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2024-11-21
Adaptive Markets 2024 pdf epub mobi 电子书
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...
评分看得真是手不释卷。 还没看完。 讲了很多。 大概是讲: 情绪是理性的基础,人类把对之前环境适应的反应内化成了情绪,是理性,高效的。但一旦环境变了,这种原本适应环境的行为在新的条件下就非常不理智了。在市场上也是这样。 很难一下总结。 先记个例子吧 就是投资的人都知道...
评分作者是专业学者。全书是作者的专业理论的科普,内容涉及到心理学、进化论、金融等多个学科,几乎没有公式,有一些专业的图表。篇幅较长,有43万字,正文355页,注释与引用60页。信息浓度比较高。在经管类畅销书中算是比较烧脑的作品了。 作者在学术界提出了“适应性市场假说”...
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...
评分作者是专业学者。全书是作者的专业理论的科普,内容涉及到心理学、进化论、金融等多个学科,几乎没有公式,有一些专业的图表。篇幅较长,有43万字,正文355页,注释与引用60页。信息浓度比较高。在经管类畅销书中算是比较烧脑的作品了。 作者在学术界提出了“适应性市场假说”...
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.
抱负强大,嫁接进化论,神经学,行为学,和财务学,独创一套理论挑战其他在位理论。用力很猛,材料丰富,文笔一般。
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
评分就像另一个安老师所说:economics is great place to get questions, but shitty place to get answers. 罗老师这本书差不多总结了近十几年他的paper,试图用一个大一统的理论框架把所有东西套进去,理论本身并不高明,没有特别多闪闪发光的犀利的新颖的观点,但是罗老师涉猎广泛,而且是个特别好的storyteller。与其说是理论,更不如说是种变化的世界观,最重要的是罗老师是个好人,宣扬的是正能量,善比聪明重要。内容三星正能量加一星。
评分Andrew Lo把这些年来的研究堆叠在一起,说是created a new theroy。读完并未感觉豁然开朗。太多的铺陈以至于失却了主题。最后关于harvey lodish的故事打动人心。
评分陆陆续续读了很久。如果关于挤掉关于智人演化,行为偏差,风险管理基础知识介绍,金融危机简史,对未来社会发展进步展望的水分,这本书的中心思想可以20页篇幅内说完的。定位在后EMH概念的adaptive market介绍,科普读物罢了,谨慎过誉。
Adaptive Markets 2024 pdf epub mobi 电子书