视频经济学金融市场 11 股票StocksWord文档下载推荐.docx
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视频经济学金融市场 11 股票StocksWord文档下载推荐.docx
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Tunneling,"
AmericanEconomicReview,2000,90
(2),pp.22-7.
FinancialMarkets:
Lecture11Transcript
February20,2008
ProfessorRobertShiller:
Ibelievethatwestillhaveon,forFriday,StephenSchwarzman.Hesaidhewoulddoit.Ialwaysworryaboutpeoplewhohavesuchimportantbusinessesbecausesomebigdealmaybecomeincrisisorsomething;
peoplelikethathavetroublesometimesadheringtoaschedule.AsfarasIknowwe'
regettinghim,soIhopethatyouwillallbeabletocomethisFriday,here,attheusualtime.Ifthere'
sanyproblemwithhisappearingIwillemailyou.
Asyouknow,StephenSchwarzmanisagraduateofYaleCollegeandhe'
soneofthegreatstoriesofourcentury.Hecreatedjustaboutthebiggestprivateequityfirmfromscratchin1985andIguesstheyjustwentpublicandtheyhaveahugemarketcap.They'
recomparabletooneofthebiggestoldlineinvestmentbanksinNewYork.Hejust--heandPeterPeterson--justcreateditsoIthinkitwillbeveryinterestingtohearhim.Again,you'
llhaveachancetoquestionhimaboutwhathe'
sdone.IputonthereadinglistTheNewYorkerarticlethat'
soutrightnow.Wellactually,Iguessitcameoutacoupleofweeksago,butit'
suponoursyllabus.IthinkImightwanttotakeitdownbeforehecomes.I'
mgoingtoturn--I'
mgoingtoreflectonthisbecausehemaynotbepleasedwiththearticle.It'
saveryhard-hittingcriticalarticle.Hehadtobeatoughbusinessmantoarrivewhereheis.TheNewYorkerarticletalksaboutthepriceofhiscondo--orco-op--inNewYork,whichsetsomerecord,andsotheytellthingslikethat.
IwasjustyesterdayinLondonandpeopleliketogossipaboutthingslikethat.ThelimodriverwasdrivingmetotheairportandwaspointingoutthescenesinLondon.Hesaid,youknowthatbuilding?
SomeArabSheikhjustpaidonehundredmillionpoundsforthatapartment--thatpenthouseapartment--inthatbuildingandthesameSheikhisorderingaAirbusforhis--oneofthesebigAirbusairplanes--forhispersonalplaneandhe'
shavingitplatedwithgoldleaf.Didyouhearthisstory?
Doesanyone--isthistrue?
Thislimodrivertoldmethisyesterday;
hesaidit'
sgoingtocosthimfivehundredmillionpoundsorsomethinglikethattodothis.Thesearegossip.Therealsubstanceiswhatthemandoes--orwomandoes--fortheworld.
So,Igleanedherealistofsomeofthecharitiesthat--StephenSchwarzmanisamajorphilanthropist.HesetupsomethingcalledTheBlackstoneFoundationfromtheBlackstoneGroupandhe'
samajordonororcollaboratorwiththeFrickCollection,TheWhitneyMuseum,PhoenixHouse,TheRedCross,TheInnerCityScholarshipFund,NewYorkCityOutwardBound,andtheAsiaSociety.Ithinkthat'
stherealthingweshouldtalkabout,notthesizeofhispenthouse.So,Imighttrytofindamoreeven-handedaccountandputthatuponthewebsite.Incidentally,there'
ssortofaresemblancebetweenhimandDavidSwenseninthe–well,firstofall,they'
rebothphenomenallysuccessful,buttheybothareemphasizingalternativeinvestments.They'
renotstraight-lacedold-fashioned;
they'
rewillingtotakeexperiments.Ithinkheshouldbeveryinteresting;
that'
sFridayat9.
IwanttotalkaboutthestockmarkettodayandIthoughtIwouldkeepitmoreorlessbasicbecauseIthink--Iwanttoemphasizebasicconcepts.AlotI'
mgoingtotalkaboutisModigliani-MillerbutI'
mnotgoingtogettoodeepintoit,maybeinyourreviewsectionsyoucangetmoretechnical.I'
mgoingtojusttalkaboutitintheveryintuitive,directterms.Whatarestocks?
Ithinktheideaofastockmusthavebeeninventedindependentlyatmanytimesinhistory.Theword"
shares"
isthefundamentalword.Supposeyouarestartingabusinesswithsomebody--itcouldbeatanytimeinhistory--Babyloniaorsomething--thismusthavehappened.Agroupofpeoplestartsabusinessandtheysay,let'
sdivideuptheproceeds.That'
sverydirect,isn'
tit?
