The introductory books are:
Dynamic asset pricing theory
Dynamic asset pricing theory
2. Asset pricing
Asset pricing
3. Econometric Analysis (Third Edition)
Intermediate measurement
4. Financial Econometrics (Problems, Models and Methods)
Christian Guriru & Joanne Jia Siaq
Financial econometrics
5. Econometrics of financial markets. Mckinler
ay A.C
Financial market econometrics 30 pages
6. Financial decision theory
Financial decision theory
7 Huang Chunfeng, the foundation of financial economics; Licenberg R.
Fundamentals of financial economics
8. Principles of Financial Economics Jan Werner
Principles of financial economics
9. Continuous time finance
Continuous time finance
10. Fractal and scale in finance.
Fractal and scale-free in finance
1 1. mathematics of financial derivatives Salih1n. Neftci
Mathematical Theory of Financial Derivatives (Third Edition)
12. Options, futures and other derivative securities
Options, Futures and Other Derivatives (4th Edition)
13 options, futures and other derivative securities
Option, Futures and Other Derivative Securities Problem Set
14. Alexandria GJ investment company. & Bailey company
Investment principle
15. Game theory (3) Tirole J.
theory of games
16. Game theory of applied economists
Game Theory in Applied Economics
17. Time series analysis
time series analysis
Mathematics of fixed income
Besides, Merton's financial situation is very good.
And you can buy English photocopies.
It's cheaper than the China version of the NPC.
The following are references:
Finance is a branch of economics that studies financial intermediaries. The traditional research field of finance has two directions: macro-level financial market operation theory and micro-level enterprise investment theory.
Its main research branches include:
financial market
Corporate finance (en: corporate finance)
Financial engineering
Financial economics
Investment (en:Investment investment)
money and banking
international finance
Finance (en: public finance)
insurance
Mathematical finance
Financial econometrics
The definition of finance is not a simple problem, and the terms used to define the discipline will have an extremely important impact on the development direction of the discipline. Webster's dictionary defines "funding" as "raising or providing funds or capital". The Wall Street Journal defines corporate finance as "the business of financing business" in its newly opened fixed page, which basically represents the view of the financial industry. For the authoritative explanation of finance in academic circles, please refer to the relevant entries of "Finance" in the New palgrave Monetary and Financial Dictionary. Stephen wrote it. Answer? Stephen ross wrote in his book "Finance", "Finance has become a branch of economics, with different central points and methodologies, and its central points are the operation of capital markets, the supply and pricing of capital assets. Its methodology is to use similar substitutes to price financial contracts and instruments. " Ross summarized four themes of finance: efficient market, income and risk, option pricing theory and corporate finance. Ross's point of view embodies the characteristics that western scholars' definition of "finance" depends on micro-connotation and capital market.
In domestic academic circles, there is a great controversy about the translation and definition of the word "finance". Throughout the various financial dictionaries published in China in the past 50 years, the Chinese translation of the word "finance" mainly includes "finance", "finance" and "financing". Relatively speaking, the usage of the latter three translations is more specific, and only "finance" is worth discussing. As far as its theoretical connotation is concerned, "finance" has typical characteristics under the background of China's transitional economy. The topics of traditional financial research include money, credit, banking, money supply and demand, monetary policy, balance of payments, exchange rate and so on. The representative definition of the word "finance" is "the floorboard of currency circulation, credit activities and related economic activities" (Liu Hongru, 1995), which does not highlight the status of the capital market. Generally speaking, the understanding of "finance" in domestic academic circles mainly focuses on two representative disciplines: "money and banking" and "international finance". There are two reasons: under the historical environment that capital and securities are regarded as heterogeneous, the indirect financing of the banking industry led by the government is the central content of financial practice. Accordingly, the monetary and financial research on the banking system has become the absolute dominance of finance. Second, it originated from the national policy of reform and opening up in the early 1980s, which led to the strengthening of foreign trade. Accordingly, domestic universities set up the major of "International Finance" with balance of payments and trade as the core.
The embarrassing fact is that "finance" defined by the above two disciplines is not the core content of finance today. The understanding of finance in western academic circles is mainly reflected in two courses: one is corporate finance with corporate finance, corporate financing and corporate governance as its core contents, namely corporate finance. The second is investment with asset pricing as its core content, that is, investment science. It is worth mentioning that many scholars in China translate corporate finance into "corporate finance" or "corporate finance", which easily leads people to misunderstand that its research object is accounting matters and should be revised in the future. Generally speaking, the domestic understanding of "finance" belongs to the research content of macroeconomics, monetary economics and international economics in western academic circles. As far as the core research object is concerned, the finance referred to by western academic circles focuses more on the micro-finance field.
In view of the above analysis, I divide finance into three branches: micro-finance, macro-finance, and interdisciplinary subjects formed by the mutual penetration of finance, mathematics and law. This definition should help to clarify the current debate on the definition of finance in China academic circles.
