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注释
引言 投资挑战
1.Robert G.Hagstrom, The warren Buffett Way(New York: Wiley,1994),45.
2.John Burr Williams,The Theory of Investment Value(cambridge,MA:Harvare University Press,1938),5-6.
3.Ibid.
4.Richard A.Goldthwaite,The Economy of Renaissance Florence(Baltimore:Johns Hopkins University Press,2009),408-411 and 54-545.
5.Roger Lowenstein,When Genius Failed:The Rise and Fall of Long-Term Capital Management(New York:Random House,2000),191.
6.Andrea Frazzini, David Kabiller, and Lasse H.Pedersen,“Buffett's Alpha”(NBER Working Paper 19681,National Bureau of Economic Research, Cambridge,MA,November 2013),http://www.nber.org/papers/w19681,4.
7.Goldthwaite,Economy of Renaissance Florence,391-394.
8.William Thorndike, introduction to The Outsiders:Eight Unconventional CEOs and Their Radically Rational Blueprint for Success(Boston:Harvard Business Review Press,2012),5-8.
9.Ibid.
10.Ibid., 38-39.
第一章 权力精英的特权
1. Marc Van De Mieroop, The Ancient Mesopotamian City (New York:Oxford University Press, 1999), 146.
2. Jane R. McIntosh, Ancient Mesopotamia: New Perspectives (Santa Barbara,CA: ABC-CLIO, 2005), 3, 62-65, and 349-350; Van De Mieroop,Ancient Mesopotamian City, 146-147.
3. Benjamin Foster, “A New Look at the Sumerian Temple State”,Journal of the Economic and Social History of the Orient 24, no. 3 (October 1981):226-227.
4. Maria deJ Ellis, Agriculture and the State in Ancient Mesopotamia:An Introduction to the Problems of Land Tenure, Occasional Publications of the Babylonian Fund 1 (Philadelphia: University Museum,1976), 10.
5. Foster, “Sumerian Temple State”,226.
6. W. F. Leemans, “The Role of Landlease in Mesopotamia in the Early Second Millennium bc”,Journal of the Economic and Social History of the Orient 18, no. 2 (June 1975): 136.
7. Foster, “Sumerian Temple State”,226.
8. G. van Driel, “Capital Formation and Investment in an Institutional Context in Ancient Mesopotamia”,in Trade and Finance in Ancient Mesopotamia, ed. J. G. Dercksen (Leiden: Nederlands Instituut voor het Nabije Oosten, 1999), 32-37.
9. McIntosh, Ancient Mesopotamia, 130 and 351.
10. Ibid., 130.
11. Leemans, “Role of Landlease”，136-139.
12. A. Leo Oppenheim, Ancient Mesopotamia: Portrait of a Dead Civilization (Chicago: University of Chicago Press, 1977), 85; Van De Mieroop,Ancient Mesopotamian City, 147.
13. V an De Mieroop, Ancient Mesopotamian City, 147-148.
14. Xenophon, Oeconomicus, trans. Carnes Lord, in The Shorter Socratic Writings: Apology of Socrates to the Jury, Oeconomicus, and Symposium, ed. Robert C. Bartlett (Ithaca, NY: Cornell University Press,1996), 39-40.
15. Humfrey Michell, Economics of Ancient Greece, 2nd ed. (Cambridge: Heffer, 1957), 38.
16. Ibid., 41-44.
17. Ibid., 39-41.
18. Tenney Frank, Rome and Italy of the Republic, vol. 1 of An Economic Survey of Ancient Rome (Paterson, NJ: Pageant, 1959), 208-214, 295-299,and 376-402.
19. Jean Andreau, Banking and Business in the Roman World, trans. Janet Lloyd (Cambridge: Cambridge University Press, 1999), 18.
20. Ibid., xv and 18.
21. Ibid., 26-27 and 64-70.
22. Ibid., 18-19.
23. Dominic Rathbone, Economic Rationalism and Rural Society in Third- Century a.d. Egypt: The Heroninos Archive and the Appianus Estate (Cambridge: Cambridge University Press, 1991), xviii and 44.
24. Ibid., 58-87.
25. D ennis P. Kehoe, Management and Investment on Estates in Roman Egypt during the Early Empire (Bonn: Habelt, 1992), 16-20.
26. Jules Toutain, The Economic Life of the Ancient World, trans. M. R. Dobie(Abingdon, UK: Routledge, 1996), 246-250.
27. Agasha Mugasha, The Law of Letters of Credit and Bank Guarantees (Sydney: Federation Press, 2003), 38-39.
28. Joseph Manning, “Demotic Papyri (664-30 bce)”,in Security for Debt in Ancient Near Eastern Law, ed. Raymond Westbrook and Richard Jasnow (Leiden: Brill, 2001), 307-308 and 312.
29. Ibid., 310 and 315.
30. Ibid., 308.
31. Sitta von Reden, Money in Ptolemaic Egypt: From the Macedonian Conquest to the End of the Third Century bc (Cambridge: Cambridge University Press, 2007), 8.
32. Manning,“Demotic Papyri”, 310.
33. Ibid., 310-312.
34. Ibid., 320-321.
35. Paul Millett, Lending and Borrowing in Ancient Athens (Cambridge: Cambridge University Press, 1991), 5; Aristophanes, The Birds, trans.David Barrett (London: Penguin, 2003), 159.
36. Millet, Lending and Borrowing, 6.
37. Ibid., 3, 29, and 72.
38. Ibid., 27-52.
39. Ibid., 32-33.
40. Ibid., 24 and 247n21.
41. Edward E. Cohen, Athenian Economy and Society: A Banking Perspective (Princeton, NJ: Princeton University Press, 1992), 71-75.
42. Michell, Economics of Ancient Greece, 336.
43. Glen Davies, A History of Money: From Ancient Times to the Present Day(Cardiff: University of Wales Press, 2002), 75-76.
44. Millett, Lending and Borrowing, 24.
45. Cohen, Athenian Economy and Society, 76-77.
46. Michell, Economics of Ancient Greece, 335.
47. Sidney Homer and Richard Sylla, A History of Interest Rates, 4th ed.(Hoboken, NJ: Wiley, 2005), 35.
48. Ibid.
49. Ibid., 36.
50. Andreau, Banking and Business, 46.
51. Ibid., 142.
52. Ibid., 46-48.
53. Ibid., 2.
54. Toutain, Economic Life of the Ancient World, 246.
55. Jiaguan Hong, 中国金融史 [A financial history of China] (Chengdu,1993); Qiugen Liu, “两宋私营高利贷资本初探” [A first look at usury capital in the Song dynasty], Philosophy and Social Sciences (Hebei University),no. 3 (1987): 11-17.
56. Hong, Financial history of China.
57. Ibid.
58. Liu,First look at usury capital.
59. Hong, Financial history of China.
60. Quigen Liu, “论中国古代商业、高利贷资本组织中的‘合资’与‘合伙’”[Joint-stock partnerships in business and usury capital organization in ancient China], Hebei Academic Journal (Hebei University), no.5(1994): 86-91.
61. V alerie Hansen and Ana Mata-Fink, “Records from a Seventh-Century Pawnshop in China”,in The Origins of Value: The Financial Innovations That Created Modern Capital Markets, ed. William N. Goetzmann and K. Geert Rouwenhorst (Oxford: Oxford University Press, 2005), 54-58; Homer and Sylla, History of Interest Rates, 614.
62. Hansen and Mata-Fink, “Records from a Pawnshop”,58-59.
63. Michael T. Skully, “The Development of the Pawnshop Industry in East Asia”,in Financial Landscapes Reconstructed: The Fine Art of Mapping Development, ed. F. J. A. Bouman and Otto Hospes (Boulder, CO: Westview,1994), 363-364.
64. Suzanne Gay, The Moneylenders of Late Medieval Kyoto (Honolulu: University of Hawaii Press, 2001), 37-40.
65. Suzanne Gay, e-mail message to author, March 30, 2011.
66. Gay, Moneylenders of Kyoto, 48-49.
67. Ibid., 40 and 45.
68. Franklin W. Ryan, Usury and Usury Laws: A Juristic-Economic Study of the Effects of State Statutory Maximums for Loan Charges upon Lending Operations in the United States (Boston: Houghton Mifflin, 1924), 38-39.
69. Oppenheim, Ancient Mesopotamia, 88.
70. J. B. C. Murray, The History of Usury (Philadelphia: J. B. Lippincott,1866), 22-25.
71. Joseph Persky, “Retrospectives: From Usury to Interest”，Journal of Economic Perspectives 21, no. 2 (Winter 2007): 229.
72. Murray, History of Usury, 28-29.
73. Ibid., 27-28.
74. The biblical references in this section are noted by Homer and Sylla, History of Interest Rates, 67, and by Sudin Haron and Wan Nursofiza Wan Azmi, Islamic Finance and Banking System: Philosophies, Principles and Practices (New York: McGraw-Hill, 2009), 172-178. The translations provided here are from the New King James Version.
75. Jared Rubin, “The Lender's Curse: A New Look at the Origin and Persistence of Interest Bans in Islam and Christianity” (PhD diss., Stanford University, 2007), 31-32, ProQuest (AAT 3267615).
76. Homer and Sylla, History of Interest Rates, 68.
77. Ibid., 69.
78. Meir Kohn, “The Capital Market before 1600” (Working Paper 99-06, Department of Economics, Dartmouth College, Hanover, NH,February 1999), http://www.dartmouth.edu/~mkohn/Papers/99-06.pdf, 10-12.
79. Meir Kohn, “Finance before the Industrial Revolution: An Introduction”(Working Paper 99-01, Department of Economics, Dartmouth College,Hanover, NH, February 1999), http://www.dartmouth.edu/~mkohn/Papers/99-01.pdf, 10.
80. Homer and Sylla, History of Interest Rates, 71.
81. Persky, “Retrospectives”，227.
82. Raymond de Roover, The Rise and Decline of the Medici Bank, 1397-1494(Washington, DC: Beard Books, 1999), 10-14.
83. Frederic C. Lane, Venice and History: Collected Papers of F. C. Lane(Baltimore: Johns Hopkins University Press, 1966), 64.
84. Manuel Riu, “Banking and Society in Late Medieval and Early Modern Aragon”,in The Dawn of Modern Banking (New Haven, CT: Yale University Press, 1979), 136.
85. Kohn, “Finance before the Industrial Revolution”,11.
86. Ibid., 11.
87. Murray, History of Usury, 45-47.
88. Persky, “Retrospectives”,227-236; Homer and Sylla, History of Interest Rates, 79.
89. Raymond de Roover, “Scholastic Economics: Survival and Lasting Influence from the Sixteenth Century to Adam Smith”,Quarterly Journal of Economics 69, no. 2 (May 1955): 175-176.
90. Benedict XIV (pope), Vix Pervenit, [1745], EWTN Global Catholic Network, accessed January 2015, http://www.ewtn.com/library /ENCYC/B14VIXPE.htm.
91. Norman Jones, “Usury”,in Encyclopedia of Economic and Business History, ed. Robert Whaples, Economic History Association, article published February 10, 2008, http://eh.net/encyclopedia/usury.
92. Shahid Hasan Siddiqui, Islamic Banking: Genesis & Rationale, Evaluation& Review, Prospects & Challenges (Karachi: Royal Book, 1994),5-6.
93. Ibid., 9.
94. Haron and Azmi, Islamic Finance and Banking System, 48.
95. Ibid., 190.
96. Siddiqui, Islamic Banking, 21.
97. Anwar Iqbal Qureshi, Islam and the Theory of Interest (Lahore: Shaikh Muhammad Ashraf, 1946), 175-189.
98. Haron and Azmi, Islamic Finance and Banking System, 44 and 52-53.
99. Wayne A. M. Visser and Alastair MacIntosh, “A Short Review of the Historical Critique of Usury”,Accounting, Business & Financial History 8, no. 2 (1998): 176.
100. Kohn, “Finance before the Industrial Revolution”,9-12.
101. Robert S. Lopez, The Commercial Revolution of the Middle Ages, 950-1350(Cambridge: Cambridge University Press, 1976), 27-30, 56-60, and 85-91.
102. Ibid., 85-91.
103. Cohen, Athenian Economy and Society, 6.
104. Scott Meikle, Aristotle's Economic Thought (Oxford: Clarendon Press,1995), 6-21.
105. M. I. Finley, The Ancient Economy, Sather Classical Lectures 43 (Berkeley:University of California Press, 1999), 22-23.
106. V an Driel, “Capital Formation and Investment”,25-42.
107. Hans Neumann, “Ur-Dumuzida and Ur-DUN: Reflections on the Relationship Between State-Initiated Foreign Trade and Private Economic Activity in Mesopotamia Towards the End of the Third Millennium bc”,in Dercksen, Trade and Finance, 45-46 and 62.
108. Colin Adams, “Transport,” in The Cambridge Companion to the Roman Economy, ed.Walter Scheidel (Cambridge: Cambridge University Press, 2012), 218-227.
109. Elio Lo Cascio, “The Early Roman Empire: The State and the Economy”,in The Cambridge Economic History of the Greco-Roman World,ed. Walter Scheidel, Ian Morris, and Richard P. Saller (Cambridge:Cambridge University Press, 2007), 621-622 and 626; Adams, “Transport,”223-224.
110. Henri Pirenne, Medieval Cities: Their Origins and the Revival of Trade,trans. Frank D. Halsey (Princeton, NJ: Princeton University Press,1952), 114 and 123-124.
111. Ibid., 185-212.
112. Lopez, Commercial Revolution, 63-70 and 85-91; Richard A. Goldthwaite,The Economy of Renaissance Florence (Baltimore: Johns Hopkins University Press, 2009),3-6.
113. Goldthwaite, Economy of Renaissance Florence, 9; Lopez, Commercial Revolution, 87-89; Pirenne, Medieval Cities, 114-119.
