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

This is a course that is paired with financial derivatives, which mainly teaches the practical application of financial derivatives. To put it bluntly, it teaches you how to invest and manage finance. The contents covered include stocks, futures, options, funds, warrants, convertible bonds, etc.

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

A foodie may not be a good cook, and vice versa. Chen Qiaoshan has heard it once before, and I feel that Professor Yan’s course may not be suitable.

Professor Yan is a famous economist, which is undoubtedly true, but he is not necessarily proficient in investment. It is like a successful architectural designer may not be able to build walls. By the same token, an economist may not be able to trade stocks.

Chen Qiaoshan once learned that Professor Yan is studying classical economics and marginalism. He is definitely a master in the professional field, but this knowledge is too profound and is still too far away for undergraduates.

Of course, Professor Yan cannot be considered misleading his children. He can still explain the minimum knowledge points clearly. Since he stepped down as the dean of the School of Economics, he has actually retired, and it may be a habit to come out to teach.

There are actually many such old professors, and the example is Mr. Chen Daisun. He is still standing on the podium in his eighties. The old man once commented on himself: I have only done one thing in my life, teaching.

Mr. Chen is an economist with a good academic background in China and the West. Before liberation, he served as the director of the Economic Department of Tsinghua University for more than 20 years, and later transferred to the director of the Economic Department of Peking University for 30 years. He never married and was alone in his life. He was a pure scholar.

As the times change, such scholars will become increasingly rare.

Those who engage in economic research need to have an independent spirit, but as society becomes increasingly impetuous, more experts and professors spend less time standing on the podium and more time standing on the interest groups.

Chen Qiaoshan knew that he could not change anything, but judging from the current situation, it would be inevitable to confront several experts and professors who were not doing their jobs in the future.

...

Professor Yan’s securities investment lectures are more about introducing economic theories. There are not many practical investment techniques involved, but Chen Qiaoshan still listened to them.

Today's class is about the effective market hypothesis, which is a representative theory that currently studies financial asset pricing and stock market fluctuations.

"The so-called effective market hypothesis means that information is not distorted and fully reflected in the securities price. The market is effective..."

...

As Professor Yan gradually explained in depth, Chen Qiaoshan slowly frowned.

He knew that the effective market hypothesis is the mainstream economic theory today, and Eugene Fama was awarded the 2013 Nobel Prize in Economics, but this does not prove that his theory is correct. On the contrary, this theory has fatal flaws and is constantly debated in the economic circle.

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

The author of this book is Robert Hiller, who strongly advocates behavioral economics and confronts the effective market hypothesis. He and Eugene Farma shared the 2013 Nobel Prize in Economics.

The two economists, two opposing economic theories, won the award together, which itself illustrates the problem.

At present, behavioral economics is a non-mainstream theory and is not recognized by the academic community. This theory has not even been introduced to China. As a veteran, Chen Qiaoshan knows that behavioral economics is more suitable for the domestic economic community than the effective market hypothesis.

Thinking of this, he couldn't help but take out the book "Irrational Prosperity" and started to turn it on.

Chen Qiaoshan's English skills are already good, and he has made up a lot of professional vocabulary during this period, so it is not difficult to learn about this economics monograph.

The class continued, but not long after, the atmosphere in the classroom became a little strange.

Chen Qiaoshan was watching intently, and suddenly he felt someone pulling his arm. He knew it should be Yan Xiaoqin. When he turned his head, he found that her face was very strange. He looked at the stage and found that Professor Yan was staring at him, with a rather bad look.

Only then did Chen Qiaoshan realize that his behavior was inappropriate and was wandering 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, so he couldn't help but be stunned on the spot.

The whole classroom was silent, staring at the movements ahead with curiosity.

Professor Yan is still very well-educated. He pondered for a while but did not have an attack on the spot. He just asked, "Do you have any objections to me or do you disagree with the views I made?"

Chen Qiaoshan felt very embarrassed. What did he say about a famous scholar who has been the dean of Peking University School of Economics for ten years and a freshman who has just entered the school?

Chen Qiaoshan naturally did not dare to have any objections to Professor Yan, but he did not agree with his views. Thinking of this, he said with a thorn in mind: "Professor Yan, I do not agree with your point of view. I am skeptical of the effective market hypothesis."

Chen Qiaoshan's voice was not loud, but his tone was very certain, and there was no room for anything in his words. After he finished speaking, the students in the audience were shocked.

Securities Investment is an applied course, together with derivative tools and empirical finance, it is the last three professional courses in the Department of Finance and the three most important courses in the entire finance.

The classrooms were all senior students from the scholastic school. After the last incident, everyone knew that Chen Qiaoshan was a freshman in Guanghua Experimental Class.

It was so ridiculous that a freshman actually questioned the mainstream economics viewpoint. This was ridiculous. Everyone in the audience showed ridiculous eyes, and many people even laughed without any scruples, not caring about the feelings of the parties involved.

Chen Qiaoshan felt embarrassed, but he had no choice.

When Robert Hiller publicly published his paper on behavioral economics, he was rejected by the mainstream academic community and even lost his tenured teaching position at a first-class university that he was about to obtain. The price he paid was extremely high.

Chen Qiaoshan knew that compared to what Robert Hiller had encountered, the things he faced were nothing at all.

Professor Yan did not stop the noise in the audience. He stared at Chen Qiaoshan curiously, and his exploration in his heart became a little more. After the audience calmed down, he asked, "Chen Qiaoshan, do you have any theoretical basis?"

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

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

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

Chen Qiaoshan was stunned. The name sounded very familiar, just one word short of Wang Sifeng, and he couldn't figure out what Professor Yan sold in the gourd.

The students in the audience looked like they were watching the show. They all knew that Wang Feng was Professor Yan’s most proud disciple, and the news of being admitted to the postgraduate had long been spread in the institute, so naturally there was no doubt about his professional knowledge.

Everyone in the room stared at the front with anticipation, wanting to see how Wang Feng taught this ignorant freshman.
Chapter completed!