Lectures (Video)
- 1. Finance and Insurance as Powerful Forces in Our Economy and Society
- 2. The Universal Principle of Risk Management: Pooling and the Hedging of Risks
- 3. Technology and Invention in Finance
- 4. Portfolio Diversification and Supporting Financial Institutions (CAPM Model)
- 5. Insurance: The Archetypal Risk Management Institution
- 6. Efficient Markets vs. Excess Volatility
- 7. Behavioral Finance: The Role of Psychology
- 8. Human Foibles, Fraud, Manipulation, and Regulation
- 9. Guest Lecture by David Swensen
- 10. Debt Markets: Term Structure
- 11. Stocks
- 12. Real Estate Finance and Its Vulnerability to Crisis
- 13. Banking: Successes and Failures
- 14. Guest Lecture by Andrew Redleaf
- 15. Guest Lecture by Carl Icahn
- 16. The Evolution and Perfection of Monetary Policy
- 17. Investment Banking and Secondary Markets
- 18. Professional Money Managers and Their Influence
- 19. Brokerage, ECNs, etc.
- 20. Guest Lecture by Stephen Schwarzman
- 21. Forwards and Futures
- 22. Stock Index, Oil and Other Futures Markets
- 23. Options Markets
- 24. Making It Work for Real People: The Democratization of Finance
- 25. Okun Lecture: Learning from and Responding to Financial Crisis, Part I
- 26. Okun Lecture: Learning from and Responding to Financial Crisis, Part II
Financial Markets
Course Summary
This course is based on ECON 252 Financial Markets, Spring 2008 made available by Yale University: Open Yale under the Creative Commons BY-NC-SA license.
This course is taught by Prof. Robert J. Shiller who is Professor of Economics at Yale University. Financial institutions are a pillar of civilized society, supporting people in their productive ventures and managing the economic risks they take on. The workings of these institutions are important to comprehend if we are to predict their actions today and their evolution in the coming information age. The course strives to offer understanding of the theory of finance and its relation to the history, strengths and imperfections of such institutions as banking, insurance, securities, futures, and other derivatives markets, and the future of these institutions over the next century.
This course is conducted by Prof. Robert J. Shiller who is Arthur M. Okun Professor of Economics at Yale University and a Fellow at the International Center for Finance at the Yale School of Management. He has written numerous books including the bestseller Irrational Exuberance and the more recent book The Subprime Solution.
Reading Material
1. Other People's Money and How the Bankers Use ItBrandeis, Louis D. Other People's Money and How the Bankers Use It, Augustus M. Kelley Publishers, Reprints of Economic Classics. New York, 1971.
2. Principles of Corporate Finance, 8th edition
Brealey, Richard, Stuart C. Myers, and Franklin Allen. Principles of Corporate Finance, 8th edition. McGraw-Hill/Irwin, 2005.
3. Democracy and Finance
Douglas, William O. Democracy and Finance. New Haven: Yale University Press, 1940.
4. Foundations of Financial Markets and Institutions, 3rd ed
Fabozzi, Frank J., Franco Modigliani, Frank J. Jones, and Michael G. Ferri. Foundations of Financial Markets and Institutions, 3rd ed. Upper Saddle River, New Jersey: Prentice Hall, 2002.
5. The Art of Central Banking
Hawtrey, R. G. The Art of Central Banking. London: Longmans, Green and Co., 1932.
6. Fortune & Folly: The Wealth & Power of Institutional Investing
O'Barr, William M. and John M. Conley. Fortune & Folly: The Wealth & Power of Institutional Investing. Homewood, Illinois: Business-One Irwin, 1992.
7. Irrational Exuberance, 2nd edition
Shiller, Robert J. Irrational Exuberance, 2nd edition. New York: Doubleday, 2006.
8. The New Financial Order: Risk in the 21st Century
Shiller, Robert J. The New Financial Order: Risk in the 21st Century. Princeton: Princeton University Press, 2003.
9. Stocks for the Long Run, 4th edition
Siegel, Jeremy J. Stocks for the Long Run, 4th edition, New York: McGraw-Hill, 2008.
10. The Fragile Middle Class: Americans in Debt
Sullivan, Teresa, Elizabeth Warren and Jay Lawrence Westbrook. The Fragile Middle Class: Americans in Debt. New Haven: Yale University Press, 2000.
11. Pioneering Portfolio Management
Swensen, David. Pioneering Portfolio Management. New York: Free Press, 2000.
12. Living High and Letting Die: Our Illusion of Innocence
Unger, Peter. Living High and Letting Die: Our Illusion of Innocence. New York: Oxford University Press, 1996.
Course Material
1. Exams and solutions (Yale)- Midterm Exam 1
- Midterm Exam 1 Solutions
- Midterm Exam 2
- Midterm Exam 2 Solutions
- Final Exam
- Final Exam Solutions
Other Resources
Not available.Software
Not available.Discussion Forum
For discussion on this topic, please go to the relevant forum for Financial Markets. Click the button below to open the forum page in a new window.
