Name: 1.なぜファイナンス？ (1. Why Finance?)
Uploaded: 2021-01-14T05:55:39.000Z
Duration: 1 h 14 min 17 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

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Prof: So anyway, the course I'm going to teach

未来形

I'm going to spend the first half of the class talking about

the course and why you might be interested in it,

and then I'm going to start with the course.

There are not that many lectures available in the

semester so I'm not going to waste this one.

So the first half of the class is going to be about why to

study it and the mechanics of the course,

and the second half of the lecture is going to be actually

It'll give you maybe an idea of whether you'll find the course

So I think I'll turn this--I won't have too much PowerPoint

So you should know that finance was not taught until ten years

It was regarded by the deans and the classically minded

faculty of the arts and sciences as a vocational subject not

worthy of being taught to Yale undergraduates.

however, in the world and there was a band of business school

Steve Ross, Myron Scholes, Merton Miller,

who had a huge following in business schools teaching the

Wall Street, and more or less dominated the

Finance became the most highly paid profession.

It became the most highly paid faculty in the university,

although they were all in business schools.

There are more physics PhDs working in finance now than

So this merry band of financial theory professors didn't really

They believed markets left unfettered worked best of all.

They believed in what they called efficient markets and the

idea that asset prices reflect all the available possible

So an implication of that is that if you want to find out

whether a company's doing well or not you don't have to take

the trouble to read all their financial reports,

If you wanted to know whether a country's doing well or not you

don't have to study its entire political system and current

market of the country and that'll tell you.

They believed that you could make as good returns in the

market as a lay person as you could as an expert because all

the experts were competing to try and get the best possible

reflected all their knowledge and wisdom and opinions and so

the lay person could take advantage of that by buying

Everybody should be an investor, they felt.

A monkey throwing darts at a dart board would do as well as

Now, their own theory was basically contradicted by their

own experience because all of them seemed to go out into the

world and invest, and almost all of them made

extraordinary returns and made a huge amount of money all of

which made them even less popular in the faculty of arts

So, a critical part of their theory was that the markets were

so efficient, driven by people like them who

are competing to exploit every advantage,

and therefore compete away every advantage,

and by doing that put all the information they have into the

The implication of that theory is that there's an

extraordinarily clever way of computing the value of most

investment assets, and about deciding when a

financial decision's a good thing to do or not,

and that was the heart of what they taught in these business

assets and making optimal financial decisions.

One striking thing is that the people they studied,

the business people and the investment bankers they studied

So this had never happened in academia before.

I mean, anthropologists study primitive tribes and different

kinds of people all the time and not one of them,

I venture to say, has ever taken over all the

language invented by anthropologists to behave

but the business people that these professors were studying

ended up using exactly the language created in academia.

There was no divide between economists and finance people,

At Yale the greatest economists in Yale's history were actually

Maybe they were financial economists to begin with.

So the greatest Yale economist of the first half of the

twentieth century was Irving Fisher who you hear a lot about.

He wrote, possibly, the first economics PhD at

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1.なぜファイナンス？ (1. Why Finance?)

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