114. Goldthwaite, Economy of Renaissance Florence, 143-151.
115. Raymond de Roover, The Medici Bank: Its Organization, Management, Operations and Decline (New York: New York University Press, 1948),5ff.
116. Ibid., 29-30.
117. Goldthwaite, Economy of Renaissance Florence, 143-151.
118. Ibid., 236-245.
119. Goldthwaite, Economy of Renaissance Florence, 230-245; Edwin S. Hunt,“A New Look at the Dealings of the Bardi and Peruzzi with Edward III”,Journal of Economic History 50, no. 1 (March 1990) 156-161; Tim Parks, Medici Money: Banking, Metaphysics and Art in Fifteenth-Century Florence (New York: Norton, 2005), 6.
120. Suzanne Gay, “The Lamp-Oil Merchants of Iwashimizu Shrine: Transregional Commerce in Medieval Japan,” Monumenta Nipponica 64,no. 1 (Spring 2009): 2-31.
121. Nakai Nobuhiko and James L. McClain, “Commercial Change and Urban Growth in Early Modern Japan,”in The Cambridge History of Japan, vol. 4, Early Modern Japan, ed. John Whitney Hall (Cambridge:Cambridge University Press, 1991), 542 and 562.
122. Ibid., 557-563.
123. Ibid., 562-563.
124. Christopher Howe, The Origins of Japanese Trade Supremacy: Development and Technology in Asia from 1540 to the Pacific War (Chicago:University of Chicago Press, 1996), 3-21.
125. Giles Milton, Samurai William: The Adventurer Who Unlocked Japan(London: Hodder & Stoughton, 2002), 301-302.
126. Ibid., 302-303.
127. Ibid., 303.
128. Howe, Japanese Trade Supremacy, 21-22.
129. Ibid., 22 and 26-27.
130. Ibid., 22-23.
131. D . D. Kosambi, “Indian Feudal Trade Charters”,Journal of the Economic and Social History of the Orient 2, no. 3 (December 1959): 281-282.
132. Rosalind O' Hanlon, Caste, Conflict, and Ideology: Mahatma Jotirao Phule and Low Caste Protest in Nineteenth-Century Western India, Cambridge South Asian Studies 30 (Cambridge: Cambridge University Press, 1985), 4-5; Stanley Wolpert, India, rev. ed. (Berkeley: University of California Press, 1999), 119.
133. Shireen Moosvi, “The Medieval State and Caste”,Social Scientist 39, no.7-8 (July-August 2011): 5-6.
134. Nandita P. Sahai, “Crafts in Eighteenth-Century Jodhpur: Questions of Class, Caste and Community Identities”,Journal of the Economic and Social History of the Orient 48, no. 4 (2005): 535.
135. P. S. Kanaka Durga, “Identity and Symbols of Sustenance:Explorations in Social Mobility of Medieval South India”,Journal of the Economic and Social History of the Orient 44, no. 2 (2001): 141ff.
136.Chandrika Kaul, “From Empire to Independence: The British Raj in India, 1858-1947”,BBC, last modified March 3, 2011, http://www.bbc.co.uk/history/british/modern/independence1947_01.shtm.
137. Morris D. Morris, “Towards a Reinterpretation of Nineteenth-Century Indian Economic History”,Journal of Economic History 23, no. 4(December 1963): 611-614.
138. Kaul,From Empire to Independence.
139. Ibid.
140. David McMorran, The Origin of Investment Securities (Detroit: First National Company of Detroit, 1925), 13.
141. Toutain, Economic Life of the Ancient World, 246.
142. Ulrike Malmendier, “Law and Finance ‘at the Origin’”,Journal of Economic Literature 47, no. 4 (December 2009): 1085-1086.
143. Toutain, Economic Life of the Ancient World, 246.
144. Ulrike Malmendier, “Roman Shares”,in The Origins of Value: The Financial Innovations That Created Modern Capital Markets, ed. William N.Goetzmann and K. Geert Rouwenhorst (Oxford: Oxford University Press, 2005), 35-36.
145. Malmendier, “Law and Finance ‘at the Origin’”,1088-1092.
146. Ulrike Malmendier, “Societas” (working paper, Department of Economics,University of California, Berkeley, CA, n.d.), http://eml.berkeley.edu/~ulrike/Papers/Societas_Article_v3.pdf.
147. Toutain, Economic Life of the Ancient World, 246.
148. McMorran, Origin of Investment Securities, 13.
149. J. G. Dercksen, “On the Financing of Old Assyrian Merchants”,in Dercksen, Trade and Finance, 86.
150. Ibid., 88-94.
151. Abraham L. Udovitch, “At the Origins of the Western Commenda: Islam, Israel, Byzantium?”Speculum 37, no. 2 (April 1962): 201-202.
152. Olga Maridaki-Karatza, “Legal Aspects of the Financing of Trade”，in The Economic History of Byzantium, ed. Angeliki E. Laiou (Washington, DC: Dumbarton Oaks Research Library and Collection, 2002),3:1112-1115.
153. Udovitch, “Origins of the Western Commenda”，199-200.
154. Murat Cizakca, A Comparative Evolution of Business Partnerships:The Islamic World and Europe, with Specific Reference to the Ottoman Archives, The Ottoman Empire and Its Heritage 8 (Leiden: Brill, 1996),66-68.
155. Ibid., 4-5.
156. Ibid., 5-6.
157. Ibid., 4.
158. Max Weber, The History of Commercial Partnerships in the Middle Ages, trans. Lutz Kaelber (Lanham, MD: Rowman & Littlefield, 2003), 63-75; Florence Edler de Roover, “Partnership Accounts in Twelfth Century Genoa”,Bulletin of the Business Historical Society 15, no. 6 (December 1941): 88.
159. F. de Roover, “Partnership Accounts in Genoa”,88.
160. R . de Roover, Rise and Decline of the Medici Bank, 237.
161. Weber, History of Commercial Partnerships, 137-139.
162. Sebouh Aslanian, “The Circulation of Men and Credit: The Role of the Commenda and the Family Firm in Julfan Society”,Journal of the Economic and Social History of the Orient 50, no. 2-3 (2007): 127.
163. U dovitch, “Origins of the Western Commenda”,202-207.
164. Ciza kca, Comparative Evolution of Business Partnerships, 67 and 77.
165. Ibid., 78.
166. Joshua Sosin, “Perpetual Endowments in the Hellenistic World: A Case-Study in Economic Rationalism” (PhD diss., Duke University, 2000),17, ProQuest (AAT 9977683).
167. Ibid., 28-29.
168. Ibid., 23.
169. Jinyu Liu, “The Economy of Endowments: The Case of the Roman Collegia”,in Pistoi Dia Tèn Technèn: Studies in Honour of Raymond Bogaert, Studia Hellenistica 44, ed. Koenraad Verboven, Katelijn Vandorpe, and Véronique Chankowski (Leuven: Peeters, 2008), 233 and 239.
170. Ibid., 240.
171. Ibid., 239 and 244-245.
172. Sosin,Perpetual Endowments.
173. Ibid., 2.
174. A. R. W. Harrison, The Law of Athens, vol. 1, The Family and Property,2nd ed. (Indianapolis: Hackett, 1998), 99-100.
175. Adolf Berger, Barry Nicholas, and Susan M. Treggiari, “Guardianship”,in The Oxford Classical Dictionary, ed. Simon Hornblower, Antony Spawforth, and Esther Eidinow, 4th ed. (Oxford: Oxford University Press, 2012), 637.
176. Dennis P. Kehoe, Investment, Profit, and Tenancy: The Jurists and the Roman Agrarian Economy (Ann Arbor: University of Michigan Press,1997), 35.
177. Robert L. Clark, Lee A. Craig, and Jack W. Wilson, A History of Public Sector Pensions in the United States (Philadelphia: University of Pennsylvania Press, 2003), 24-26.
178. Suetonius, Lives of the Twelve Caesars, trans. Philemon Holland (New York: Holland, 1965), quoted in Clark, Craig, and Wilson, History of Public Sector Pensions, 26.
179. C lark, Craig, and Wilson, History of Public Sector Pensions, 26.
第二章 投资民主化——股份制公司、工业革命和公共市场
1. Meir Kohn, “The Capital Market before 1600” (Working Paper 99–06, Department of Economics, Dartmouth College, Hanover, NH, February 1999), http://www.dartmouth.edu/~mkohn/Papers/99-06 .pdf, 14-18.
2. Robert Gibson-Jarvie, The City of London: A Financial and Commercial History (Cambridge: Woodhead-Faulkner, 1979), 24 and 98.
3. Ibid., 24-25.
4. Mira Wilkins, The History of Foreign Investment in the United States to 1914. Harvard Studies in Business History 41 (Cambridge, MA: Harvard University Press, 1989), 3-4.
5. Ibid., 4-5.
6. “South Sea Bubble Short History”,Baker Library, Harvard Business School, accessed 2014, http://www.library.hbs.edu/hc/ssb/history .html; Joel Bakan, The Corporation: The Pathological Pursuit of Profit and Power (New York: Free Press, 2004), 6-8.
7. South Sea Bubble Short History.
8. Bakan, The Corporation, 6-7.
9. Colin Arthur Cooke, Corporation, Trust and Company: An Essay in Legal History (Cambridge, MA: Harvard University Press, 1951), 83.
10. Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (New York: Modern Library, 1937), 334-335.
11. Peter N. Stearns, The Industrial Revolution in World History, 3rd ed. (Boulder, CO: Westview, 2007).
12. Ibid., 34-37.
13. Ibid., 17-26 and 79-83.
14. Meir Kohn, “Finance before the Industrial Revolution: An Introduction” (Working Paper 99-01, Department of Economics, Dartmouth College, Hanover, NH, February 1999), http://www.dartmouth.edu/~mkohn /Papers/99-01.pdf, 5-6.
15. Joseph E. Inikori, Africans and the Industrial Revolution in England: A Study in International Trade and Economic Development (Cambridge: Cambridge University Press, 2002), 315.
16. Kohn, “Finance before the Industrial Revolution”,2-4.
17. Inikori, Africans and the Industrial Revolution,314-316.
18. Richard Brown, Society and Economy in Modern Britain, 1700-1850 (New York: Routledge, 1990), 198.
19. Ibid., 200.
20. Ibid., 200-201.
21. Ibid., 293.
22. Richard Price, British Society, 1680-1880: Dynamism, Containment, and Change (Cambridge: Cambridge University Press, 1999), 76-78.
23. Michael Collins, Monday and Banking in the UK: A History (New York:Routledge, 1988), 57.
24. Carlo M. Cipolla, Before the Industrial Revolution: European Society and Economy, 1000-1700, trans. Christopher Wood all, 3rd ed. (New York: Norton, 1994), 30-33.
25. Eric Hobsbawm, Industry and Empire: From 1750 to the Present Day, rev. ed. (London: Penguin, 1999), 55-56.
26. G. N. von Tunzelmann, “The Standard of Living Debate and Optimal Economic Growth”,in The Economics of the Industrial Revolution, ed. Joel Mokyr (London: Allen & Unwin, 1985), 207; Peter H. Lindert and Jeffrey G. Williamson, “English Workers’ Living Standards During the Industrial Revolution: A New Look”,Economic History Review, n.s., 36, no. 1 (February 1983): 1-2.
27. Hobsbawm, Industry and Empire, 54-55.
28. Ibid., 58.
29. Ibid., 55-59; Price, British Society, 275-276.
30. Martin Kitchen, A History of Modern Germany, 1800-2000 (Malden, MA: Blackwell, 2006), 39.
31. Lindert and Williamson, “English Workers’ Living Standards”,4.
32. Ibid., 7.
33. Sutapa Bose and Ashok Rudra, “Quantitative Estimates of Primitive Accumulation and Its Sources”,Economic and Political Weekly 29, no. 4 (January 22, 1994): 200.
34. Peter Temin, “Two Views of the British Industrial Revolution”,Journal of Economic History 57, no. 1 (March 1997): 63-64.
35. David McNally, Political Economy and the Rise of Capitalism: A Reinterpretation (Berkeley: University of California Press, 1988), 156-158 and 177-179.
36. Brown, Society and Economy, 192-193.
37. Naomi R. Lamoreaux, Margaret Levenstein, and Kenneth L. Sokoloff, “Financing Invention during the Second Industrial Revolution: Cleveland, Ohio, 1870-1920” (NBER Working Paper 10923, National Bureau of Economic Research, Cambridge, MA, November 2004), http:// www.nber.org/papers/w10923.pdf, 1-2.
38. Ibid., 10-20.
39. Ibid., 5.
40. Hubert Bonin, “‘Blue Angels’,‘Venture Capital’,and ‘Whales’: Networks Financing the Takeoff of the Second Industrial Revolution in France, 1890s–1920s”,Business and Economic History On-Line 2 (2004), http:// www.thebhc.org/sites/default/files/Bonin_0.pdf, 9-14.
41. Kohn, “Capital Market before 1600”,9-13; Larry Neal, “On the Historical Development of Stock Markets”,in The Emergence and Evolution of Markets, ed. Horst Brezinski and Michael Fritsch (Cheltenham, UK: Edward Elgar, 1997), 61-62.
42. Maurice Obstfeld and Alan M. Taylor, Global Capital Markets: Integration, Crisis, and Growth (Cambridge: Cambridge University Press, 2004), 17.
43. Ranald C. Michie, The Global Securities Market: A History (Oxford: Oxford University Press, 2006), 21-23; Kohn, “Capital Market before 1600”,6-7; Obstfeld and Taylor, Global Capital Markets, 18.
44. R anald C. Michie, “Development of Stock Markets”,in The New Palgrave Dictionary of Money and Finance, ed. Peter Newman, Murray Milgate, and John Eatwell (London: Macmillan, 1992), 662; Michie, Global Securities Market, 21-23; Obstfeld and Taylor, Global Capital Markets, 18.
