报告题目 | Model-Free Option Prices | 报告人（单位） | 张国平教授 台湾清华大学 | 点评人（单位） | 周勤教授 （东南大学） | 点评人（单位） | 张宗庆教授 （东南大学） | 时间地点 | 2015年4月15日（周三下午2：00）经管楼B201 | 报告内容摘要 | This book clarifies several ambiguous arguments and claims in finance and the theory of the firm. It also serves as a bridge between derivatives, corporate finance and the theory of the firm. In addition to mathematical derivations and theories, the book also uses anecdotes and numerical examples to explain some unconventional concepts. The main arguments of the book are: (1) the ownership of the firm is not a valid concept, and firms objectives are determined by entrepreneurs who can innovate to earn excess profits; (2) the Modigliani-Miller capital structure irrelevancy proposition is a restatement of the Coase theorem, and changes in the firms debt-equity ratio will not affect equity-holders wealth (welfare), and equity-holders preferences toward risk (or variance) are irrelevant; (3) all firms' resources are options, and every asset is both a European call and a put option for any other asset; and (4) that a first or residual claim between debt and equity is non-existent while the first claim among fixed-income assets can actually affect the market values of these assets. | 报告人简介 | 张国平教授为美国宾夕法尼亚大学(University of Pennsylvania) 博士，已发表十余篇论文于著名的国际学术期刊，有四本财务金融學与微观经济学专着，拥有十余年公司企业经验，曾任台湾清华大学计量财务金融学系系主任、经济系系主任、清华大学总务长。His recent new book: The Ownership of the Firm, Corporate Finance, and Derivatives: Some Critical Thinking, Springer, New York, 2015, clarifies the errors and misinterpretations in the literature. |
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