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终于还是⾏为⾦融学拿了今年的诺贝尔为芒格喝彩2017年10⽉9⽇，2017诺贝尔奖最后⼀个奖项——经济学奖颁布，颁给了Richard H. Thaler，获奖原因是'for his contributions to behavioural economics'，表彰他在⾏为经济学（更倾向于⾏为⾦融学）⽅⾯的贡献，是⽼爷⼦⼀个⼈拿奖，值得庆贺。
⽼实说，这个奖项终于揭晓的时候，还是有点窃喜的。
12-14年读⾦融MBA的时候，和教授讨论过经济学、⾦融学的未来发展、现状问题等，当时最直观的问题就是股市⾥明明就是有⼈赔有⼈赚的，有效市场假说条件这么苛刻、现实社会太难达到，⽼师就提到了⾏为⾦融学，对我这个当时的⾦融⼩⽩来讲，很是感兴趣，讨教了不少问题。
⽼师还特意说⾏为⾦融学有很多借鉴⽣物学的地⽅，⽣物系统⾥有⾷物链、⾦字塔、有群体也有个体、有⽣物多样性，⾦融系统有很多类似的地⽅，⽐想象的更复杂、有⽣态。
从此记住了这个词，关注这个领域，没想到⼏年后拿了诺贝尔奖。
⼀. 什么是⾏为⾦融学behavior finance⾏为⾦融学是⾏为经济学behavior economics的分⽀。
根据定义，⾏为⾦融学是研究⼼理、社会、认知、情绪等因素在个体和机构经济决策中的作⽤，以及对市场价格、投资回报、资源分配产⽣的后果。
所以⾏为⾦融学算是交叉学科，是⾦融学、⼼理学、⾏为学、社会学等学科相交叉的边缘学科，⼒图揭⽰⾦融市场的⾮理性⾏为和决策规律。
同样在2013年获得诺贝尔奖的有效市场假说(efficient market hypothesis,EMH)简单假设所有⾦融市场的⼈都是理性的，不理性的⼈会被赶出市场。
要真是这样，那⾲菜怎么会⼀茬⼀茬地被割呢。
简单常识，这个假设没有考虑到⼈的寿命，这⼀波⾮理性的⼈被赶出市场，还有下⼀批新的⾮理性⼈冲进来。
与之相对，⾏为⾦融学认为市场上除了理性参与者，还有有限理性参与者，有限理性参与者是会犯错误的；在绝⼤多数时候，市场中理性和有限理性的投资者都是起作⽤的，共同决定市场价格。
英汉证券投资学术语Aactive portfolio strategy积极的投资组合策略actual margin实际保证金advance-decline line腾落指标advance-decline ratio涨跌比率American option美式期权announcement date宣布日anticipated term structure hypothesis期限结构预期说arbitrage pricing theory套价理论arbitrage pricing theory套利定价理论arbitrage pricing theory资本资产套价理论arbitrageur套利者arbitrageur套期图利者arbitrage套利arch yield curve拱收益率曲线ascending triangles pattern上升直角三角形at the money价平authorizing system核准制Bbalanced funds 平衡型基金balance of payments国际收支balance sheet资产负债表basis risk基差风险bear market熊市bearish 行情看跌behavioral assets pricing model行为资本资产定价理论behavioral portfolio theory行为组合理论Behavioural Finance行为金融学bond indexing债券指数化bond债券bonus share红股book value账面价值broker/dealer 券商bull market牛市buy shot买空buy-and-hold strategy购买并持有策略C calendar effects日历效应call option看涨期权call provision赎回条款candle stick line蜡烛线capital asset pricing model资本资产定价模型capital market line资本市场线cash account资金账户cash dividend现金股息cash flow现金流量cash ratio现金比率CDP逆势操作系统clearing house结算所close position平仓closed-end fund封闭型基金coincident indicators同步指标commission broker佣金经纪商common stock普通股票compound interest bond复利债券constant growth model不变增长模型contract investment fund契约型投资基金conversion discount转换贴水conversion maturity转换期限conversion parity price转换平价conversion premium转换升水conversion price转换价格conversion ration转换比例conversion value转换价值convertible bond可转换债券convertible preferred stock可转换优先股票convexity凸性corporate bond公司债券corporate investment Fund公司型投资基金correlation coefficient相关系数cost of carry持有成本coupon bond附息债券covariance effect协方差效应covariance协方差credit rating信用评级credit risk信用风险credit trade信用交易cross-border bond外国债券cum rights含权cumulative preferred stock累积优先股票currency futures货币期货currency reserve外汇储备current ratio流动比率current yield当前收益率cyclical industry周期型行业Ddebt ratio负债比率debt—equity ratio股东权益比率defensive industry防守型行业depositary receipts，DR存托凭证descending triangles pattern下降直角三角形direct investments直接投资direct issue直接发行directional movement index趋向指标discount bond贴现债券dividend payout ratio股息发放率dividend policy派息政策dividend股息dividend红利/股息domestic bond国内债券double tops and bottoms双重顶和双重底Dow Theory道氏理论duration 久期Eeconomic cycle经济周期economic growth经济增长economic value added,EVA经济增加值efficient market hypothesis，EMH有效市场假说ETF（Exchange Traded Funds）交易型开放式指数基金Euro bonds欧洲债券European