Chen Qiaoshan is very interested in securities investment, which is exactly what he needs to learn the most.

This is a course with financial derivatives, mainly teaching the practical application of financial derivatives, to put it bluntly, it teaches you how to invest and manage money, covering stocks, futures, options, funds, warrants, convertible bonds and so on.

Of course, this is not necessarily the case, securities investment also includes financial statement analysis, asset portfolio and market theory, which is a very practical finance course with a wide range of knowledge.

A gourmand may not be a good cook, and vice versa, Chen Qiaoshan has come to listen to it once before, and I feel that this course may not be suitable for Professor Yan to talk about.

Professor Yan is a well-known economist, there is no doubt about it, but he is not necessarily proficient in investment, just as a successful architect may not be able to build walls, and in the same way, an economist may not be able to trade stocks.

Chen Qiaoshan once knew that Professor Yan studied classical economics and marginalism, and he was definitely a master in the professional field, but this knowledge was too advanced and too far away for undergraduates.

Of course, Professor Yan can't be mistaken as a child, at least he can still explain the knowledge points clearly, since stepping down as the dean of the School of Economics, he has actually been retired, and it may be a habit to come out to teach.

In fact, there are many such old professors, one of which is Mr. Chen Daisun, who is still standing on the podium in his eighties, and the old man once commented on himself: I have only done one thing in my life, teaching.

Mr. Chen is an economist who has studied both Chinese and Western cultures, and was the dean of the Department of Economics at Tsinghua University for more than 20 years before the liberation, and then transferred to the Department of Economics of Peking University for 30 years.

With the passage of time, such scholars will become scarcer.

Those engaged in economic research need to have an independent spirit, but with the increasing impetuosity of society, more experts and professors have less time to stand on the podium and more time to stand on behalf of interest groups.

Chen Qiaoshan knew that he couldn't change anything, but judging from the current situation, it was inevitable that he would be scolded, and a few experts and professors who were not doing their jobs would be in the future.

……

Professor Yan's lecture on securities investment is more about introducing economic theories, and not much about practical investment skills, but Chen Qiaoshan still listens to it.

Today's class is about the efficient market hypothesis, which is a representative theory for the current study of financial asset pricing and stock market volatility.

"The so-called efficient market hypothesis means that the market is efficient if the information is not distorted and is fully reflected in the price of the security,......"

……

As Professor Yan gradually deepened his narration, Chen Qiaoshan slowly frowned.

He knows that the efficient market hypothesis is the mainstream economic theory today, and Eugene Fama was awarded the Nobel Prize in Economics in 2013, but this does not prove that his theory is correct, on the contrary, this theory is fatally flawed, and it is constantly debated in the economic community.

Coincidentally, the original English version of "Irrational Prosperity" that Chen Qiaoshan just borrowed from the library is a book that holds the opposite argument.

The book is written by Robert Shearer, a strong advocate of behavioral economics that is in opposition to the efficient market hypothesis, and he shared the 2013 Nobel Prize in Economics with Eugene Fama.

The fact that two economists, two opposing economic theories, won the award together speaks for itself.

At present, behavioral economics is a non-mainstream theory, which is not recognized by the academic community, and this theory has not even been introduced into China, but as a person who has come over, Chen Qiaoshan knows that behavioral economics is more suitable for the domestic economic community than the efficient market hypothesis.

Thinking of this, he couldn't help but take out the book "Irrational Prosperity" and flipped it up.

Chen Qiaoshan's English level is already good, and coupled with the fact that he has made up a lot of professional vocabulary during this time, it is not very difficult to gnaw on this economic monograph.

The class continued, but it didn't take long for the atmosphere in the classroom to be a little strange.

Chen Qiaoshan was looking at it intently, and suddenly felt that someone was pulling his arm, he knew that it should be Yan Xiaoqin, he looked sideways, and found that her face was very strange, he looked at the stage, and found that Professor Yan was staring at him, and his face was quite unpleasant.

Chen Qiaoshan realized that his behavior was very inappropriate, and he deserted under the professor's nose, which was tantamount to embarrassing him in person, Professor Yan undoubtedly valued him very much, Chen Qiaoshan knew that his approach was a bit too much, and he couldn't help but sneer on the spot.

The entire classroom was silent, staring curiously at the movement ahead.

Professor Yan was still very self-contained, and after a while, he didn't have a seizure on the spot, but just asked, "Do you have an opinion about me, or do you disagree with my point of view?"

Chen Qiaoshan felt very embarrassed, a famous scholar who has been the dean of the School of Economics of Peking University for ten years, and a freshman who has just entered the school, what does this make him say?

Chen Qiaoshan naturally didn't dare to have an opinion on Professor Yan, but he didn't agree with his point of view, thinking of this, he stubbornly said: "Professor Yan, I don't agree with your point of view, I am skeptical of the efficient market hypothesis. ”

Chen Qiaoshan's voice was not loud, but his tone was very affirmative, and there was no room in his words, and after he finished speaking, the students in the audience were immediately stunned.

Securities investment is an applied course, which, together with derivatives and empirical finance, is the last three professional courses of the Department of Finance, and the three most important courses in the whole finance.

The classrooms were all senior students of the scholastic academy, and after the incident last time, they all knew that Chen Qiaoshan was a freshman in the Guanghua experimental class.

It's ridiculous that a freshman would question the mainstream economic views, and everyone in the audience showed mocking eyes, and many people even laughed without any scruples, not minding the feelings of the person concerned.

Chen Qiaoshan felt that he was very embarrassed, but he couldn't do anything.

When Robert Shearer published his papers on behavioral economics, he was ostracized by the mainstream academic community, and even lost his tenure at a leading university that he was about to acquire, and the price he paid was not small.

Chen Qiaoshan knew that compared to what happened to Robert Shearer, what he faced was nothing at all.

Professor Yan did not stop the noise in the audience, he stared at Chen Qiaoshan curiously, and the exploration in his heart was a little more, and when the audience was quiet, he opened his mouth and asked, "Chen Qiaoshan, do you have any theoretical basis?"

Chen Qiaoshan calmed down a little, and the last thing he was afraid of was this problem.

"Professor Yan, what is the theoretical premise of the efficient market hypothesis?"

Professor Yan shook his head with a smile and said, "Wang Feng, you get up and answer Chen Qiaoshan's question." ”

Chen Qiaoshan was stunned, this name was very familiar, it was just one word different from Wang Sifeng, and he couldn't figure out what medicine Professor Yan was selling in the gourd.

The students in the audience looked like they were watching a good show, they all knew that Wang Feng was Professor Yan's most proud disciple, and the news of being protected by the institute had already spread in the academy, so there was naturally no doubt about his professional knowledge.

A room full of people stared at the front expectantly, all wanting to see how Wang Feng taught this freshman who didn't know the height of the sky.