1, Microfinance (Finance)
That is, finance, which is generally understood by international academic circles, mainly includes three directions: corporate finance, investment science and securities market microstructure. Microfinance is usually located in the finance department of a business school. Microfinance is the biggest gap between China's financial circles and international academic circles, which needs to be improved urgently. 2、
Macro finance (macro finance)
International academic circles usually refer to the study of macro-issues related to micro-finance as macro-finance. Personally, I think macro finance can be divided into two categories: one is the natural extension of micro finance, including international securities investment and corporate financing, financial markets and financial intermediaries based on international asset pricing theory, and so on. This kind of research is usually located in the finance and economics department of business school. The second category is "finance" previously understood by domestic academic circles, including "monetary banking" and "international finance", covering the study of money, banking, balance of payments, financial system stability and financial crisis. This kind of major is usually located in the Department of Economics.
The research on macro-finance is of special significance in China. This is because the theoretical basis of microfinance is efficient market theory, and such a market has not been established in China, so both companies and investors are affected by broader macro factors. Financial models always say "Let's suppose …" at the beginning. For example, taking the financial paradigm CAPM as an example, Zhan Sen (1972) concluded that CAPM is based on the following seven assumptions: all investors pursue the maximization of the expected utility of wealth in a single cycle; Select the portfolio according to the mean and variance of expected returns; You can borrow money indefinitely; Have the same estimate of the return on all assets; They are the recipients of prices, and the capital market is completely competitive; The total assets are fixed, there is no newly issued securities, the securities can be completely separated, and the transaction is cost-free; Finally, there is no tax in the capital market. These assumptions are obviously too harsh, especially in an immature market like China.
These assumptions reflect the macroeconomic system, financial intermediation and market arrangements. And these problems are exactly what I define as "macro-finance" here. We must attach importance to the study of these assumptions themselves.
3. Interdisciplinary disciplines of finance and other disciplines.
With the refinement of social division of labor, interdisciplinary has become a prominent phenomenon, and finance is no exception. In practice, there are two interdisciplinary subjects with the strongest correlation with finance: one is "financial engineering" formed by the intersection of finance and mathematics, statistics and engineering; The second is the "law and finance" formed by the intersection of finance and law. Financial engineering makes finance go to ivory tower, and law and finance make finance return to reality.
Mathematics, physics and engineering methods are widely used in finance, and the tools to explain financial thoughts have developed from daily language to mathematical language, which has theoretical spirit and abstraction and is the progress of financial discipline. When I started to set foot in financial theory, I applied physics and applied mathematics to the pinnacle of financial model, such as using mathematical tools such as difference, partial differential equation and random integral to describe the stock trend and yield curve. When I was a Ph.D. student in finance, one of my classmates was Italian. His major is physics, so I chose finance because I expected it to become physics in the late 20th century. 1 1 years later, things are not as he expected. Physics and mathematics did not dominate finance, and a perfect financial model did not appear. After experiencing the enthusiasm for physics and mathematics, finance has returned to the basis of fundamental analysis.
Then why do advanced mathematical and physical methods play a limited role in financial research? Finance is an art, not a science. Physical theoretical model uses deterministic parameters, while finance studies decision-making under uncertain conditions, so there is no perfect financial model to guide practice. The theoretical model of scientific utilization leads people's knowledge from the unknown to the known, while the theoretical model of financial utilization changes from one expectation to another-for example, the parameters of stock pricing and option pricing models are expected dividend and expected return rate respectively, which is always an uncertainty.
Based on the above reasons and the lack of financial instruments such as financial derivatives in China, it is estimated that financial engineering will not have much practical significance in China in the near future. Financial scholars should learn to "transcend mathematics". On the other hand, the development of China's financial reform practice urgently needs the theoretical guidance of law and finance, and it is foreseeable that law and finance will make great progress in China.
Most structural problems in China's current financial reform involve both legal and financial issues: for example, under the legal system in transition, what kind of financial system can allocate resources most effectively? How to provide legal support for financial innovation such as asset securitization business to solve bank bad debts? How to modify outdated clauses in Company Law, Securities Law, Bankruptcy Law and Commercial Bank Law to encourage financial innovation? Wait a minute. Similar research has become a trend in international academic circles in recent years, and gradually formed a new discipline called "Law and Finance".
"Law and Finance" is an extension of "Law and Economics" which emerged in 1970s. Raleigh (1989) defined law and economics as "using economic theories and econometric methods to investigate the formation, structure, procedures and influence of laws and legal systems", and law and economics emphasized the "benefits" of laws, which required that the formulation and implementation of any laws should be beneficial. There are two major research directions of law and finance: one is to study financial problems in combination with the legal system, that is, to focus on finance, and at the same time to study the legal issues involved, emphasizing the influence of law as an institutional factor on the behavior of financial subjects, which is also the core task of this series. The second is to use financial research methods to study legal issues. This series also covers important issues in this field, such as economic analysis of financial legislation and supervision.
Law and finance are of great significance to China's financial innovation and judicial reform. At present, this subject is still blank in China. In recent years, Professor Wu Jinglian and Professor Jiang Ping began to advocate the research on the integration of economic law. However, academic research is still in the stage of concept introduction, and its significance to practical work, teaching and scientific research has not yet appeared. In other words, in order to realize the leap from concept interpretation to practical operation, teaching popularization and subject development, the academic community still needs to make great efforts and start from scratch.