option欧式期权exchange rate汇率ex-dividend date除息日ex-dividend除息exercise price履约价格exercise value履约价值expected return预期收益ex-right date除权日ex-right除权Fface value票面价值financial analysis财务分析financial bond金融债券financial derivative instruments金融衍生工具financial institutions金融机构fiscal policy财政政策Fisher's Index费雪指数fixed asset turnover固定资产周转率flags formation旗形floating rate bond浮动利率债券floor broker场内经纪商fund management基金管理fundamental analysis基本分析futures contract期货合约futures trading期货交易Ggap缺口gross profit margin毛利率growth industry增长型行业Hhead and shoulders bottom pattern头肩底head and shoulders top pattern头肩顶hedging套期保值holding period return持有期收益率Iimmunization strategy免疫策略imperfect competition不完全竞争in the money价内indexing指数法策略indifference curve无差异曲线indirect investments间接投资indirect issue间接发行individual investors个人投资者inflation risk通货膨胀风险initial margin初始保证金initial public offerings，IPOS首次公开发行institutional investors机构投资者interest coverage已获利息倍数interest rate futures利率期货interest rate risk利率风险interest term structure利率期限结构international bond国际债券international capital flow国际资本流动International Organization of Securities Commissions，IOSCO国际证监会组织intrinsic value内在价值inventory turnover存货周转率inverse yield curve反收益率曲线investment bank投资银行investment grade bond投资级债券investment投资issue price发行价格JJensen’ S performance index詹森业绩指数KLlagging indicators滞后指标Laspeyre index拉斯贝尔指数last trading day最后交易leading indicators先导性指标leader manager 牵头经理人liability funding strategies负债融资策略liquidation value清算价值liquidity preference hypothesis流动性偏好说LOF（Listed Open-ended Funds）上市开放式基金long position多头low-price-earnings-ratio effect低市盈率效应Mmargin call保证金通知margin trading保证金交易margin collateral保证金market capitalization市价总额market interest rate市场利率market order市价委托market price市场价格market risk市场风险mark-to-market逐日盯市merchant bank商人银行merger and acquisition兼并收购merger and acquisition收购兼并modern portfolio theory现代证券投资理论modified duration修正的持续期monetary indicator s货币指标monetary policy货币政策monopoly完全垄断moods人气Moody’s Investor Services Inc. 穆迪投资服务公司moving average line移动平均线m oving average移动平均线MTM动量指标multi—step growth model多元增长模型municipal bond市政债券NNASDAQ Composite纳斯达克综合指数near term trend 短暂趋势neck line颈线neglected-firm effect被忽略的公司效应net asset value per share每股净值net value资产净值Nikkei Index日经股价指数nominal rate of return名义收益率nominal yield票面收益率nonconvertible preferred stock不可转换优先股票noncumulative preferred stock非累积优先股票nonparticipating preferred stock非参与优先股票normal yield curve正收益率曲线NYSE Composite Index纽约股票交易所指数OOBV能量潮offset对冲oligopoly寡头垄断open position建仓open-end fund开放型基金operating risk，business risk经营风险option contract期权合约option premium期权费option期权order driven指令驱动OSE震荡量指标out of the money价外over bought & over sold超买超卖指标PPaasche Index帕氏指数par yield curve平收益率曲线participating preferred stock参与优先股票passive portfolio strategy消极的投资组合策略payment date派息日perfect competition完全竞争portfolio management证券组合管理position limit限仓制度preemptive right优先认股权preferred stock优先股票price discovery价格发现price index物价指数price limit涨跌停板制price priority价格优先price-earning ratio市盈率primary market一级市场primary trend主要趋势private placement私募发行proprietary trading自营prospectus招股说明书psychological line心理线public issue公募发行put option看跌期权QQFII(Qualified Foreign Institutional Investors)合格的境外机构投资者qualitative