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1、FinancialMarkets:Lecture13TranscriptProfessorRobertShiller:BeforeIbegin,IwanttosaysomethingaboutourspeakeronWednesday,AndrewRedleaf.Firstofall,heacceptedourinvitationtogotolunchwithsomeofyou.So,Iwanttoarrangeanevent,actuallyatoneofthecollege'scafeteria.Ihaven'
2、tfiguredout--maybeoneofyouhasasuggestion,especiallyifwecangeta--seewhatcollegehewashere--wediditinhiscollegebecausehegraduatedfromYale.I'veforgottenwhichonethatwas.Ithadaniceroomupstairs,somaybeI'lltrytogetthatoneagain.Ofcourse,hesaidhedoesn'tparticularlycare-
3、-maybeIshouldtakehimtoanotherone.Yeah,ifyoucansuggestacollege,whichhasaniceroomandthatwillbeboth--I'llcomeandRedleafwillcome;so,that'sthisWednesday.WhatI'mgoingtodoisemailyouthedetails.Ifyoucouldemailmeifyou'reinterestedincoming,sowecanhaveagoodsizegroupandadi
4、scussion.IjustwanttosayalittlebitaboutRedleaf.HefoundedWhiteboxAdvisorsin2000--sothat'seightyearsago--anditisnowupto$1.8billionassetsundermanagement."Assetsundermanagement"ishowmuchmoneyhehasdrawninfrominvestors.So,he'sdoingquitewellandhehassomecelebritystatus
5、amonghedgefundmanagers.Notably,IputonthewebsiteforMarch5th,underourclasssyllabus,aNewYorkTimesarticleabouthimentitled,"CuriosityHasItsMerits."IguessitstrucktheauthorofthatarticlethatRedleafisjustaguywhowasverycuriousaboutalotofthings.Hewantstoknowhowthingswork
6、andwhythingsarehappening.Thatmightbeanaturalimpulseandsomepeoplehavethatmorethanothers.It'sprobablyagoodimpulsetohaveifyou'regoingintoinvestment.Ofcourse,heturnsitintoproductivepurpose,sothereareacoupleexamplesfromthatarticle.Oneisthat--there'saliteratureinfin
7、anceaboutoptionsandstockpriceperformance,whichgoesbacktenyears,thatshowsthatsomethingisnotquiterightwiththewaycompaniesissueoptions.Letmeremindyouwhathappens.What'shappening,increasingly,isthatemployeesortopexecutiveemployees,atleast,incompaniesarerewardedaspa
8、rtoftheircompensationwithoptionsonthevalueofthestockofthecompanytheyworkfor.YouworkforXYZCorporation;theshareistradingat$10ashare;theywouldgiveyou"atthemoney"or"outofthemoney"optio