Ifwe'
reallworkingtogetherwedivideuptheproceeds.Thatmeanswe'
reallocatingshares.Now,Idon'
tknowhowfarbackitgoesbutitmustbethatinancienttimessomepeoplewouldsay,allrightyou'
regoingtobedoingmoreworkoryou'
recontributingmoretothisenterprise,we'
llgiveyouabiggershareoftheprofits.That'
ssobasic,itmusthavehappenedamilliontimesandthat'
sthebasicideaofthestockmarket.Allitisisthatwe'
vegotitmuchmorehigh-flownandmuchmorelegalizedthan--thebasicideaisthatyouhavetohavesharesinsomething--abusiness--andtheideagoesbackclearlytoancientRome.
Let'
sconsiderabusinessassortofapersonwhoisowned,likeaslave,whoisownedbyotherpeople.Inlaw,theword"
person"
doesn'
tmeanwhatyouthinkitmeans.There'
s--inlaw,a"
naturalperson"
isyouandme;
people,realfleshandbloodindividualsarecallednaturalpersons.Butwhenwesay"
person,"
italso--that'
smoregeneral--italsoincludescorporation.Theword"
corporation"
comesfromtheLatin,corpus,meaningbody,soit'
sanembodiment.Wecreateanentitythat,intheeyesofthelaw,islikeanindividual.Itmaybeownedbyotherindividualsbutithasitsownrightsandresponsibilitiesasifitwereaperson.InancientRome,corporationswerecalledpublicani--that'
sLatin;
thepublicaniwerecompanieslikewehavetoday.AccordingtotheresearchofUlrikeMalmendieratStanford,shethinksthatthestockmarketinancientRomewasdoneonthestreet--ontheRomanForum--andshecantellyouwhere.WhenyougotoRome,youcanwalkandseewhat'
sleftoftheirstockmarket.Itneverflourishedreallyuntilrelativelymoderntimes.
Theidea,ofcourse,isthatwehavealegalentity--acorporation--thatissuessharesthatareeithergiventopeopleorpurchasedbypeopleandtheideaisthatsharesrepresentcontributions.Yougivesharestosomeonewhoiscontributingtotheenterprise.Youcan--whenyousetupacorporationtherearedifferentkindsofrelationshipsthatpeoplemighthavewithacorporation.Oneofthemisasashareholderandtheshareholdergetsashare--isentitledtoashare--oftheprofits.Therearealsoemployeeswhogetwagesandthat'
sverydifferent.Theyhavealaborcontractthatspecifieshowmuchtheywillget.Thenyouhavedebtorsandotherpeoplewithotherrelationships.
Thefundamentaloneistheshareholderbecausetheshareholderownsthecorporation.Asit'
sevolvedinmoderntimes,thecorporationhasacharterorbylaws.Whenyoucreateacorporationyouwriteupacontract,whichspecifiestherulesofthecorporation;
it'
slikeaconstitutionforthecorporation.Also,thelawofthestateinwhichthecorporationischarteredalsoputsrestrictionsonwhatcanbeinthebylaws.Notably,it'
stypicallyrequiredthatit'
soneshare,onevoteandthatthere'
sa--itwouldbealsorequiredthattherebeanannualmeeting--atleastonceayear,ashareholdermeeting--andthentheshareholderscanvoteonrelevantissues.
Oneofthemostimportantissuesthenistoelectaboardofdirectors.Thestatelawprobablyrequiresthatacorporationhaveaboardofdirectors,butit'
salsosomethingthatcanbedefinedatthetimethatyoucreatethecorporationinthebylaws.It'
snotsomethingyoucandojustwhateveryouwant.Statelawhasrequirementsfortheboardofdirectorsand--I'
mjustgoingtotalkinverybasicterms.Theusualstructureisoneshareholder,onevote.Attheannualmeeting,theshareholderscancomeandelectaboardandtheboardthenisinchargeofthecompany.Theboardhiresthepresidentorchiefexecutiveofficerandothertopofficersofthecompanyandtheyserveasemployeesoftheboard.Thetheoryisthattheshareholdersareincontrolbecausetheyelecttheboardandtheboardhiresthepresidentandit'
sdemocratic.I'
mgoingtocomebacktoit;
itdoesn'
talwaysworkoutasperfectlyasyouwant.
Nowthere'
sbasically–thereareimportantdistinctionsbetweentwokindsofcorporations.There'
sfor-profitandnon-profit.I'
vebeendescribingafor-profitcorporation,whichistheusualvariety.Non-profitcorporationswillalsohaveaboardofdirectorsbuttheywillnothaveanyshareholders.There'
safundamentaldifferenceinthecharterandthewaythegovernmentreactstothem.Thenon-profitorganizationorcorporationissetuptoadvancesomecauseanditisnotownedbyanyone.Theshareprice,youcouldsay,isidenticallyzero.Actually,youcan'
tsaywhatthesharepriceisbecausetherearezerosharesandtheyhaveazeroprice,sothevalueofthepricepershareiszerooverzeroandyoucan'
tdefineit.YaleUniversityisanon-profitcorporation;
thepriceofashareinYaleUniversityisundefined--it'
szerooverzero.Ithasaboardthatrunsit,buttheboardisnot
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