analysis定性分析quantitive analysis量因分析quick ratio速动比率Rrandom walk随机漫步real rate of return实际收益率receivables turnover应收账款周转率registering system注册制replicating portfolio复制性投资组合resistance line阻力线return on assets资产收益率return on net asset净资产收益率return on total capital投资收益率reversal patterns反转形态rights issue/offering 配股risk premium风险补偿、风险溢价road show路演rounding top and bottom patterns圆形顶和圆形底RSI relative strength index相对强弱指标Ssecondary trend次级趋势securities corporation证券公司securities exchange证券交易所securities investment fund证券投资基金securities investment证券投资securities issuer证券发行者securities issuing market证券发行市场securities有价证券security account证券账户security market line证券市场线segmented market hypothesis市场分割说sell shot卖空semi-strong form半强式有效形式sentiment indictors人气指标settlement结算Sharper’ S performance index夏普业绩指数Shell company空壳公司short position空头simple interest bond单利债券small-firm effect小公司效应specialist专业经纪商speculation grade bond投机级债券speculator投机者spot trade现货交易Standard & Poors Index普尔股票价格指数statement of cash flows现金流量表stock dividend股票股息stock futures股票期货stock index futures股票指数期货stock price index股价指数stock split股票分割stock, share, equity股票、股权stop loss limit order停止损失限价委托stop loss order停止损失委托strike price执行价；行使价strong form强式有效形式structured portfolio strategy结构化投资组合策略support line支撑线symmetrical triangles pattern对称三角形systematic risk系统风险Ttax swap税收掉期technical analysis技术分析time priority时间优先time value时间价值total asset turnover总资产周转率total risk总风险treasury bill短期国债treasury bond长期国债treasury note中期国债treasury/government bond国库券/政府债券trend line趋势线Treynor’ Sperformance Index特雷诺业绩指数triple tops and bottoms三重顶和三重底trustee信托受托人Uunderwriter证券承销商underwriting syndicate承销团,推销集团unsystematic risk非系统风险Vventure capital风险基金volatility波动volume ratio成交量比率volume成交量Wweak form弱式有效形式wedge formation楔形WMS％R威康指标Yyield curve收益率曲线yield to-maturity 到期收益率Zzero-coupon bond零息债券。
2012年英语二第二篇English Answer:The article highlights the multifaceted influence of artificial intelligence (AI) in diverse sectors of contemporary society. While AI presents tremendous opportunities for technological advancements and societal benefits, it also raises concerns about ethicalimplications and societal disparities.One of the most significant impacts of AI lies in its potential to augment human capabilities. AI-powered tools have the ability to enhance productivity, improve decision-making, and automate complex tasks. In industries such as healthcare, manufacturing, and finance, AI is being used to diagnose diseases, optimize production processes, and streamline financial operations. By reducing human error and increasing efficiency, AI has the potential to spark unprecedented technological breakthroughs and economic growth. However, it is crucial to strike a balance betweenautomation and human expertise to ensure that AI complements rather than replaces human labor.Simultaneously, AI raises concerns about ethical implications. As AI systems become more sophisticated, they may possess the ability to make complex decisions that have significant consequences. The question arises: who is ultimately responsible for the actions taken by AI algorithms? Ethical guidelines and regulations need to be established to ensure