公司工作20小时,还是每天工作21小时这样的问题

耶鲁公开课 - 博弈论课程节选

Again, that is a problem that lenders have that the company that's borrowing the money has this unfortunate incentive, at least at certain times, to take excessive risks because the debtors will end up bearing the losses.

这便是贷方遇到的又一问题,即借款公司可能会,抱有此种不良动机,至少在特定情况下会过分地追求风险,这样最终蒙受损失的将是债务人

耶鲁公开课 - 金融市场课程节选