45. Neal, “Historical Development”,63.
46. Michie, “Development of Stock Markets”,662.
47. Obstfeld and Taylor, Global Capital Markets, 18.
48. Michie, Global Securities Market, 24.
49. Obstfeld and Taylor, Global Capital Markets, 18.
50. Ibid.
51. Kohn, “Capital Market before 1600”,20; Neal, “Historical Development”,62.
52. Obstfeld and Taylor, Global Capital Markets, 19.
53. Neal, “Historical Development”,62-63.
54. Michie, “Development of Stock Markets”,662-663.
55. Neal, “Historical Development”,63.
56. Kohn, “Capital Market before 1600”,20-21.
57. O bstfeld and Taylor, Global Capital Markets, 20; Neal, “Historical Development”,65.
58. Neal, “Historical Development”，62-65.
59. Obstfeld and Taylor, Global Capital Markets, 19.
60. London Stock Exchange, “Our History”,accessed October 2014, http://www. londonstockexchange.com/about-the-exchange /company-overview/our-history/our-history.htm.
61. Neal, “Historical Development”,65.
62. Obstfeld and Taylor, Global Capital Markets, 19.
63. Ibid., 20.
64. Neal, “Historical Development”,64-71; Obstfeld and Taylor, Global Capital Markets, 22.
65. Michie, “Development of Stock Markets”,662.
66. Julie Jefferies, “The UK Population: Past, Present and Future”,Office for National Statistics (UK), last modified December 2005, http:// www.ons.gov.uk/ons/rel/fertility-analysis/focus-on-people-and -migration/december-2005/focus-on-people-and-migration—focus-on -people-and-migration—chapter-1.pdf, 3.
67. Neal, “Historical Development”,71-74; Michie, “Development of Stock Markets”,663; London Stock Exchange, “Our History”; Obstfeld and Taylor, Global Capital Markets, 19.
68. Joseph J. Ellis, His Excellency: George Washington (New York: Knopf, 2004), 303-304.
69. Stuart Banner, “The Origin of the New York Stock Exchange, 1791-1860”,Journal of Legal Studies 27, no. 1 (January 1998): 115.
70. Ibid., 115.
71. Robert Sobel, The Curbstone Brokers: The Origins of the American Stock Exchange (London: Macmillan, 1970), 24-29.
72. New York Stock Exchange, “New York Stock Exchange Ends Member Seat Sales Today”,December 30, 2013, http://www1.nyse.com /press/1135856420824.html.
73. Matthew A. Postal, “New York Curb Exchange (Incorporating the New York Curb Market Building), Later Known as the American Stock Exchange”,New York City Landmarks Preservation Commission, June 26, 2012, http://www.nyc.gov/html/lpc/downloads/pdf /reports/2515.pdf, 2-3.
74. Jerry W. Markham, A Financial History of the United States, vol. 2, From J. P. Morgan to the Institutional Investor (1900-1970) (Armonk, NY: Sharpe, 2002), 3.
75. Postal, “New York Curb Exchange”,1-3 and 7.
76. Daniel Verdier, “Financial Capital Mobility and the Origins of Stock Markets” (working paper, European University Institute, San Domenico, Italy, February 1999), 4 and 11.
77. Michie, “Development of Stock Markets”,663.
78. New York Stock Exchange, “Timeline—Technology,” accessed October 2014, http://www1.nyse.com/about/history/timeline_technology.html; David Hochfelder, “How Bucket Shops Lured the Masses into the Market”,BloombergView, January 10, 2013, http://www.bloombergview.com /articles/2013-01-10/how-bucket-shops-lured-the-masses-into-the -market.
79. Obstfeld and Taylor, Global Capital Markets, 23.
80. Ibid., 22-24.
81. Michie, “Development of Stock Markets”,663-664.
82. Hochfelder, “Bucket Shops”.
83. Ibid.
84. Janice M. Traflet, A Nation of Small Shareholders: Marketing Wall Street after World War II, Studies in Industry and Society (Baltimore: Johns Hopkins University Press, 2013), 3 and 179n15.
85. Lewis Henry Kimmel, Share Ownership in the United States (Washington, DC: Brookings Institution, 1952), 137.
86. Traflet, Nation of Small Shareholders, 3-4.
87. Ibid., 4.
88. Kimmel, Share Ownership, 89.
89. Ibid., 125.
90. Ibid., 118.
91. Ibid., 90-98 and 121.
92. Traflet, Nation of Small Shareholders, 5-12.
93. Ibid., 1-12.
94. Ibid., 1.
95. New York Stock Exchange, “Highlights of NYSE Shareowner Census Reports (1952-1990)”,accessed October 2014, http://www.nyxdata. com/nysedata/asp/factbook/viewer_edition.asp?mode=table&key=231 2&category=11.
96. Traflet, Nation of Small Shareholders, 1.
97. Kimmel, Share Ownership; New York Stock Exchange, “Major Sources of NYSE Volume”,accessed October 2014, http://www.nyxdata.com /nysedata/asp/factbook/viewer_edition.asp?mode=table&key=2641&c ategory=11.
98. Traflet, Nation of Small Shareholders, 1-5.
99. Jesse Bricker et al., “Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances”,Federal Reserve Bulletin 98, no. 2 (June 2012): 28-34.
100. New York Stock Exchange, “Shareowner Census Reports.”
101. Ibid.; New York Stock Exchange, “Selected Characteristics of Individual Shareowners”,accessed October 2014, http://www.nyxdata.com /nysedata/asp/factbook/viewer_edition.asp?mode=chart&key=51&category=11.
102. James McAndrews and Chris Stefanadis, “The Consolidation of European Stock Exchanges”,Current Issues in Economics and Finance 8, no.6 (June 2002): 2-5.
103. Ibid., 4-5.
104. London Stock Exchange, “Our History.”
105. New York Stock Exchange, “Timeline—Events”,accessed October 2014, http://www1.nyse.com/about/history/timeline_events.html; Robert E. Wright, “The NYSE's Long History of Mergers and Rivalries”,BloombergView, January 8, 2013, http://www.bloombergview. com/articles/2013-01-08/nyse-s-long-history-of-mergers-and-rivalries.
106. Deutsche börse Group, “Company History”,accessed October 2014, http://deutsche-boerse.com/dbg/dispatch/en/kir/dbg_nav /about_us/10_Deutsche_Boerse_Group/50_Company_History.
107. Michie, “Development of Stock Markets”,665; Michie, Global Securities Market, 12-14; Neal, “Historical Development”,77; Obstfeld and Taylor, Global Capital Markets, 15-16.
108. Obstfeld and Taylor, Global Capital Markets, 15-16.
109. Michael Gorham and Nidhi Singh, Electronic Exchanges: The Global Transformation from Pits to Bits (Burlington, MA: Elsevier, 2009), 67-71.
110. Michie, “Development of Stock Markets”,665-667.
111. Verdier, “Financial Capital Mobility”，6-10.
112. Michie, Global Securities Market, vi.
113. Neal, “Historical Development”,60.
114. Michie, Global Securities Market, vi and 334-340.
115. Michie, “Development of Stock Markets”,663.
116. “The Endangered Public Company”,Economist, May 19, 2012, http:// www. economist. com/node/21555562.
第三章 退休及养老金
1. LIMRA Secure Retirement Institute, “Retirement Plans—Investment Company Institute: Retirement Assets on the Rise in 2014”,October 2014, http://www.limra.com/Secure_Retirement_Institute/News_Center /Retirement_Industry_Report/Retirement_Plans_-_Investment_Company_Institute_ Retirement_Assets_on_the_Rise_in_2014.aspx.
2. Carole Haber and Brian Gratton, Old Age and the Search for Security: An American Social History (Bloomington, IN: Indiana University Press, 1994), 118.
3. Ibid.
4. Lawrence W. Kennedy, Planning the City upon a Hill: Boston since 1630 (Amherst: University of Massachusetts Press, 1992), Appendix A.
5. Haber and Gratton, Old Age and Security, 118-123.
6. Historical Center of the Presbyterian Church in America, “January 11: Presbyterian Ministers Fund”,January 11, 2012, http://www.thisday. pcahistory.org/2012/01/january-11; Richard Webster, A History of the Presbyterian Church in America, from Its Origin to the Year 1760 (Philadelphia: Joseph M. Wilson, 1857), 92.
7. “The Oldest Life Insurance Company in the United States”,New York Times, November 19, 1905, http://timesmachine.nytimes.com /timesmachine/1905/11/19/101709385.html.
8. Ibid.
9. George Alter, Claudia Goldin, and Elyce Rotella, “The Savings of Ordinary Americans: The Philadelphia Saving Fund Society in the Mid-Nineteenth Century”,Journal of Economic History 54, no. 4 (December 1994): 736-738.
10. Ibid., 757-760.
11. Chulhee Lee, “Sectoral Shift and the Labor-Force Participation of Older Males in the United States, 1880-1940”,Journal of Economic History 62, no. 2 (June 2002): 520.
12. Ibid., 521.
13. Dora L. Costa, “Pensions and Retirement: Evidence from Union Army Veterans”,Quarterly Journal of Economics 110, no. 2 (May 1995): 315-317.
14. Chulhee Lee, “The Expected Length of Male Retirement in the United States, 1850-1990”,Journal of Population Economics 14, no. 4 (December 2001): 641-647.
15. Ibid., 647.
16. Steven A. Sass, The Promise of Private Pensions: The First Hundred Years (Cambridge, MA: Harvard University Press, 1997), 145-146.
17. Ibid.
18. Ibid., 145-147.
19. Social Security Administration, “Social Insurance Movement”,accessed January 2015, http://www.socialsecurity.gov/history/trinfo.html.
20. Mary-Lou Weisman, “The History of Retirement: From Early Man to A.A.R.P.”,New York Times, March 21, 1999, http://www.nytimes .com/1999/03/21/jobs/the-history-of-retirement-from-early-man-to -aarp.html.
21. Social Welfare History Project, “Townsend, Dr. Francis”,accessed 2013, http://www.socialwelfarehistory.com/eras/townsend-dr-francis; Larry DeWitt, “The Townsend Plan's Pension Scheme”，Social Security Administration, December 2001, http://www.ssa.gov/history /townsendproblems.html; Sass, Promise of Private Pensions, 94.
22. Larry DeWitt, “The 1937 Supreme Court Rulings on the Social Security Act”,Social Security Administration, 1999, http://www.ssa.gov /history/court.html.
23. Social Security Administration, “Otto von Bismarck”,accessed 2013, http://www.ssa.gov/history/ottob.html; Weisman, “History of Retirement”.
24. Social Security Administration, “Historical Background and Development of Social Security”,accessed December 2014, http://www.ssa .gov/history/briefhistory3.html; “Age 65 Retirement”,Social Security Administration, accessed 2013, http://www.ssa.gov/history/age65 .html; Weisman, “History of Retirement”.
25. “Age 65 Retirement.”
26. Sass, Promise of Private Pensions, 113-115.
27. Patrick Purcell and Jennifer Staman, “Summary of the Employee Retirement Income Security Act (ERISA)”,Congressional Research Service, Library of Congress, Washington, DC, April 10, 2008, http:// digitalcommons.ilr.cornell.edu/key_workplace/505, 2.
28. James Wooten, The Employee Retirement Income Security Act of 1974: A Political History (Berkeley: University of California Press, 2005), 51-52.
29. Ibid., 62.
30. Ibid., 183-185.
31. Ibid., 58-59.
32. Ibid., 52 and 251.
33. Charles D. Ellis, Capital: The Story of Long-Term Investment Excellence(Hoboken, NJ: Wiley, 2004), 146-147.
34. Ibid., 149.
35. Ibid., 148-149.
36. Ibid., 150-151.
37. Purcell and Staman, “Summary of ERISA”,3-5.
38. LIMRA Security Retirement Institute, “Retirement Plans”.
39. Jim Saxton, “The Roots of Broadened Stock Ownership”,Joint Economic Committee, US Congress, April 2000, http://cog.kent.edu/lib /Hall&Congress-Roots of Broadened Stock Ownership.pdf, 4-14.
40. Ibid., 6.
41. Matteo Iacoviello, “Housing Wealth and Consumption” (working paper, Department of Economics, Boston College, Boston, MA, June 13, 2010), http://www2.bc.edu/matteo-iacoviello/research_files/HWAC.pdf, 4.
42. Brigitte C. Madrian and Dennis F. Shea, “The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior”,Quarterly Journal of Economics 116, no. 4 (November 2001): 1150-1153 and 1160.
43. Ibid., 1184-1185.
44. “The U.S. Retirement Market, First Quarter 2011”,Investment Company Institute, June 29, 2011, http://www.ici.org/pdf/ret_11_q1_data .pdf, 2.
45. Robert Steyer, “ICI: U.S. Retirement Assets Hit Record ＄20.8 Trillion”, Pensions & Investments, June 26, 2013, http://www.pionline.com /article/20130626/ONLINE/130629908/ici-us-retirement -assets-hit-record-208-trillion.
46. “Retirement Market, First Quarter 2011”,2.
47. James M. Poterba, Steven F. Venti, and David A. Wise, “The Transition to Personal Accounts and Increasing Retirement Wealth: Macro and Micro Evidence” (NBER Working Paper 8610, National Bureau of Economic Research, Cambridge, MA, November 2001), http://www.nber .org/papers/w8610.pdf, Abstract.
第四章 新客户与新投资方式
1. Nobel Media AB, “The Prize in Economics 1985—Press Release”,1985, accessed 2013, http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1985/press.html. For the original work and quote provided, see John Maynard Keynes, The General Theory of Employment, Interest and Money (London: Macmillan, 1936), 96.