that AI is used responsibly and in alignment with human values. Additionally, there is a risk of bias in AI systems, which can lead to unfair or discriminatory outcomes. Careful consideration must be given to the data used to train AI models and the algorithms employed to make decisions.Furthermore, AI's impact on society raises questions of equity and inclusion. While AI can drive innovation and economic growth, it has the potential to exacerbateexisting societal disparities. Unequal access to AI technologies and the digital divide may lead to further marginalization of disadvantaged communities. Governmentsand organizations must work together to ensure that the benefits of AI are shared equitably and that everyone has the opportunity to participate in the digital economy.In conclusion, the advent of AI brings both profound opportunities and challenges to modern society. As we navigate the complexities of AI, it is essential to adopt a nuanced and multifaceted approach. We must harness the potential of AI to advance humanity while addressingethical concerns, minimizing societal disparities, and ensuring that AI serves the greater good.中文回答：人工智能（AI）对当代社会各行各业的影响是多方面的。
行政管理专业英语一、人力资源管理:(Human Resource Management ,HRM)人力资源经理:( human resource manager)高级管理人员:(executive) / i`gzekjutiv职业:(profession)道德标准:(ethics)操作工:(operative employees)专家:(specialist)人力资源认证协会:(the Human Resource Certification Institute,HRCI) 二、外部环境:(external environment)内部环境:(internal environment)政策:(policy)企业文化:(corporate culture)目标:(mission)股东:(shareholders)非正式组织:(informal organization)跨国公司:(multinational corporation,MNC)管理多样性:(managing diversity)三、工作:(job)职位:(posting)工作分析:(job analysis)工作说明:(job description)工作规范:(job specification)工作分析计划表:(job analysis schedule,JAS)职位分析问卷调查法:(Management Position DescriptionQuestionnaire,MPDQ)行政秘书:(executive secretary)地区服务经理助理:(assistant district service manager)四、人力资源计划:(Human Resource Planning,HRP)战略规划:(strategic planning)长期趋势:(long term trend)要求预测:(requirement forecast)供给预测:(availability forecast)管理人力储备:(management inventory)裁减:(downsizing)人力资源信息系统:(Human Resource Information System,HRIS)五、招聘:(recruitment)员工申请表:(employee requisition)招聘方法:(recruitment methods)内部提升:(Promotion From Within ,PFW)工作公告:(job posting)广告:(advertising)职业介绍所:(employment agency)特殊事件:(special events)实习:(internship)六、选择:(selection)选择率:(selection rate)简历:(resume)标准化:(standardization)有效性:(validity)客观性:(objectivity)规范:(norm)录用分数线:(cutoff score)准确度:(aiming)业务知识测试:(job knowledge tests)求职面试:(employment interview)非结构化面试:(unstructured interview)结构化面试:(structured interview)小组面试:(group interview)职业兴趣测试:(vocational interest tests)会议型面试:(board interview)七、组织变化与人力资源开发人力资源开发:(Human Resource Development,HRD)培训:(training)开发:(development)定位:(orientation)训练:(coaching)辅导:(mentoring)经营管理策略:(business games)案例研究:(case study)会议方法:(conference method)角色扮演:(role playing)工作轮换:(job rotating)在职培训:(on-the-job training ,OJT)媒介:(media)八、企业文化与组织发展企业文化:(corporate culture)组织发展:(organization development,OD)调查反馈:(survey feedback)质量圈:(quality circles)目标管理:(management by objective,MBO)全面质量管理:(Total Quality Management,TQM)团队建设:(team building)九、职业计划与发展职业:(career)职业计划:(career