Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management and director of the MIT Laboratory for Financial Engineering. He is the author of Hedge Funds and the coauthor of A Non-Random Walk Down Wall Street and The Econometrics of Financial Markets (all Princeton). He is also the founder of AlphaSimplex Group, a quantitative investment management company based in Cambridge, Massachusetts.
发表于2024-12-22
Adaptive Markets 2024 pdf epub mobi 电子书
人类实时形成的贴现率曲线在一张图上的形状类似于双曲线——短期内非常高,在长期内非常平坦——因此被称为双曲贴现。 尤金·法玛有一个聪明的方法来避免双曲贴现陷阱。当法码被邀请演讲或参与一些商业活动时,他说了一个决定是否接受的简单规则:无论一件事情有多遥远,他会问...
评分从西方经济学体系开始建立,市场就一直高傲地在那里,任各路专家、各路商人、各路散民研究探索,有时给人类很大自信,有时给人类重重一击。数字、逻辑、心理,对市场的解读似乎都对,又似乎都不准。有效市场和理性经济人假说都知道是绝对情况,但丝毫不影响经济学家们用模型算...
评分书只看了一小半,看到了一些批评的声音,一些看法,权做讨论。 应该是基于我们传统的思维习惯,我们国人在看书的时候比较执迷于一套闭合的体系:逻辑严密,框架规整,也即偏好于一套自圆其说、充分自洽的理论,放之四海皆准,更优。因此很多读老外书的人常常大失所望,因为老外...
评分有人批评说经济学家们有一种“羡慕物理学”情结——沉迷于构建精确的数学模型,而不是去研究凌乱的现实世界。但一本新书认为,经济学家一直以来找错了对标的科学方向,他们本应该专注于生物学。 这一思想源自“行为经济学”学派。该学派指出,人类并不是某些模型所依赖的那种超...
评分因为朋友推荐,以及亚马逊上评价还算不错,于是找来看了看 挺失望的 如果你看过Misbehaving (行为经济学),A Man for All Markets (对冲基金), Skin in the Game (风险、非理性行为与survival的关系) 能从这本书里面学到的东西会非常的少 另一方面,书中花了相当篇幅介绍神经科...
图书标签: 金融 经济学 金融学 进化论 生物学 进化 英文书 金融知识
Half of all Americans have money in the stock market, yet economists can't agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe--and as financial bubbles, crashes, and crises suggest. This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.
Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.
A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications--including how hedge funds have become the Galapagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.
An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.
作者不愧是男神,了解的面好广,最后回归于金融本身。就像作者最后一部分所说:金融不单单是赚钱的机器,金融是可以以别样的方式贡献社会的。这一点也是我所信奉的,读的好爽!
评分从以往的了解,罗闻全开创了生物金融学这个领域,试图证明损失厌恶等异象为常态,在本书中作者试图挑战有效市场假说,提出了适应性市场假说,这种观点还有待商榷,这本书总体而言还可读,但是并没有达到预期
评分从以往的了解,罗闻全开创了生物金融学这个领域,试图证明损失厌恶等异象为常态,在本书中作者试图挑战有效市场假说,提出了适应性市场假说,这种观点还有待商榷,这本书总体而言还可读,但是并没有达到预期
评分罗大哥最大的功力就是特别能扯淡,去Youtube看看他的talk就会觉得你说什么我都信。可是看完又觉得写得有些混乱。书的前半部分很好地反驳了EMH,但后半部分究竟要怎么构建并推广AMH还是不清楚。感觉目前AMH仍旧是大而空的概念。而且男神最近的publication有点跑偏,做的好的神经科学+finance还是看Camelia Kuhnen。
评分差点就弃了,因为这个家伙说话实在太啰嗦!!但是,用盲人摸象的办法,以及不错的文笔,写了一个其实似是而非的理论
Adaptive Markets 2024 pdf epub mobi 电子书