2. Nobel Me 5. Fraud, Market Manipulation, and Insider Trading dia AB, “Prize in Economics 1985—Press Release”; Angus Deaton, “Franco Modigliani and the Life Cycle Theory of Consumption” (speech, Convegno Internazionale Franco Modgliani, Accademia Nazionale dei Lincei, Rome, February 17-18, 2005), http://www .princeton.edu/~deaton/downloads/romelecture.pdf, 1-2 and 6. For the original works, see Franco Modigliani and Richard H. Brumberg, “Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data”,in Post-Keynesian Economics, ed. Kenneth K. Kurihara (New Brunswick, NJ: Rutgers University Press, 1954), 388- 436; Franco Modigliani and Richard H. Brumberg, “Utility Analysis and Aggregate Consumption Functions: An Attempt at Integration”,in The Collected Papers of Franco Modigliani, ed. Andrew Abel, vol. 2, The Life Cycle Hypothesis of Saving (Cambridge, MA: MIT Press, 1990), 128-197.
3. Nobel Media AB, “Prize in Economics 1985—Press Release”; Deaton, “Modigliani and the Life Cycle Theory”,9. For the original work,see Milton Friedman, A Theory of the Consumption Function (Princeton, NJ: Princeton University Press, 1957).
4. Deaton, “Modigliani and the Life Cycle Theory”,7-8 and 16-18.
5. Investment Company Institute, 2013 Investment Company Fact Book, accessed 2014, http://www.ici.org/pdf/2013_factbook.pdf, 117; James Wooten, The Employee Retirement Income Security Act of 1974: A Political History (Berkeley: University of California Press, 2005), 51–52 and 251.
6. Matteo Tonello and Stephan Rabimov, “The 2010 Institutional Investment Report: Trends in Asset Allocation and Portfolio Composition” (Research Report R-1468-10-RR, The Conference Board, New York, NY, 2010), http://papers.ssrn.com/sol3/papers.cfm?abstract _id=1707512, 22.
7. David Swensen, Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, rev. ed. (New York: Free Press, 2009), 17.
8. Ibid.
9. National Association of College and University Business Officers (NACUBO), and Commondfund Institute, “Average Annual Effective Spending Rates, 2011 to 2002”,2011 NACUBO-Commonfund Study of Endowments, 2012, http://www.nacubo.org/Documents /research/2011_NCSE_Public_Tables_Spending_Rates_Final _January_18_2012.pdf.
10. Uniform Law Commission, “Prudent Management of Institutional Funds Act Summary”,accessed 2014, http://uniformlaws.org /ActSummary.aspx?title=Prudent%20Management%20 of %20 Institutional%20Funds%20Act.
11. Swensen, Pioneering Portfolio Management, 63.
12. National Association of College and University Business Officers (NACUBO) and Commonfund Institute, “Educational Endowments Returned an Average of 19.2% in FY2011”，2011 NACUBO-Commonfund Study of Endowments, 2012,http://www.nacubo.org/Documents /research/2011_NCSE_Press_Release_Final_Embargo_1_31_12.pdf, 7.
13. Paul Arnsberger et al., “A History of the Tax-Exempt Sector: An SOI Perspective”, Statistics of Income Bulletin (Internal Revenue Service, US Department of the Treasury), Winter 2008, http://www.irs.gov/pub /irs-soi/tehistory.pdf, 105.
14. Encyclopaedia Britannica, “Margaret Olivia Slocum Sage”,accessed January 2015, http://www.britannica.com/EBchecked/topic/516233/Margaret-Olivia-Slocum-Sage; Encyclopaedia Britannica, “Russell Sage”,accessed January 2015, http://www.britannica.com/EBchecked /topic/516237/Russell-Sage; “Working Women, 1800-1930: The Russell Sage Foundation and the Pittsburgh Survey”，Harvard Library Collections, accessed January 2015, http://ocp.hul.harvard.edu/ww /rsf.html.
15. Carnegie Corporation of New York, “Founding and Early Years”,accessed 2014, http://carnegie.org/about-us/foundation-history/founding-and-early-years; Carnegie Corporation of New York, “Foundation History”,accessed 2015, http://carnegie.org/about-us/mission-and-vision/foundation- history; Carnegie Corporation of New York,“Programs”, accessed 2015, http://carnegie.org/programs.
16. R ockefeller Foundation, “Our History: A Powerful Legacy”,accessed July 8, 2014, http://www.rockefellerfoundation.org/about-us/our-history.
17. Arnsberger et al., “History of the Tax-Exempt Sector”,107.
18. Ibid., 107-108 and 110.
19. Amy S. Blackwood, Katie L. Roeger, and Sarah L. Pettijohn, “The Nonprofit Sector in Brief: Public Charities, Giving, and Volunteering,2012”，Urban Institute, accessed 2014,http://www.urban.org/UploadedPDF/412674-The-Nonprofit-Sector-in-Brief.pdf, 5.
20. Richard Sansing and Robert Yetman, “Distribution Policies of Private Foundations” (Working Paper 02-20, McGladrey Institute of Accounting Education and Research, Tippie College of Business, University of Iowa, Iowa City, IA, October 2002), http://tippie.uiowa.edu /accounting/mcgladrey/workingpapers/02-20.pdf, 1-2.
21. Charles Piller, “Foundations Align Investments with Their Charitable Goals”,Los Angeles Times, December 29, 2007, http://articles.latimes .com/2007/dec/29/business/fi-foundation29.
22. Steven Lawrence and Reina Mukai, “Key Facts on Mission Investing”,Foundation Center, October 2011, http://foundationcenter.org/gainknowledge/research/pdf/keyfacts_missioninvesting2011.pdf, 1.
23. Foundation Center, “Quick Facts on U.S. Non-Profits”,accessed 2015, http://foundationcenter.org/gainknowledge/research/keyfacts2014 /foundation-focus.html.
24. Gokhan Afyonoglu et al., “The Brave New World of Sovereign Wealth Funds”,Lauder Institute of Management & International Studies, University of Pennsylvania, 2010, http://d1c25a6gwz7q5e. cloudfront.net/papers/download/052810_Lauder_Sovereign_Wealth _Fund_report_2010.pdf, 1n2.
25. Sovereign Wealth Fund Institute, “Sovereign Wealth Funds Make Up More than 25% of U.S. Retirement Assets”,March 27, 2014, http:// www.swfinstitute.org/swf-article/sovereign-wealth-funds-make -up-more-than-25-of-u-s-retirement-assets.
26. Afyonoglu et al., “Brave New World”,10.
27. Ashby H. B. Monk, “Is CalPERS a Sovereign Wealth Fund?” (Working Paper 8-21, Center for Retirement Research, Boston College, Boston, MA, December 2008), http://crr.bc.edu/wp-content/uploads/2008/12 /IB_8-21.pdf, 4.
28. Afyonoglu et al., “Brave New World”,10-11.
29. Sovereign Wealth Center, “Kuwait Investment Authority”,Institutional Investor, accessed July 8, 2014, http://www.sovereignwealthcenter .com/fund/17/Kuwait-Investment-Authority.html.
30. Afyonoglu et al., “Brave New World”,11.
31. Ibid., 12.
32. “What is a SWF?”accessed July 8, 2014, http://www.swfinstitute.org /sovereign-wealth-fund.
33. Lixia Loh, Sovereign Wealth Funds: States Buying the World (Cranbrook, UK: Global Professional Publishing, 2010), 72-73.
34. Jerry W. Markham, A Financial History of the United States, vol. 1, From Christopher Columbus to the Robber Barons (1492-1900) (Armonk, NY: Sharpe, 2002), 182.
35. Thomas Kabele, “James Dodson, First Lecture on Insurances, 1757: Discussion”,Kabele and Associates (New Canaan, CT), May 2, 2008, http://www.kabele.us/papers/dodsonms2.pdf, 1.
36. Aviva, “Amicable Society: Company History”,accessed January 2015, http://www.aviva.com/about-us/heritage/companies/amicablesociety; M. E. Ogborn, “Professional Name of the Actuary”,Journal of the Institute of the Actuaries 82, no. 2 (September 1956): 235.
37. Encyclopaedia Britannica, “Married Women's Property Acts”,accessed January 2015, http://www.britannica.com/EBchecked/topic/366305 /Married-Womens-Property-Acts; Sharon Ann Murphy, “Life Insurance in the United States Through World War I”,in Encyclopedia of Economic and Business History, edited by Robert Whaples, Economic History Association, August 14, 2002, http://eh.net/encyclopedia /life-insurance-in-the-united-states-through-world-war-i.
38. Murphy,Life Insurance in the United States.
39. American Council of Life Insurers (ACLI), 2011 Life Insurers Fact Book (Washington, DC: American Council of Life Insurers, 2011), 63.
40. ACLI, 2011 Life Insurers Fact Book, 1-3.
41. Ibid., 9.
42. Federal Deposit Insurance Corporation (FDIC), An Examination of the Banking Crises of the 1980s and Early 1990s, vol. 1 of History of the Eighties: Lessons for the Future (Washington, DC: Federal Deposit Insurance Corporation, 1997), 211-212.
43. FDIC, Examination of the Banking Crises, 230; Congressional Budget Office (CBO), The Economic Effects of the Savings and Loan Crisis (Washington, DC: Congressional Budget Office, 1992), 7.
44. FDIC, Examination of the Banking Crises, 221-222.
45. CBO, The Economic Effects of the Savings and Loan Crisis, 7-8.
46. FDIC, Examination of the Banking Crises, 231.
47. Ibid., 225-227.
48. Ibid., 232.
49. Timothy Curry and Lynn Shibut, “The Cost of the Savings and Loan Crisis: Truth and Consequences”,FDIC Banking Review 13, no. 2 (2000): 30-33.
50. Board of Governors of the Federal Reserve System, “Money Stock Measures—H.6”,July 3, 2014, http://www.federalreserve.gov /RELEASES/h6/20140703; R. Alton Gilbert, “Requiem for Regulation Q: What It Did and Why It Passed Away”,Federal Reserve Bank of St. Louis Review, February 1986, https://research.stlouisfed.org /publications/review/86/02/Requiem_Feb1986.pdf, 34-35.
51. Board of Governors of the Federal Reserve System, Money Stock Measures—H.6.
52. Mike Martinez et al., Vault Career Guide to Private Wealth Management (New York: Vault, 2006), 10.
53. Kopin Tan, “An Upbeat View from JPMorgan's Private Bank”，Barron's, May 19, 2012, http://online.barrons.com/news/articles/SB50001424 05311190437000457739226 0986818168.
54. Ibid.; Geraldine Fabrikant, “Making Sure the Rich Stay Rich, Even in Crisis”,New York Times, October 7, 2001, http://www.nytimes .com/2001/10/07/business/making-sure-the-rich-stay-rich-even-in -crisis.html.
55. JPMorgan Chase & Co., Annual Report 2013, April 9, 2014, http:// investor. shareholder.com/jpmorganchase/annual.cfm.
56. K. Geert Rouwenhorst, “The Origins of Mutual Funds” (Working Paper 04-48, International Center for Finance, Yale School of Management, Yale University, New Haven, CT, December 2004), http://ssrn.com /abstract=636146, 15.
57. K. Geert Rouwenhorst, “The Origins of Mutual Funds”,in The Origins of Value: The Financial Innovations That Created Modern Capital Markets, ed. William N. Goetzmann and K. Geert Rouwenhorst (New York: Oxford University Press, 2005), 254.
58. Rouwenhorst, “Origins of Mutual Funds” (2004), 11.
59. Morningstar, “MFS Massachusetts Investors Tr A (MITTX): Performance”,accessed 2014, http://performance.morningstar.com/fund /performance-return.action?t=MITTX.
60. Jason Zweig, “Risks and Riches”,Money 28, no. 4 (April 1999): 94-101.
61. Wharton School of Finance and Commerce, A Study of Mutual Funds, H.R. Rep. No. 87-2274 (1962), 37.
62. Ibid., 38.
63. Investment Company Institute, “Appendix A: How Mutual Funds and Investment Companies Operate: The Origins of Pooled Investing”,in 2006 Investment Company Fact Book, accessed 2014, http://www .icifactbook.org/2006/06_fb_appa.html.
64. Clifford E. Kirsch and Bibb L. Strench, “Mutual Funds”,in Financial Product Fundamentals: Law, Business, Compliance, ed. Clifford E. Kirsch, 2nd ed. (New York: Practising Law Institute, 2013), 6-4.
65. Investment Company Institute, “Appendix A”.
66. W. John McGuire, “The Investment Company Act of 1940”,Morgan, Lewis & Bockius, 2005, http://www.morganlewis.com/pubs /Investment%20Company%20Act%20Powerpoint.pdf, slides 11-12.
67. Ibid., slide 10.
68. Matthew P. Fink, The Rise of Mutual Funds: An Insider's View, 2nd ed. (Oxford: Oxford University Press, 2011), 57.
69. Hugh Bullock, The Story of Investment Companies (New York: Columbia University Press, 1959), 101.
70. Donald Christensen, Surviving the Coming Mutual Fund Crisis (New York: Little, Brown, 1995), 60.
71. Barry P. Barbash, “Remembering the Past: Mutual Funds and the Lessons of the Wonder Years” (speech, ICI Securities Law Procedures Conference, Washington, DC, December 4, 1997), www.sec.gov/news /speech/speecharchive/1997/spch199.txt.
72. Fink, Rise of Mutual Funds, 80-81.
73. Investment Company Institute, 2013 Investment Company Fact Book, 24-25.
74. Investment Company Institute, “Recent Mutual Fund Trends”,in 2014 Investment Company Fact Book, accessed 2014, http://www.icifactbook. org/fb_ch2.html.
第五章 欺诈、市场操纵与内幕交易
1. Steve Fishman, “The Monster Mensch”,New York, February 22, 2009, http://nymag.com/news/businessfinance/54703; Aaron Smith, “Madoff Arrives at N.C. Prison”,CNN Money, July 14, 2009, http:// money.cnn.com/2009/07/14/news/economy/madoff_prison _transfer; Patricia Hurtado, “Andrew, Ruth Madoff Say Were Unaware of ＄65 Billion Fraud Until Confession”,Bloomberg Businessweek, November 8, 2011, http://www.businessweek.com/news/2011-11-08 /andrew-ruth-madoff-say-they-were-unaware-of-65-billion-fraud.html.