planning)职业道路:(career path)职业发展:(career development)自我评价:(self-assessment)职业动机:(career anchors)十、绩效评价绩效评价:(Performance Appraisal,PA)小组评价:(group appraisal)业绩评定表:(rating scales method)关键事件法:(critical incident method)排列法:(ranking method)平行比较法:(paired comparison)硬性分布法:(forced distribution method)晕圈错误:(halo error)宽松:(leniency)严格:(strictness)3600反馈:(360-degree feedback)叙述法:(essay method) 集中趋势:(central tendency)十一、报酬与福利报酬:(compensation) 直接经济报酬:(direct financial compensation) 间接经济报酬:(indirect financial compensation)非经济报酬:(no financial compensation)公平:(equity)外部公平:(external equity)内部公平:(internal equity)员工公平:(employee equity)小组公平:(team equity)工资水平领先者:(pay leaders)现行工资率:(going rate)工资水平居后者:(pay followers)劳动力市场:(labor market)工作评价:(job evaluation) 排列法:(ranking method) 分类法:(classification method) 因素比较法:(factor comparison method)评分法:(point method) 海氏指示图表个人能力分析法:(Hay GuideChart-profile Method)工作定价:(job pricing) 工资等级:(pay grade) 工资曲线:(wage curve) 工资幅度:(pay range)十二、福利和其它报酬问题福利(间接经济补偿)员工股权计划:(employee stock ownership plan,ESOP) 值班津贴:(shift differential)奖金:(incentive compensation) 分红制:(profit sharing)十三、安全与健康的工作环境安全:(safety) 健康:(health) 频率:(frequency rate) 紧张:(stress) 角色冲突:(role conflict) 催眠法:(hypnosis) 酗酒:(alcoholism) 十四、员工和劳动关系工会:(union) 地方工会:(local union) 行业工会:(craft union) 产业工会:(industrial union) 全国工会:(national union) 谈判组:(bargainingunion) 劳资谈判:(collective bargaining) 仲裁:(arbitration)罢工:(strike) 内部员工关系:(internal employee relations) 纪律:(discipline) 纪律处分:(disciplinary action)申诉:(grievance) 降职:(demotion) 调动:(transfer) 晋升:(promotion)1、操作工:(operative employees)－我认为operation staff更符合实际和贴切2、既然提到企业文化，我想加上愿景应该更好－愿景：（vision）3、目标:(mission) －mission翻译成使命更好，目标可以是goal，没有mission 这种使命感给人感觉更强烈；4、职位:(posting)－显然应该是position5、工作说明:(job description)－译成职位描述或许更加，HR专业术语中我们称其为JD6、行政秘书:(executive secretary)－应该是执行秘书，“执行秘书”比一般的“行政秘书”更高一级，基本等同主管级员工；7、地区服务经理助理:(assistant district service manager)－这个词组对一般企业来说基本没有意义，应该只是某个特定公司设置的特定职位。
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
{财务管理财务分析}经济管理学及财务知识分析人双语版three-month-oldcloneofMrCambiaso’sCuarteterafetched$800,000atauctioninBuenosAires —themostexpensivesaleinpolohistory.马球比赛各级管理机构同意克隆马参赛，但赛马5岁前很少上场，因此还没有一匹克隆马经过了比赛考验。
买家并未退缩。
坎比亚索先生一匹叫Cuartetera的马克隆出的一个后代才三个月大，就在布宜诺斯艾利斯拍卖会上卖得了80万美元，是马球史上最贵的一笔交易。
MrMeekerholdsanexclusivelicencetouseaspecifictechnique(theoneusedtocreateDollytheS heepin1996)toclonehorsesthathavebeen,ormightbe,usedforpolo.Thislicenceiswidelyrecog nised,butnotinArgentina,wherearivalcloningfirm,KheironLaboratories,beganoperationsinM arch.米克先生持有一张专营许可证，可使用一种专项技术（1996年曾用其克隆出了绵羊多莉）克隆曾经或可能的马球赛马。
这一许可证得到广泛认可，却不被阿根廷接受。
该国一家克隆公司喀戎实验室（KheironLaboratories）加入竞争，2012年3月开始运营。
Cuartetera,etcetera赛马Cuartetera及其他MrMeekerisanxiousnotto“sellthefactory”.HeinvitedtheArgentineexecutivewhoboughtCuarte tera’sclonetoformapartnershipwithCrestviewinsteadofcloningthehorsehimself.Theexecutiv eagreedand,despitebeingoffered$2mforanotherCuartetera,thepartnerspledgednottosellany moreclonesofthesamehorse.Insteadtheywillchannelsomeclonestopetition,andselltheovules andspermofotherstobreeders.“TheideaisnottohavegameswherefourCuarteterasareplayingf ourCuarteteras,”insistsMrMeeker.米克先生并不急于“卖厂”。
