Financial Markets - Audio
By Robert Shiller
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(ECON 252) 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 was recorded in Spring 2008.
||01 - Finance and Insurance as Powerful Forces in Our Economy and Society||Professor Shiller provides a description of the course, Financial Markets, including administrative details and the topics to be discussed in each lecture. He briefly discusses the importance of studying finance and each key topic.||10/7/2009||Free||View in iTunes|
||02 - The Universal Principle of Risk Management: Pooling and the Hedging of Risks||Statistics and mathematics underlie the theories of finance. Probability Theory and various distribution types are important to understanding finance. Risk management, for instance, depends on tools such as variance, standard deviation...||10/7/2009||Free||View in iTunes|
||03 - Technology and Invention in Finance||Technology and innovation underlie finance. In order to manage risks successfully, particularly long-term, we must pool large amounts of risk among many, diverse people and overcome barriers such as moral hazard and erroneous framing.||10/7/2009||Free||View in iTunes|
||04 - Portfolio Diversification and Supporting Financial Institutions (CAPM Model)||Portfolio diversification is the most fundamental concept of risk management. The allocation of financial resources in stocks, bonds, riskless, assets, oil and other assets determine the expected return and risk of a portfolio.||10/7/2009||Free||View in iTunes|
||05 - Insurance: The Archetypal Risk Management Institution||Insurance provides significant risk management to a broad public, and is an essential tool for promoting human welfare. By pooling large numbers of independent or low-correlated risks, insurance providers can minimize overall risk.||10/7/2009||Free||View in iTunes|
||06 - Efficient Markets vs. Excess Volatility||Several theories in finance relate to stock price analysis and prediction. The efficient markets hypothesis states that stock prices for publicly-traded companies reflect all available information. Prices adjust to new information...||10/7/2009||Free||View in iTunes|
||07 - Behavioral Finance: The Role of Psychology||Behavioral Finance is a relatively recent revolution in finance that applies insights from all of the social sciences to finance. New decision-making models incorporate psychology and sociology, among other disciplines, to explain economic...||10/14/2009||Free||View in iTunes|
||08 - Human Foibles, Fraud, Manipulation, and Regulation||Regulation of financial and securities markets is intended to protect investors while still enabling them to make personal investment decisions. Psychological phenomena, such as magical thinking, overconfidence, and representativeness heuristic ...||10/7/2009||Free||View in iTunes|
||09 - Guest Lecture by David Swensen||David Swensen, Yale's Chief Investment Officer and manager of the University's endowment, discusses the tactics and tools that Yale and other endowments use to create long-term, positive investment returns. He emphasizes the importance...||10/7/2009||Free||View in iTunes|
||10 - Debt Markets: Term Structure||The markets for debt, both public and private far exceed the entire stock market in value and importance. The U.S. Treasury issues debt of various maturities through auctions, which are open only to authorized buyers. Corporations issue ...||10/7/2009||Free||View in iTunes|
||11 - Stocks||The stock market is the information center for the corporate sector. It represents individuals' ownership in publicly-held corporations. Although corporations have a variety of stakeholders, the shareholders of a for-profit corporation are...||10/7/2009||Free||View in iTunes|
||12 - Real Estate Finance and Its Vulnerability to Crisis||Real Estate is the biggest asset class and of great importance for both individuals and institutional investors. An array of economic and psychological factors impact real estate investment decisions and the public has changing ideas of real...||10/7/2009||Free||View in iTunes|
||13 - Banking: Successes and Failures||Banks, which were first created in primitive form by goldsmiths hundreds of years ago, have evolved into central economic institutions that manage the allocation of resources, channel information about productive activities, and offer the public...||10/7/2009||Free||View in iTunes|
||14 - Guest Lecture by Andrew Redleaf||Andrew Redleaf, a Yale graduate and manager of Whitebox Advisors, a hedge fund, discusses his experience with financial markets. He addresses one of the fundamental questions in finance--whether or not markets are efficient--and concludes that...||10/7/2009||Free||View in iTunes|
||15 - Guest Lecture by Carl Icahn||Mr. Carl Icahn, a prominent activist investor in corporate America, talks about his career and how he became interested in finance and involved in shareholder activism. He discusses his thoughts about today's economy and American businesses...||10/7/2009||Free||View in iTunes|
||16 - The Evolution and Perfection of Monetary Policy||Central Banks, originally created as bankers' banks, implement monetary policy using their leverage over the supply of money and credit standards. Since the Bank of England was founded in 1694, through the gold standard which lasted until the...||10/7/2009||Free||View in iTunes|
||17 - Investment Banking and Secondary Markets||First, Professor Shiller discusses today's changing financial system and recent market stabilization reform introduced by U.S. Treasury Secretary Henry Paulson. The financial system is inherently unstable and would benefit from more surveillance...||10/7/2009||Free||View in iTunes|
||18 - Professional Money Managers and Their Influence||Most people are not very good at dealing in financial markets. Professional money managers, such as financial advisors and financial planners, assist individuals in matters of personal finance. FINRA and the SEC monitor the activities of these...||10/14/2009||Free||View in iTunes|
||19 - Brokerage, ECNs, etc.||The exchanges in which stocks and other securities are traded serve an important function in finance. They bring together people interested in buying and selling securities in order to create a universal price. Brokers and dealers are also...||10/14/2009||Free||View in iTunes|
||20 - Guest Lecture by Stephen Schwarzman, Co-founder, Blackstone Group||Stephen Schwarzman, Co-Founder of Blackstone Group, a private equity firm, speaks about his experience in the industry. He discusses his thoughts on global finance, particularly at such an interesting and challenging point in the history...||10/7/2009||Free||View in iTunes|
||21 - Forwards and Futures||Futures markets were started in Osaka, Japan in the 1600s to create an authoritative and meaningful market price for agricultural products, using standardized contracts. Since then, futures markets have been copied around the world to allow the...||10/7/2009||Free||View in iTunes|
||22 - Stock Index, Oil and Other Futures Markets||Futures markets have expanded far beyond their initial application to farmer's planting and harvest cycles. These markets now allow investors and traders to set prices for a broad spectrum of assets and for a whole term structure stretching...||10/7/2009||Free||View in iTunes|
||23 - Options Markets||Options introduce an essential nonlineary into portfolio management. They are contracts between buyers and writers, who agree on exercise prices and dates at which the buyer can buy or sell the underlying (such as a stock). Options are priced...||10/7/2009||Free||View in iTunes|
||24 - Making It Work for Real People: The Democratization of Finance||Professor Shiller, in his final lecture, reviews some of the most important tools for individual risk management. Significant inequality in domestic and international communities has created a need for social insurance programs, such as those...||10/7/2009||Free||View in iTunes|
||25 - Learning from and Responding to Financial Crisis, Part I (Guest Lecture by Lawrence Summers)||Professor Summers, former U. S. Treasury Secretary and former President of Harvard University, in this the first of two lectures in honor of former Yale Professor and Council of Economic Advisors chairman Arthur Okun, offers thoughts on the...||10/7/2009||Free||View in iTunes|
||26 - Learning from and Responding to Financial Crisis, Part II (Guest Lecture by Lawrence Summers)||In the second of his two lectures in honor of Arthur Okun, Professor Summers points out that real interest rates have been very low in the current subprime crisis. This indicates that the shock to the economy was more a financial breakdown...||10/7/2009||Free||View in iTunes|
This is an excellent lecture series taught in a very understandable way with many star guest lecturers give in the middle of the subprime crisis.
Ahh and umm are not useful
Very educational and the Prof obviously is up to date for the time the lectures are given. I find his speech patterns so bothersome I cannot listen further.