2. Hurtado, “Andrew, Ruth Madoff Say Were Unaware.
3. Andrew Clark, “Bernard Madoff's Sons Say: We're Victims Too”,The Guardian, March 17, 2010, http://www.theguardian.com /business/2010/mar/17/bernard-madoff-usa; Christopher Matthews, “Five Former Employees of Bernie Madoff Found Guilty of Fraud”,Wall Street Journal, March 25, 2014, http://online.wsj.com/news/articles /SB1000 142405270230 46794045794 59551977535482.
4. Alison Gendar, “Bernie Madoff Baffled by SEC Blunders: Compares Agency's Bumbling Actions to Lt. Colombo”,Daily News (New York), October 30, 2009, http://www. nydailynews.com/news/crime/bernie -madoff-baffled-sec-blunders-compares-agency-bumbling-actions-lt -colombo-article-1.382446.
5. Hurtado, “Andrew, Ruth Madoff Say Were Unaware.”
6. Bernard Madoff, “Text of Bernard Madoff's Court Statement”,National Public Radio, March 12, 2009, http://www.npr.org/templates/story /story.php?storyId=101816470.
7. David S. Hilzenrath, “Former Madoff Trader David Kugel Pleads Guilty to Fraud”,Washington Post, November 21, 2011, http://www .washingtonpost.com/business/economy/former-madoff-trader-david -kugel-pleads-guilty-to-fraud/2011/11/21/gIQATSFLjN_story.html.
8. Brian Ross, The Madoff Chronicles: Inside the Secret World of Bernie and Ruth (New York: Hyperion, 2009), 25.
9. Harry Markopolos, Harry Markopolos to US Securities and Exchange Commission, “The World's Largest Hedge Fund Is a Fraud”,November 7, 2005, http://online.wsj.com/documents/Madoff_SECdocs_20081217. pdf, 2.
10. “Jewish Reaction to Madoff Scandal” (transcript), Religion and Ethics Newsweekly, produced by Thirteen/WNET New York, PBS, March 20, 2009, http://www.pbs.org/wnet/religionandethics/2009/03/20 /march-20-2009-jewish-reaction-to-madoff-scandal/2474.
11. David Glovin, “Bernard Madoff's Accountant Friehling Pleads Guilty (Update 2)”, Bloomberg News, November 3, 2009, http:// www.bloomberg.com/apps/news?pid=newsarchive&sid=ah_xWloo7TTE.
12. Ibid.; Alyssa Abkowitz,“Madoff's Auditor…Doesn't Audit?”,CNN Money, December 19, 2008, http://archive.fortune.com/2008/12/17 /news/companies/madoff.auditor.fortune/index.htm.
13. Glovin, “Friehling Pleads Guilty”.
14. Ross Kerber, “The Whistleblower”,Boston Globe, January 8, 2009, http://www.boston.com/business/articles/2009/01/08/the_whistleblower.
15. Harry Markopolos to US Securities and Exchange Commission, 5.
16. Carole Bernard and Phelim Boyle, “Mr. Madoff's Amazing Returns: An Analysis of the Split-Strike Conversion Strategy”,Journal of Derivatives 17, no. 1 (Fall 2009): 62-76.
17. Harry Markopolos to US Securities and Exchange Commission, 1-2.
18. Ibid., 1.
19. Ibid.
20. Securities and Exchange Commission, “Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme—Public Version” (Report No. OIG-509), Office of Investigations, US Securities and Exchange Commission, August 31, 2009, http://www.sec.gov/news /studies/2009/oig-509.pdf, 21-22.
21. Securities and Exchange Commission, “Post-Madoff Reforms”,accessed September 2014, http://www.sec.gov/spotlight/secpostmadoffreforms .htm.
22. Ibid.
23. Jeanine Ibrahim, “Allen Stanford: Descent from Billionaire to Inmate #35017-183”,CNBC, October 5, 2012, http://www.cnbc.com/id /49276842.
24. Matthew Goldstein, “Stanford's Failed Health Club”,Unstructured Finance (blog), Bloomberg Businessweek, February 13, 2009, http://www.businessweek.com/investing/wall_street_news_blog/archives/2009/02/stanfords_faile.html; Matthew Goldstein, “Stanford's Rocky Start”,Bloomberg Businessweek, March 3, 2009, http://www.businessweek.com/bwdaily/dnflash/content/mar2009 /db2009033_ 601499.htm.
25. Goldstein, “Stanford's Rocky Start.”
26. Ibrahim, “Allen Stanford: Descent.”
27. Anna Driver and Eileen O’Grady, “Allen Stanford Sentenced to 110 Years in Prison”,Reuters, June 14, 2012, http://www.reuters.com/article /2012/06/14/us-stanford-sentencing-idUSBRE85D17720120614.
28. Ibrahim, “Allen Stanford: Descent.”
29. Goldstein, “Stanford's Rocky Start.”
30. Clifford Krauss, “Stanford Sentenced to 110-Year Term in ＄7 Billion Ponzi Case”,New York Times, June 14, 2012, http://www.nytimes .com/2012/06/15/business/stanford-sentenced-to-110-years-in-jail-in -fraud-case.html.
31. Ibrahim, “Allen Stanford: Descent.”
32. Driver and O’Grady, “Allen Stanford Sentenced.”
33. Krauss, “Stanford Sentenced to 110-Year Term.”
34. Mary Darby, “In Ponzi We Trust”,Smithsonian Magazine, December 1998, http://www.smithsonianmag.com/people-places/in-ponzi -we-trust-64016168; Louis L. Straney, Securities Fraud: Detection, Prevention and Control (Hoboken, NJ: Wiley, 2010), 81; William Nana Wiafe Jr., The New Competitive Strategy: The Ultimate Business Strategy That Gets Superior Results and Builds Business Empires (n.p.: Xlibris, 2011), 39.
35. Straney, Securities Fraud, 81.
36. Darby, “In Ponzi We Trust”; Straney, Securities Fraud, 82-83.
37. Darby, “In Ponzi We Trust”; Straney, Securities Fraud, 83.
38. Darby, “In Ponzi We Trust.”
39. Ibid.
40. Straney, Securities Fraud, 83.
41. Ponzi v. Fessenden, 258 U.S. 254 (1922).
42. Erin Skarda, “William Miller, the Original Schemer”,Time, March 7, 2012, http://content.time.com/time/specials/packages/article/0,288 04,2104982_2104983_2104992,00.html.
43. “A Century of Ponzi Schemes”，DealBook (blog), New York Times, December 15, 2008, http://dealbook.nytimes.com/2008/12/15/a-century-of -ponzi-schemes.
44. Skarda, “William Miller.”
45. Darby, “In Ponzi We Trust.”
46. John Steele Gordon, “Pyramid Schemes Are as American as Apple Pie”,Wall Street Journal, December 17, 2008, http://online.wsj.com/news /articles/SB122948144507313073.
47. Ibid.
48. Ibid.
49. Ibid.
50. Ibid.
51. Ibid.
52. “The Match King”,Economist, December 19, 2007, http://www.economist. com/node/ 10278667.
53. Torsten Kreuger, The Truth about Ivar Kreuger (Stuttgart: Seewald, 1968), 50.
54. Paul M. Clikeman, “The Greatest Frauds of the (Last) Century” (working paper, Robins School of Business, University of Richmond, Richmond, VA, May 2003), http://www.newaccountantusa.com/newsFeat /wealthManagement/Clikeman_Greatest_Frauds.pdf, 2.
55. Ibid.
56. Ibid.
57. Ibid., 2-3.
58. “The Match King.”
59. Ibid.; Kreuger, Truth about Ivar Kreuger, 63-64.
60. Clikeman, “Greatest Frauds”,3.
61. Paul M. Clikeman, Called to Account: Financial Frauds That Shaped the Accounting Profession, 2nd ed. (New York: Routledge, 2013), 38.
62. Kenneth L. Fisher, How to Smell a Rat: The Five Signs of Financial Fraud, with Lara Hoffmans (Hoboken, NJ: Wiley, 2009), 167.
63. Cabell Phillips, From the Crash to the Blitz, 1929-1939 (New York: Fordham University Press, 2000), 30-31; Fisher, How to Smell a Rat, 167.
64. Fisher, How to Smell a Rat, 167.
65. Ibid., 167-168.
66. Ibid., 168-169.
67. Ibid., 167-169; John Brooks, Once in Golconda: A True Drama of Wall Street, 1920-1938 (New York: Harper & Row, 1969), 258.
68. James Bandler and Doris Burke, “70 Years before Madoff, There Was Whitney”，CNN Money, December 16, 2008, http://money.cnn .com/2008/12/16/news/madoff.whitney. fortune.
69. Fisher, How to Smell a Rat, 169.
70. Kurt A. Hohenstein, ed., “William O. Douglas and the Growing Power of the SEC”,Securities and Exchange Commission Historical Society, December 1, 2005, http://www.sechistorical.org/museum/galleries /douglas/index.php.
71. Ibid.
72. Ibid.
73. Kathleen M. Middleton, Bayonne Passages, Images of America (Charleston, SC: Arcadia, 2000), 146.
74. Norman C. Miller, The Great Salad Oil Swindle (New York: Coward McCann, 1965), 16-22.
75. Ibid., 17-18.
76. Middleton, Bayonne Passages, 146.
77. Miller, Salad Oil Swindle, 18.
78. George Childs Kohn, ed., The New Encyclopedia of American Scandal, rev. ed. (New York: Infobase, 2001), 161.
79. Miller, Salad Oil Swindle, 70-73.
80. Middleton, Bayonne Passages, 147-148.
81. Ibid.
82. Miller, Salad Oil Swindle, 142-146 and 183.
83. Kohn, Encyclopedia of American Scandal, 161.
84. Middleton, Bayonne Passages, 148.
85. Chris Barth, “Warren Buffett: Clairvoyant or Crazy?”Forbes, June 12, 2012, http://www.forbes.com/sites/chrisbarth/2012/06/12/warren -buffett-clairvoyant-or-crazy.
86. Kohn, Encyclopedia of American Scandal, 162.
87. Stephen G. Dimmock and William C. Gerken, “Finding Bernie Madoff: Detecting Fraud by Investment Managers” (working paper, 2011).
88. Stephen J. Brown and Onno W. Steenbeek, “Doubling: Nick Leeson's Trading Strategy”,Pacific-Basin Finance Journal 9, no. 2 (April 2001): 85-86.
89. Ibid., 86.
90. Nick Leeson, “Biography,” NickLeeson.com, accessed January 2015, http://www. nickleeson.com/biography/full_biography_02.html.
91. Martin Arnold et al., “How Kerviel Exposed Lax Controls at Société Générale”,Financial Times, February 7, 2008, http://www.ft.com /intl/cms/s/0/927fe998-d5b2-11dc-8b56-0000779fd2ac.html.
92. Ibid.
93. Ibid.
94. Sebastian Fritz-Morgenthal and Hagen Rafeld, “Breaking Down the Biggest Trading Fraud in the History of Banking”，Risk Professional, June 2010, 47-52, http://www.academia.edu/9042700/Breaking _Down_the_Biggest_Trading_Fraud_in_the_History_of_Banking.
95. Scott B. MacDonald and Jane E. Hughes, Separating Fools from Their Money: A History of American Financial Scandals (New Brunswick, NJ: Transaction, 2007), 16-17.
96. D avid J. Cowen, “William Duer and America's First Financial Scandal”,Financial History 97 (Spring 2010): 20-21.
97. Ibid., 21-22.
98. Ibid., 22.
99. Ibid., 23 and 35.
100. David J. Cowen, Richard Sylla, and Robert E. Wright, “The US Panic of 1792: Financial Crisis Management and the Lender of Last Resort” (paper presented at the XIV International Economic History Congress, Helsinki, Finland, August 2006), http://www.helsinki.fi /iehc2006/papers1/Sylla.pdf, 12-19.
101. Cowen, “William Duer”,35.
102. Timothy Starr, Railroad Wars of New York State (Charleston, SC: History Press, 2012), 112.
103. Ibid., 114.
104. Ibid., 114-116.
105. Robert C. Kennedy, “On This Day: March 30, 1872,” The Learning Network, New York Times, March 30, 2001, http://www.nytimes.com /learning/general/onthisday/harp/0330.html.
106. Starr, Railroad Wars, 123-130.
107. Kenneth L. Fisher, 100 Minds That Made the Market (Hoboken, NJ:Wiley, 2007), 250.
108. Ibid., 252-253.
109. Ibid., 252.
110. Robert Sobel, The Big Board: A History of the New York Stock Market,(New York, NY: Free Press, 1965), 329.
111. Fisher, 100 Minds, 251-252.
112. Ibid., 252.
113. Rajesh K. Aggarwal and Guojun Wu, “Stock Market Manipulations”,Journal of Business 79, no. 4 (July 2006): 1917.
114. Steve Lohr, “Guinness Scandal Roils Britain”,New York Times, January 30, 1987, http://www.nytimes.com/1987/01/30/business/guinness-scandal-roils-britain.html; Lynne Curry,“Guinness Brew-Haha in the City Lapping at Thatcher Government”, Christian Science Monitor, January 29, 1987, http://www.csmonitor.com/1987/0129/fmark29 .html.
115. Steve Lohr, “Hostile Offer by Argyll for Distillers”,New York Times, December 2, 1985, http://www.nytimes.com/1985/12/03/business /hostile-offer-by-argyll-for-distillers.html; Steve Lohr, “Guinness Offers to Buy Distillers for ＄3.2 Billion”,New York Times, January 20, 1986, http://www.nytimes.com/1986/01/21/business/guinness-offers-to -buy-distillers-for-3.2-billion.html.
116. “‘Guinness Four’ Guilty”,BBC News, August 27, 1990, http:// news.bbc. co.uk/onthisday/hi/dates/stories/august/27 /newsid_2536000/2536035.stm.
117. Lohr, “Guinness Scandal Roils Britain”.
118. Travers Smith, “The Takeovers Regime Under the Companies Act 2006: AIM-Listed Companies”,May 2007, http://www.traverssmith.com /media/602015/takeovers_regime_under_the_companies _act_2006_-_aim-listed_companies_-_may_2007.pdf.
119. “Timeline: Libor-Fixing Scandal”,BBC News, February 6, 2013, http://www. bbc.com/news/business-18671255.
120. Michael J. de la Merced, “Q. and A.: Understanding Libor”,Deal- Book (blog), New York Times, July 10, 2012, http://dealbook.nytimes .com/2012/07/10/q-and-a-understanding-libor.
121. Ibid.
122. Christopher Matthews, “LIBOR Scandal: Yep, It's as Bad as We Thought”,Time, December 20, 2012, http://business.time.com/2012 /12/20/libor-scandal-yep-its-as-bad-as-we-thought.
123. Andrea Tan, Gavin Finch, and Liam Vaughan, “RBS Instant Messages Show Libor Rates Skewed for Traders”,Bloomberg News, September 26, 2012, http://www. bloomberg.com/news/2012-09-25/rbs-instantmessages- show-libor-rates-skewed-for-traders.html.
124. V ikas Shah, “Andrew Lo on the LIBOR Scandal and What's Next”,All about Alpha.com, November 8, 2012, http://allaboutalpha.com /blog/2012/11/08/andrew-lo-on-the-libor-scandal-and-whats-next.
125. Liam Vaughan and Gavin Finch, “Libor Lies Revealed in Rigging of ＄300 Trillion Benchmark”,Bloomberg News, January 28, 2013, http:// www.bloomberg.com/news/2013-01-28/libor-lies-revealed-in-rigging -of-300-trillion-benchmark.html.
126. Dacher Keltner and Paul Piff, “Greed on Wall Street Prevents Good from Happening”,Room for Debate (blog), New York Times, March 16, 2012, http://www.nytimes.com/roomfordebate /2012/03/15/does-morality-have-a-place-on-wall-street /greed-on-wall-street-prevents-good-from-happening.
127. Bob Greene, “A ＄100 Million Idea: Use Greed for Good”,Chicago Tribune, December 15, 1986, http://articles.chicagotribune .com/1986-12-15/features/8604030634_1_ivan-boeskys-greed-fund.
128. Bryan K. Ulmer, “Boesky, Ivan”,in Encyclopedia of White-Collar and Corporate Crime, ed. Lawrence M. Salinger (Thousand Oaks, CA: Sage, 2005), 1:96.
129. Stephen Koepp, “‘Money Was the Only Way’”,Time, June 24, 2001, http://content.time.com/time/magazine/article/0,9171,144026,00 .html.
130. Ulmer, “Boesky, Ivan”,1:97.
131. Koepp, “‘Money Was the Only Way’”; Ulmer, “Boesky, Ivan”,1:96.
132. Keith M. Moore, Risk Arbitrage: An Investor's Guide (Hoboken, NJ: Wiley, 1999), 7-10.
133. Koepp, “‘Money Was the Only Way.’”
134. James B. Stewart, Den of Thieves (New York: Simon and Schuster, 1992), 18-20.
135. Ibid., 164-165.
136. Ibid., 12 and 340.
137. Robert K. D. Colby, ed., “Wrestling with Reform: Financial Scandals and the Legislation They Inspired”,Securities and Exchange Commission Historical Society, May 1, 2013, http://www. sechistorical.org/museum /galleries/wwr/index.php.
138. Ulmer, “Boesky, Ivan,” 1:97.
139. Stewart, Den of Thieves, 431.
140.Susan Pulliam and Chad Bray, “Trader Draws Record Sentence”,Wall Street Journal, October 14, 2011, http://online.wsj.com/news /articles/SB10001424052970203914304576627191081876286.
141. Katherine Burton and Saijel Kishan, “Raj Rajaratnam Became Billionaire Demanding Edge”,Bloomberg News, October 19, 2009, http:// www.bloomberg.com/apps/news?pid=newsarchive&sid=aDg9U7NG eNv4.
142. Michael J. de la Merced, “Taped Calls about Akamai Earnings Guidance Heard at Galleon Trial,” DealBook (Blog), New York Times, April 4, 2011, http://dealbook.nytimes.com/2011/04/04/focus-shifts -to-google-trade-at-galleon-trial.
143. Barney Gimbel, “Partners in Crime”,CNN Money, October 4, 2006, http://money.cnn.com/magazines/fortune/fortune_archive/2006 /10/02/8387505/index.htm.
144. Ibid.
145. Ibid.
146. Ibid.
147. Ibid.
148. Ferdinand Pecora, Wall Street Under Oath (New York: A. M. Kelley, 1939), quoted in Charles D. Ellis and James R. Vertin, True Stories of the Great Barons of Finance, vol. 2 of Wall Street People (Hoboken, NJ: Wiley, 2003), 182-183.
149. Senate Committee on Banking and Currency, “Stock Exchange Practices” (S. Rep. No. 73-1455) (Washington, DC: Government Printing Office, 1934), http://www.senate.gov/artandhistory/history /common/investigations/pdf/Pecora_FinalReport.pdf, 187-189.
150. Ellis and Vertin, True Stories, 182.
151. Pecora, Wall Street Under Oath, quoted in Ellis and Vertin, True Stories, 188.
152. Jerry W. Markham, A Financial History of Modern US Corporate Scandals: From Enron to Reform (Armonk, NY: Sharpe, 2006), 377.
153. Kurt A. Hohenstein, ed., “Fair to All People: The SEC and the Regulation of Insider Trading”,Securities and Exchange Commission Historical Society, November 1, 2006, http://www.sechistorical.org/museum/galleries/it.
154. David Margolick, “William Carey [sic], Former S.E.C. Chairman, Dies at 72”,New York Times, February 9, 1983, http://www.nytimes .com/1983/02/09/obituaries/william-carey-former-sec-chairman -dies-at-72.html.
155. Ibid.
156. Donald C. Langevoort, “Rereading Cady, Roberts: The Ideology and Practice of Insider Trading Regulation”,Columbia Law Review 99, no. 5 (June 1999): 1319.
157. Stephen M. Bainbridge, ed., Research Handbook on Insider Trading (Cheltenham, UK: Edward Elgar, 2013), 3.
158. Ibid.
159. Philip McBride Johnson and Thomas Lee Hazen, Derivatives Regulation (New York: Aspen, 2004), 3:1522-1523.
160. Markham, Financial History, 378-379.
161. Bainbridge, Research Handbook, 3.
162. Hohenstein, “Fair to All People”.
163. Ibid.
164. Robert Schmidt and Jesse Hamilton, “SEC ‘Capacity Gap’ Risks Oversight Lapses as Regulator's Targets Multiply”,Bloomberg News, March 7, 2011, http://www.bloomberg.com/news/2011-03-07/sec-capacity -gap-risks-oversight-lapses-as-regulator-s-targets-multiply.html.
165. James B. Stewart, “As a Watchdog Starves, Wall Street Is Tossed a Bone”,New York Times, July 15, 2011, http://www.nytimes.com/2011/07/16 /business/budget-cuts-to-sec-reduce-its-effectiveness.html.
166. Ibid.
第六章 周期性危机的管理进步
1.Philip S.Bagwell and G.E.Mingay, Britain and America, 1850-1939:A Study of Economic Change (New York: Praeger, 1970), 244-246.
2.J.R.Vernon, “The 1920-1921 Deflation: The Role of Aggregate Supply”,Economic Inquiry 29, no.3 (July 1991): 572-573.
3.Ibid., 573-574.
4.Charles H.Feinstein, Peter Temin, and Gianni Toniolo, The World Economy Between the World Wars (New York: Oxford University Press, 2008), 56.
5.Bagwell and Mingay,Britain and America, 246.
6.J.Bradford DeLong, “The Roaring Twenties”,in Slouching Towards Utopia? The Economic History of the Twentieth Century, February 1997, http://holtz.org/Library/Social%20Science/Economics/Slouching%20Towards%20Utopia%20by%20DeLong/Slouch _roaring13.html; Henry Cabot Lodge, “League of Nations”，American Memory, Library of Congress, accessed 2015, http://memory.loc.gov;Immigration Act of 1924, Pub.L.No.68-139, 43 Stat.153, http://library.uwb.edu/guides/usimmigration/43%20stat%20153.pdf.
7.DeLong,“Roaring Twenties.”
8.Ibid.
9.Kenneth L.Fisher, 100 Minds That Made the Market (Hoboken, NJ: Wiley, 2007), 183-184; “The 1907 Crisis in Historical Perspective”,Center for History and Economics, Harvard University, accessed 2015,http://www.fas.harvard.edu/~histecon/crisis-next/1907.
10.Ibid., 184.
11.Anthony D’Agostino, The Rise of Global Powers: International Politics in the Era of the World Wars (Cambridge: Cambridge University Press, 2012), 225.
12.Ibid., 226.
13.Federal Reserve Bank of New York, “George L.Harrison”,accessed January 2015, http://www.newyorkfed.org/aboutthefed/GHarrisonbio .html.
14.Claire Suddath, “The Crash of 1929”,Time, October 29, 2008, http://content.time.com/time/nation/article/0,8599,1854569,00.html.
15.Karen Blumenthal, Six Days in October: The Stock Market Crash of 1929(New York: Simon and Schuster, 2002), 88.
16.Ibid., 88-89; “Exchange to Close for Two Days of Rest”,New York Times, October 31, 1929, http://partners.nytimes.com/library/financial/103129crash-close.html.
17.Harold Bierman Jr., The Causes of the 1929 Stock Market Crash: A Speculative Orgy or a New Era? (Westport, CT: Greenwood, 1998),4; Harold Bierman, “The 1929 Stock Market Crash”,in Encyclopedia of Economic and Business History, ed.Robert Whaples, Economic History Association, March 26, 2008, http://eh.net/encyclopedia/the-1929-stock-market-crash.
18.Capital Finance International, “Jesse Lauriston Livermore: The Boy Plunger”,February 20, 2014, http://cfi.co/banking/2014/02/jesse-lauriston-livermore-the-boy-plunger.
19.Bierman, Causes of the Crash, 6-7 and 13.
20.Gene Smiley, The American Economy in the Twentieth Century (Cincinnati:South-Western, 1994), 148-150.
21.D'Agostino, Rise of Global Powers, 227; Charles P.Kindleberger, TheWorld in Depression, 1929-1939, rev.ed.(Berkeley: University of California Press, 1986), 295-296.
22.Smiley, American Economy, 158-161.
23.Ibid., 151-154.
24.Ben S.Bernanke, “The Financial Accelerator and the Credit Channel”(speech, The Credit Channel of Monetary Policy in the Twenty-First Century Conference, Federal Reserve Bank of Atlanta, Atlanta, GA,June 15, 2007), http://www.federalreserve.gov/newsevents/speech/bernanke20070615a.htm.
25.Franklin D.Roosevelt Presidential Library and Museum (FDR Library),“FDR: From Budget Balancer to Keynesian: A President's Evolving Approach to Fiscal Policy in Times of Crisis”,accessed 2013, http://www.fdrlibrary.marist.edu/aboutfdr/budget.html.
26.Herbert Hoover, “Statement on Efforts to Balance the Budget”,March 8, 1932, The American Presidency Project, http://www.presidency.ucsb.edu/ws/?pid=23478.
27.FDR Library, “Budget Balancer to Keynesian”.
28.Bruce Bartlett, “How Deficit Hawks Could Derail the Recovery”,Forbes, January 8, 2010, http://www.forbes.com/2010/01/07/deficit-great-depression-recovery-opinions-columnists-bruce-bartlett.html; FDR Library, “Budget Balancer to Keynesian.”
29.FDR Library, “Budget Balancer to Keynesian”.
30.Securities and Exchange Commission Historical Society, “431Days: Joseph P.Kennedy and the Creation of the SEC (1934-1935)”,accessed 2013, http://www.sechistorical.org/museum/galleries/kennedy/politicians_b.php; US Securities and Exchange Commission (SEC), “Laws That Govern the Securities Industry”,accessed January 2015, http://www.sec.gov/about/laws.shtml.
31.Matthew P.Fink, The Rise of Mutual Funds: An Insider's View, 2nd ed.(Oxford: Oxford University Press, 2011), 23-24.
32.SEC, “Laws that Govern the Securities Industry”.
33.“Topics: Glass-Steagall Act (1933)”,New York Times, accessed January 2015, http://topics.nytimes.com/top/reference/timestopics/subjects/g/glass_steagall_act_1933/index.html.
34.Hyman P.Minsky, Stabilizing an Unstable Economy (New Haven, CT: Yale University Press, 1986).
35.William Seyfried, “Monetary Policy and Housing Bubbles: A Multinational Perspective”,Research in Business and Economics Journal 2(March 2010), http://www.aabri.com/manuscripts/09351.pdf,1-2.
36.Kathryn J.Byun, “The US Housing Bubble and Bust: Impacts on Employment”,Monthly Labor Review (Bureau of Labor Statistics, US Department of Labor), December 2010, http://www.bls.gov/opub/mlr/2010/12/art1full.pdf, 7.
37.Robert J.Shiller, “Understanding Recent Trends in House Prices and Home Ownership” (Working Paper 13553, National Bureau of Economic Research, Cambridge, MA, October 2007), http://www.nber.org/papers/w13553.pdf, 3-7.
38.Walter Bagehot, Lombard Street: A Description of the Money Market (London: King, 1873).
39.Board of Governors of the Federal Reserve System, “Ben S.Bernanke”,accessed January 2015, http://www.federalreservehistory.org/People/DetailView/12; Phillip Y.Lipscy and Hirofumi Takinami, “The Politics of Financial Crisis Response in Japan and the United States”,Japanese Journal of Political Science 14, no.3 (September 2013): 331-335.
40.Baird Webel, “Troubled Asset Relief Program (TARP): Implementation and Status”,Congressional Research Service, Library of Congress, Washington, DC, June 27, 2013, https://www.fas.org/sgp/crs/misc/R41427.pdf, 1; “Treasury's Bailout Proposal”,CNN Money, September 20, 2008, http://money.cnn.com/2008/09/20/news/economy /treasury_proposal; US Department of the Treasury, “TARP Programs”,accessed January 2015, http://www.treasury.gov/initiatives/financial-stability/TARP-Programs/Pages/default.aspx; Congressional Budget Office, “Report on the Troubled Asset Relief Program—October 2012”,October 11, 2012, http://www.cbo.gov/sites/default/files/TARP10-2012_0.pdf, 1.
41.Michael A.Fletcher, “Obama Leaves D.C.to Sign Stimulus Bill”,Washington Post, February 18, 2009, http://www.washingtonpost.com/wp-dyn/content/article/2009/02/17/AR2009021700221. html; Council of Economic Advisers, Executive Office of the President, “The Economic Impact of the American Recovery and Reinvestment Act Five Years Later: Final Report to Congress”,February 2014, http://www.whitehouse.gov/sites/default/files/docs/cea_arra_report.pdf, i.
42.Paul Krugman,“Too Little, Gone Too Soon”,Conscience of a Liberal (blog), New York Times, August 30, 2013, http://krugman.blogs.nytimes.com/2013/08/30/too-little-gone-too-soon.
43.Paul Wiseman and Pallavi Gogoi, “FDIC Chief: Small Banks Can't Compete with Bailed-Out Giants”,USA Today, October 20, 2009, http://usatoday30.usatoday.com/money/industries/banking/2009-10-19-FDIC-chief-sheila-bair-banking_N.htm.
44.Frederic A.Schweikhard and Zoe Tsesmelidakis, “The Impact of Government Interventions on CDS and Equity Markets” (working paper,November 2012), http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1573377, 1-2.
45.Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub.L.No.111-203, 124 Stat.1376-2223, “Title I: Financial Stability”,http://www.law.cornell.edu/wex/dodd-frank; US Department of the Treasury,“Financial Stability Oversight Council: Who Is on the Council?”,accessed January 2015, http://www.treasury.gov/initiatives/fsoc/about/council/Pages/default.aspx.
46.Board of Governors of the Federal Reserve System, “Press Release”,October 23, 2014, http://www.federalreserve.gov/newsevents/press/bcreg/20141023a.htm.
47.Simon Johnson, “Sadly, Too Big to Fail Is Not Over”,Economix (blog),New York Times, August 1, 2013, http://economix.blogs.nytimes.com/2013/08/01/sadly-too-big-to-fail-is-not-over.
48.James B.Stewart, “Volcker Rule, Once Simple, Now Boggles”,New York Times, October 21, 2011, http://www.nytimes.com/2011/10/22/business/volcker-rule-grows-from-simple-to-complex.html.
49.Ibid.; Dan Kedmey, “2 Years and 900 Pages Later, the Volcker Rule Gets the Green Light”,TIME.com, December 11, 2013，http://business.time .com/2013/12/11/2-years-and-900-pages-later-the-volcker-rule-gets-the-green-light.
50.Carmen M.Reinhart and Kenneth S.Rogoff, This Time Is Different:Eight Centuries of Financial Folly (Princeton, NJ: Princeton University Press, 2011), xliv-xlv and 238-239.
第七章 投资理论的出现
1.Jean-Michel Courtault et al., “Louis Bachelier on the Centenary of Théorie de la Spéculation,”Mathematical Finance 10, no.3（July 2000）:342-343.
2.Ibid., 341-344.
3.Ibid., 346-347.
4.“Fisher, Irving” in Concise Encyclopedia of Economics, ed.David R.Henderson, Library of Economics and Liberty, 2008, http://www.econlib.org/library/Enc/bios/Fisher.html.
5.“Out of Keynes's Shadow”,Economist, February 14, 2009, http://www. economist.com/node/13104022; David J.Lynch, “Economists Evoke the Spirit of Irving Fisher”,Bloomberg News, January 12, 2012, http://www.bloomberg.com/bw/magazine/economists-evoke-the-spirit-of-irving-fisher-01122012.html.
6.Irving Fisher, The Theory of Interest as Determined by Impatience to Spend Income and Opportunity to Invest It（New York: Macmillan, 1930）, 151.
7.Ibid., 152.
8.Ibid., 155.
9.Peter L.Bernstein, Capital Ideas: The Improbable Origins of Modern Wall Street（New York: Free Press, 1992）, 150-151.
10.Ibid., 153-154.
11.Ibid., 151-152.For the original work, see John Burr Williams, The Theory of Investment Value（Cambridge, MA: Harvard University Press, 1938）.
12.K.P.Gupta, Cost Management: Measuring, Monitoring & Motivating Performance（Delhi: Global India Publications, 2009）, 55.
13.Franco Modigliani and Merton H.Miller, “The Cost of Capital, Corporation Finance and the Theory of Investment”,American Economic Review 48, no.3（June 1958）: 261-297.
14.Nobel Media AB, “The Prize in Economics 1985—Press Release”,1985,accessed 2013, http://www.nobelprize.org/nobel-prizes/economicsciences/laureates/1985/press.html; Nobel Media AB, “The Prize in Economics 1990—Press Release”,1990, accessed 2013, http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1990/press.html.
15.Avinash Dixit, “Paul Samuelson's Legacy”,Annual Reviews of Economics 4（2012）: 3-4.For the original work, see Paul A.Samuelson, Foundations of Economic Analysis（Cambridge, MA: Harvard University Press,1947）.
16.Bernstein, Capital Ideas, 22-23.
17.Donald MacKenzie, An Engine, Not a Camera: How Financial Models Shape Markets（Cambridge, MA: MIT Press, 2006）, 64.
18.Dixit, “Samuelson's Legacy”,19-20.For the original works, see Paul A.Samuelson, “Rational Theory of Warrant Pricing”,Industrial Management Review 6, no.2（Spring 1965）:13-39; Paul A.Samuelson and Robert C.Merton, “A Complete Model of Warrant Pricing that MaximizesUtility”,Industrial Management Review 10, no.2（Winter 1969）:17-46.
19.Fischer Black and Myron Scholes, “The Pricing of Options and Corporate Liabilities”,Journal of Political Economy 81, no.3（May-June 1973）:637-654.
20.Fischer Black and Myron Scholes, “The Pricing of Options and Corporate Liabilities”,Journal of Political Economy 81, no.3（May-June 1973）:637-654.
21.Marion A.Brach, Real Options in Practice（Hoboken, NJ: Wiley, 2003）,24.
22.Robert C.Merton, “Option Pricing When Underlying Stock Returns Are Discontinuous”,Journal of Financial Economics 3, no.1-2（January-March 1976）: 125-144.
23.Steven G.Krantz and Harold R.Parks, A Mathematical Odyssey: Journey from the Real to the Complex（New York: Springer, 2014）, 55.
24.Ecclesiastes 11:1-2（New International Version）.
25.Bruce A.Valentine, “Shakespeare Revisited”,Financial Analysts Journal 21, no.3（May-June 1965）, 91.
26.Harry Markowitz, “Harry M.Markowitz—Biographical”,Nobel Media AB, 1990, accessed 2013,http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1990/markowitz-bio.html.
27.Bernstein, Capital Ideas, 46.
28.Markowitz, “Biographical.”
29.Ibid.
30.Harry Markowitz, “Portfolio Selection”,Journal of Finance 7, no.1（March 1952）.
31.James Tobin, “Liquidity Preference as Behavior Towards Risk”,Review of Economic Studies 25, no.2（February 1958）.
32.William F.Sharpe, “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk”,Journal of Finance 19, no.3（September 1964）: 425-442; John Lintner, “The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets”,Review of Economics and Statistics 47, no.1（February 1965）: 13-37.
33.Eugene F.Fama and Kenneth R.French, “The Capital Asset Pricing Model: Theory and Evidence”,Journal of Economic Perspectives 18, no.3（Summer 2004）: 25-28.
34.Eugene F.Fama and Kenneth R.French, “The Cross-Section of Expected Stock Returns”,Journal of Finance 47, no.2（June 1992）: 445-446.
35.Ibid.
36.Cowles Foundation for Research in Economics, “Alfred Cowles, 3rd（1891-1984）”,Yale University, accessed 2013, http://cowles.econ.yale.edu/archive/people/directors/cowles.htm.
37.Alfred Cowles III, “Can Stock Market Forecasters Forecast?”Econometrica1, no.3（July 1933）: 309-323.
38.Ibid., 323.
39.Michael C.Jensen, “The Performance of Mutual Funds in the Period 1945-1964”,Journal of Finance 23, no.2（May 1968）.
40.Ibid.
41.Eugene F.Fama, “Efficient Capital Markets: A Review of Theory and Empirical Work”,Journal of Finance 25, no.2（May 1970）: 383.
42.Benjamin Graham and David L.Dodd, Security Analysis（New York: McGraw-Hill, 1934）.
43.Benjamin Graham, The Intelligent Investor（New York: Harper, 1949）.
44.Benjamin Graham, “A Conversation with Benjamin Graham”,Financial Analysts Journal 32, no.5（September-October 1976）: 22.
45.Warren Buffett, “The Superinvestors of Graham-and-Doddsville”,Hermes（Columbia Business School）, Fall 1984, 4-15.
46.Daniel Kahneman and Amos Tversky, “Prospect Theory: An Analysis of Decision under Risk”,Econometrica 47, no.2（March 1979）: 265-278.
47.Raniel Kahneman and Amos Tversky, “Prospect Theory: An Analysis of Decision under Risk”,Econometrica 47, no.2（March 1979）: 265-278.
48.Stephen J.Brown, William N.Goetzmann, and Stephen A.Ross,“Survival”,Journal of Finance 50, no.3（July 1995）: 853-873.
49.Shlomo Benartzi and Richard H.Thaler, “Myopic Loss Aversion and the Equity Premium Puzzle”,Quarterly Journal of Economics 110, no.1（February 1995）: 73-92.
50.Burton G.Malkiel, “The Efficient Market Hypothesis and Its Critics”,Journal of Economic Perspectives 17, no.1（Winter 2003）: 61-62.
第八章 新的更多投资形式
1.Towers Watson and Financial Times, “Global Alternatives Survey 2012”,last modified July 2012, http://www.towerswatson.com/en-US/Insights/IC-Types/Survey-Research-Results/2012/07/Global-Alternatives-Survey-2012, 7-8.
2. Thomas J. Healey and Donald J. Hardy, “Growth in Alternative Investments”,Financial Analysts Journal 53, no. 4 (July–August 1997): 58-59.
3. C . P. Chandrasekhar, “Private Equity: A New Role for Finance?” International Development Economics Associates, last modified May 22,2007,http://www.networkideas.org/featart/may2007/Private_Equity.pdf, 2.
4. Healey and Hardy, “Growth in Alternative Investments”,59.
5. William H. Gross, “The Lending Lindy”,PIMCO, September 2012,http://www. pimco.com/EN/Insights/Pages/The-Lending-Lindy.aspx.
6. U S Securities and Exchange Commission, “Investor Bulletin: Accredited Investors”,accessed 2015, http://www.sec.gov/investor/alerts/ib_accreditedinvestors.pdf, 1.
7. Jesse Hamilton and Margaret Collins, “Hedge Funds Cleared to Advertise under SEC Proposal”,Bloomberg Businessweek, August 29, 2012, http://www.bloomberg.com/news/articles/2012-08-28/hedge-fund-marketing-could-begin-new-era-as-sec-set-for-proposal.
8. Michael E. Kitces, “What Makes Something an Alternative Asset Class, Anyway?”Journal of Financial Planning 25, no. 9 (September 2012): 22-23.
9. U S Securities and Exchange Commission, “Hedge Funds”,accessed 2015, http://investor.gov/investing-basics/investment-products/hedgefunds;“How Hedge Funds Are Structured”,Hedge Fund Fundamentals, accessed January 2015, http://www. hedgefundfundamentals.com/wp-content/uploads/2012/12/HFF_HFStructured_12-2012.pdf, 14.
10. A.W.Jones Advisers, “History of the Firm”,accessed 2014, http://www. awjones.com/historyofthefirm.html; John Russell, “Alfred W. Jones, 88, Sociologist and Investment Fund Innovator”，New York Times, June 3, 1989, http://www.nytimes.com/1989/06/03/obituaries/alfred-w-jones-88-sociologist-and-investment-fund-innovator.html.
11. A. W. Jones Advisers, “History of the Firm”.
12. Carol J. Loomis, “The Jones Nobody Keeps Up With”,Fortune, April 1966, 247.
13. Sebastian Mallaby, “Learning to Love Hedge Funds”,Wall Street Journal, June 11, 2010, http://online.wsj.com/news/articles/SB10001424052748703302604575294983666012928.
14. Mario J. Gabelli, “The History of Hedge Funds—The Millionaire's Club”,Gabelli Funds, last modified October 25, 2000, http://www.gabelli.com/news/mario-hedge_102500.html.
15. Loomis, “Jones Nobody Keeps Up With”,247.
16. Gabelli, “History of Hedge Funds”.
17. Loomis, “Jones Nobody Keeps Up With”,237.
18. Gabelli, “History of Hedge Funds”.
19. Ibid.;David Litterick, “Billionaire Who Broke the Bank of England”,Telegraph, September 13,2002,http://www.telegraph.co.uk/finance/2773265/Billionaire-who-broke-the-Bank-of-England.html.
20. “Hedge Fund Industry—Assets Under Management: Historical Growth of Assets”,BarclayHedge Alternative Investment Databases, accessed 2014, http://www.barclayhedge.com/research/indices/ghs/mum/Hedge_Fund.html.
21. Ibid.
22. Michael Benhamou, “Betting Against the Street”,Market Watch, June 9, 2005, http://www.marketwatch.com/story/taking-advantage-of-convertible-arbs.
23. Azam Ahmed, “John Paulson's Long, Hot Summer”,Deal Book (blog), New York Times, August 4, 2011, http://dealbook.nytimes.com/2011/08/04/john-paulsons-long-hot-summer.
24. Landon Thomas Jr., “Too Big to Profit, a Hedge Fund Plans to Get Smaller”,DealBook (blog), New York Times, August 1, 2012, http://dealbook.nytimes.com/2012/08/01/hedge-fund-titan-plans-to-return-2-billion-to-investors.
25.Robert Mirsky, Anthony Cowell, and Andrew Baker, “The Value of the Hedge Fund Industry to Investors, Markets, and the Broader Economy”,KPMG and Centre for Hedge Fund Research, Imperial College, London, last modified April 2012, http://www.kpmg.com/KY/en/Documents/the-value-of-the-hedge-fund-industry-part-1.pdf, 11.
26. Nicole M. Boyson, “Hedge Fund Performance Persistence: A New Approach”,Financial Analysts Journal 64, no. 6 (November–December 2008): 28-29, 42.
27. Chris Jones, Hedge Funds of Funds: A Guide for Investors (Hoboken, NJ: Wiley, 2007), 1.3 (“What Are Hedge Funds of Funds?”).
28. Ibid.
29. Jones,Hedge Funds of Funds,3.5(“The Downsides of Investing in Hedge Funds”).
30. Ibid., 1.3.
31. Serge Darolles and Mathieu Vaissie, “Do Funds of Hedge Funds Really Add Value? A Post-Crisis Analysis” (working paper, EDHEC-Risk Institute, EDHEC Business School, Lille, France, September 2010), http://www.edhec-risk.com/edhec_publications/all_publications/RISKReview.2010-10-08.0141/attachments/EDHEC_Working_Paper_Do_FoHF_Really_Add_Value_F.pdf, 7-8 and 18.
32. MelvynTeo, “The Liquidity Risk of Liquid Hedge Funds”,Journal of Financial Economics 100, no. 1 (April 2011): 24-26.
33. Keith C. Brown, W. V. Harlow, and Laura T. Starks, “Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry”,Journal of Finance 51, no. 1 (March 1996): 85-90 and 108-109.
34. Ibid., 88-89.
35. Ilia D. Dichev and Gwen Yu, “Higher Risk, Lower Returns: What Hedge Fund Investors Really Earn”,Journal of Financial Economics 100, no. 2 (May 2011): 250 and 261.
36.Daniel A. Wingerd, “The Private Equity Market: History and Prospects”,Investment Policy 1, no. 2 (September–October 1997): 29; “Georges F. Doriot”,Baker Library Historical Collections, Harvard Business School, accessed January 2015, http://www.library.hbs.edu/hc/doriot/innovation-vc/ard.
37. Wingerd, “Private Equity Market”,30-32.
38. Ibid., 32.
39. John Steele Gordon, “A Short (Sometimes Profitable) History of Private Equity”,Wall Street Journal, January 17, 2012, http://online.wsj.com/news/articles/ SB10001424052970 204468004577 166850222785654.
40. Ibid.; Jon Friedman, “‘Barbarians at the Gate’ Authors Reflect”,MarketWatch, November 21, 2008, http://www.marketwatch.com/story/barbarians-at-the-gate-authors-reflect-on-wall-streets-madness.
41. Wingerd, “Private Equity Market”,36-38.
42.Deborah Perry Piscione, Secrets of Silicon Valley: What Everyone Else Can Learn from the Innovation Capital of the World (New York: Palgrave, 2013), 43 and 132-133; National Venture Capital Association and Thomson Reuters, “2012 National Venture Capital Association Yearbook”,last modified 2012, http://www.finansedlainnowacji.pl/wp-content/uploads/2012/08/NVCA-Yearbook-2012.pdf, 13.
43. National Venture Capital Association and Thomson Reuters, “2012 National Venture Capital Association Yearbook”,25 and 119.
44. Preqin, The 2014 Preqin Global Private Equity Report: Sample Pages, accessed 2014, https://www.preqin.com/docs/samples/The_2014_Preqin_Global_Private_Equity_Report_Sample_Pages.pdf, 50.
45. National Venture Capital Association and Thomson Reuters, “2012 National Venture Capital Association Yearbook”,7.
46. Noshua Watson, “REITs Rising”,NYSE Magazine, October 2003, http://www. ventasreit.com/sites/all/themes/ventasreit/images/stories/pdf/news/ventas_reit_spotlight_nov_dec03.pdf, 1.
47.CarlySchulaka, “Advisers Embrace Alternative Investments”,Journal of Financial Planning 24, no. 9 (September 2011): 32.
48. Adam Dunsby and Kurt Nelson, “A Brief History of Commodities Indexes: An Evolution from Passive to Active Indexes”,Journal of Indexes 13, no. 3 (May–June 2010): 37.
49. Kimberly A. Stockton, “Understanding Alternative Investments: The Role of Commodities in a Portfolio”,Vanguard Investment Counseling & Research, Vanguard, last modified 2007, http://www.vanguard.com/pdf/s552.pdf, 1.
50. C hung-Hong Fu, “Timberland Investments: A Primer”,Timberland Investment Resources, last modified June 2012, http://www.tirllc.com/wp-content/themes/tirllc/docs/TIR_A-Primer-2012-06-11-02.pdf, 2.
51. Jim Rinehart, “U.S. Timberland Post-Recession: Is it the Same Asset?”R&A Investment Forestry, last modified April 2010, http://investmentforestry.com/resources/1%20-%20Post-Recession%20Timberland.pdf, 1.
52. Ibid., 12-13.
53. Preqin, “Preqin Investor Outlook: Alternative Investments”,2014, https://www. preqin.com/docs/reports/Preqin-Investor-Outlook-Alternative-Assets-H2-2014.pdf, 4-6.
54. Investment Company Institute, 2013 Investment Company Fact Book, accessed 2014, http://www.ici.org/pdf/2013_factbook.pdf, 36 and 47.
55. Dan Culloton, “A Brief History of Indexing”,Fund Spy (blog), Morningstar, August 9, 2011, http://news.morningstar.com/articlenet/article.aspx?id=390749.
56. John C. Bogle, “The First Index Mutual Fund: A History of Vanguard Index Trust and the Vanguard Index Strategy”,Bogle Financial Markets Research Center, Vanguard, last modified 1997, http://www.vanguard.com/bogle_site/lib/sp19970401.html.
57. Ibid.
58. Ibid.
59. Investment Company Institute, 2013 Investment Company Fact Book, 36 and 47.
60. Ibid., 46-48.
61. Ibid., 46.
62. Ibid., 54.
63. Anthony Cowell et al., “Transformation: The Future of Alternative Investments”,KPMG International and International Fund Investment, last modified June 2010, http://www. kpmg.com/TW/zh/IssuesAndInsights/Documents/FS/KPMG-Transformation.pdf, 39.
第九章 创新与新精英阶层的产生
1. U S Department of Labor, “Frequently Asked Questions about Retirement Plans and ERISA”,accessed 2013, http://www.dol.gov/ebsa/faqs/faq_compliance_pension.html.
2. Gary Furukawa, Randall Buck, and Gary Smart, “Money Manager Interview: Gary Furukawa, Randall Buck & Gary Smart”,Wall Street Transcript, October 25, 2004, https://www. twst.com/interview/19635.
3. Joseph H. Spigelman, “What Basis for Superior Performance?”Financial Analysis Journal 30, no. 3 (May–June 1974): 32.
4. Douglas Appell, “Turning a New Page: Morgan Stanley's Gregory J. Fleming”,Pensions & Investments, March 7, 2011, http:// www.pionline.com/article/201 10307/PRINT/110309949/turning-a-new-page-morgan-stanleys-gregory-j-fleming.
5. David A. Latzko, “Economies of Scale in Mutual Fund Administration”(working paper, York Campus, Pennsylvania State University, York, PA, n.d.), http://www. personal.psu.edu/~dxl31/research/articles/mutual.pdf, 4-5.
6. “US Retirement Assets Hit ＄18 Trillion Again”,Retirement Income Journal, July 6, 2011, http://retirementincomejournal.com/issue/july-6-2011/article/u-s-retirement-assets-hit-18-trillion-again-ici.
7. Investment Company Institute, “Retirement Assets Total ＄24.0 Trillion in Second Quarter 2014”,September 25, 2014,http://www.ici.org/research/stats/retirement/ret_14_q2.
8. Investment Company Institute, 2012 Investment Company Fact Book, accessed 2014, http://www.ici.org/pdf/2012_factbook.pdf, 9-11.
9. Burton G. Malkiel, “Asset Management Fees and the Growth of Finance”, Journal of Economic Perspectives 27, no. 2 (Spring 2013): 99.
10. Daniel Golden, “Cash Me If You Can”,Upstart Business Journal, March 18, 2009, http://upstart.bizjournals.com/executives/2009/03/18/David-Swensen-and-the-Yale-Model.html.
11. Oregon State Treasury, “Oregon Investment Council (OIC)”,accessed 2013,http://www. oregon.gov/treasury/Divisions/Investment/Pages/Oregon-Investment-Council-(OIC). aspx.
12. Russell Parker, “Boutique Asset Managers Offer Competitive Advantages”,InvestmentNews, May 30, 2010, http://www.investmentnews.com/article/20100530/REG/305309998/boutique-asset-managers-offer-competitive-advantages.
13. Sonia Kolesnikov-Jessop, “Independent Asset Managers Thrive in Crisis”,New York Times, April 28, 2013, http://www.nytimes.com/2013/04/29/business/global/29iht-nwindies29.html.
14. “America's Top 300 Money Managers”,Institutional Investor, accessed 2014,http://www.institutionalinvestor.com/Research/4376/Americas-Top-300-Money-Managers.html.
15. Ibid.
16. Ibid.; “Ranking America's Top Money Managers”,Institutional Investor,August 1992, 79-83. Of the top twenty-five money managers in 2013, the following firms were independent: Black Rock, Vanguard Group, Fidelity Investments, Capital Group, Franklin Templeton Investments, Wellington Management Co., Invesco, T. Rowe Price Group, Legg Mason, Ameriprise Financial, and Federated Investors. The independent firms in 1991 were as follows: Fidelity Management & Research; Capital Group; Dreyfus Group; Scudder, Stevens & Clark; Franklin Group; United Asset Management; and Wellington Management Co.
17.“America's Top 300 Money Managers.”
18.“Will Invest for Food”,Economist, May 3, 2014,http://www.economist.com/news/briefing/21601500-books-and-music-investment-industry-being-squeezed-will-invest-food.
19.Ibid.
20.“The World's Billionaires”,Forbes, accessed 2014,http://www.forbes.com/billionaires.
21. Simone Foxman, “Ten Hedge Fund Managers Each Make More Money Than the Ten Best-Paid US CEOs Combined”,Quartz, April 15, 2013, http://qz.com/74533/10-hedge-fund-managers-each-make-more-money-than-the-10-best-paid-us-ceos-combined.
22. Robert Lenzner, “The Top 25 Hedge Fund Managers Earn More Than All the 500 Top CEOs Together”,Forbes, August 6, 2013, http://www.forbes.com/sites/robertlenzner/2013/08/06/the-top-25-hedge-fund-managers-earn-more-than-all-the-500-top-ceos-together.
23. Michelle Coffey, “Warren Buffett Made ＄37 Million a Day in 2013”,Market Watch, December 18, 2013, http://www.marketwatch.com/story/warren-buffett-made-37-million-a-day-in-2013-2013-12-18.
24.Nathan Vardi, “The 40 Highest-Earning Hedge Fund Managers and Traders”,Forbes, February 26, 2013,http://www.forbes.com/sites/nathanvardi/2013/02/26/the-40-highest-earning-hedge-fund-managers-and-traders.
25. Alexandra Stevenson, “Hedge Fund Moguls’ Pay Has the 1% Looking Up”, DealBook (blog), New York Times, May 6, 2014,http://dealbook.nytimes.com/2014/05/06/hedge-fund-moguls-pay-has-the-1-looking-up.
26. Ibid.
27. Joseph Thorndike, “Forget Carried Interest, It's All about Taxing Capital Gains”,Forbes, November 12, 2013,http://www.forbes.com/sites/taxanalysts/2013/11/12/forget-carried-interest-its-all-about-taxing-capital-gains.
28. Julie M. Zauzmer, “Where We Stand: The Class of 2013 Senior Survey”,Harvard Crimson, May 28, 2013, http://www.thecrimson.com/article/2013/5/28/senior-survey-2013.
29. Julie Segal, “Beating the Market Has Become Nearly Impossible”, Institutional Investor, September 18, 2013,http://www.institutionalinvestor.com/Article/3256074/Beating-the-Market-Has-Become-Nearly-Impossible.html.
30.“Down to 1.4 and 17”,Economist, February 8, 2014, http://www.economist.com/news/finance-and-economics/21595942-cost-investing-alternative-assets-fallingslowly-down-14-and-17.
结论 21世纪的投资
1.Michael S.carliner, “development of Federal Homeownership ‘Policy,’” Housing Policy Debate 9, no.2 (1998): 301.
2. Albert Monroe, “How the Federal Housing Administration A?ects Homeownership” (working paper, department of Economics, Harvard university, cambridge, MA, November 2001), http://www.jchs .harvard.edu/sites/jchs.harvard.edu/?les/monroe_w02-4.pdf, 5-6.
3.Carliner, “development of ‘Policy,’” 308.
4.Ibid., 308-309.
5. GinnieMae.gov, “our History,” Accessed 2015, http://www.ginniemae.gov/inside_gnma/company_ overview/Pages/our_history.aspx.