Chen Qiaoshan was actually unsure. Professor Yan is a real economics expert, not the brick-dollar who is dedicated to fooling others outside.

Of course, Chen Qiaoshan also has advantages. Winning and losing is not important. Even if he loses miserably, there is no loss. He figured it out. Anyway, Professor Yan had long been suspicious, so he simply opened his firepower and might still get unexpected results.

Chen Qiaoshan was thinking about it, and Professor Yan suddenly asked, "You don't agree with the effective market hypothesis, what point do you support?"

"Behavioral economics, I think this theory is more realistic." Chen Qiaoshan stumbled and gave the answer directly.

Professor Yan couldn't help but frown. He knew that behavioral economics was a non-mainstream economic view and had not been recognized by the academic community at all.

The reason why this theory is unacceptable is because it over-reinforces speculative theory, believing that investors' behavior is not always rational, predictable and impartial, which distorts the cognitive concept of economics.

Professor Yan couldn't help asking, "Who did you learn from? Has anyone of your Guanghua professors studied this inequality theory?"

Chen Qiaoshan couldn't help but sweat in his forehead. Professor Yan really dared to say this, but it was not difficult to hear from the words that Professor Yan really didn't like Guanghua very much.

Chen Qiaoshan was not surprised at Professor Yan's attitude.

Although behavioral economics has been published for more than twenty years, it has not received attention and recognition from the academic community.

It was not until the publication of "Irrational Prosperity" that when Internet stocks were at their peak, it correctly predicted and explained the bursting of the first Internet bubble that behavioral economics officially entered the sight of scholars.

Of course, success does not mean anything.

A few years later, Robert Hiller once again issued an accurate warning in advance before the subprime mortgage crisis.

It was only after two global financial crises that had affected the world that behavioral economics began to spread around the world.

...

Chen Qiaoshan knew that behavioral economics has not been introduced to China at present, and many scholars may have heard of it, but they will definitely not study this in-depth theory.

This is no wonder that the domestic academic community is ironic. No matter where it is, different academic theories have created various opposing circles.

Robert Hiller is a good example. Because he advocates behavioral economics, he is not tolerated by mainstream academic circles.

He lost his job one after another and was eventually accepted by Yale University, but he could not recruit a few students. He fell into an extremely embarrassing situation and could only devote himself to the book and make a statement.

As a result, after two serious economic crises, Robert Hiller quickly became famous and his treatment changed drastically.

First of all, there were many followers, and then the economics monograph under his name became a bestseller, which shocked the eyes of the earth.

Chen Qiaoshan felt a little helpless. The US subprime mortgage crisis has been outbreak for more than three years, and there is no market for behavioral economics in China in a short period of time.

This is when you are at Peking University. If you are another library, you may not even be able to find the original English version of "Irrational Prosperity".

When Chen Qiaoshan borrowed the book from Peking University Library, his books were still new, and he was probably the first reader of this book in China.

If we waited until 2008, we would probably have sold all the original English books.

Facing Professor Yan's inquiry, Chen Qiaoshan did not dare to talk nonsense. Although the School of Scholars and Guanghua might not deal with him privately, he could only be Li Kequan's resentment after he went to Guanghua.

Chen Qiaoshan squeezed out a fake smile and said embarrassedly: "I didn't learn from Guanghua's teacher, I had contacted him privately."

Finally, he added another whisper and activated the atmosphere, "I am self-taught!"

As soon as the words were finished, the students in the classroom laughed.

Yan Xiaoqin was almost angry to death while sitting down. She felt embarrassed even if she had such an uncontrollable boyfriend.

She secretly made up her mind and would never follow Chen Qiaoshan to the School for free classes again, which was so embarrassing.

Professor Yan frowned a little longer, and he asked, "As far as I know, this theory has existed very early, right?"

Chen Qiaoshan knew that the old man had thought it was a mess and quickly explained: "I learned from books."

"Then do you know the difference between these two theories?" Professor Yan asked.

Chen Qiaoshan thought about it carefully and said: "Behavioral economics emphasizes more on the role of people, while the effective market hypothesis pays more on economic laws."

Professor Yan was very surprised, but he didn't expect that Chen Qiaoshan would clearly distinguish.

The reason why behavioral economics is not accepted by the academic community is that it integrates disciplines such as finance, psychology, behavior, and sociology. It is essentially a marginal discipline with intersecting various theories, not economics in the true sense.

"We are studying economics, and all economic activities operate strictly in accordance with economic laws." Professor Yan persuaded.

Chen Qiaoshan was unmoved and asked back: "Professor Yan, do you think the domestic securities market operates according to economic laws?"

Professor Yan was silent. As an economist, the economic situation around him was naturally very familiar. When faced with the students' doubts, he could not open his eyes to tell lies, and he was a little frustrated for a moment.

After a moment of silence, he spoke: "My country is an emerging economy, and its development is relatively lagging behind, so it can only be done step by step."

Chen Qiaoshan did not continue this topic, and some things cannot be investigated in depth and cannot be explained clearly.

Professor Yan didn't give him a chance to speak, and said directly: "You just talked about the issue of st Zhongyan, and we will continue to discuss this topic."

Chen Qiaoshan was stunned. Unexpectedly, Professor Yan was not going to discuss "Tao" with him, but discussed cases with him, which made the killer he prepared useless.

But it’s not surprising to think about it. The professor is suspected of bullying the small by debating with students.

Professor Yan ordered: "Come on, open the stock trend chart of st Zhongyan you prepared."

Chen Qiaoshan couldn't understand what Professor Yan was selling, so he had to act honestly.

Professor Yan pointed to the large screen of the projector and asked: "St Zhongyan has no trend of stopping the decline. Why did you buy at this time? Also, after buying, you have hit the limit continuously, why didn't you clear the position?"

Chen Qiaoshan thought about it and said, "Because the major shareholder of st-Yan is Tunhe Co., Ltd.." His answer was very simple, but the meaning was very clear.

The students in the audience showed a look of understanding, obviously not understanding.

Professor Yan explained: "The controlling shareholder of Tunhe Co., Ltd. is the Delong Group, the largest private enterprise in China, so Chen Qiaoshan chose to hold it instead of clearing the position."

After a pause, he asked again: "Now that the Delong Group is about to be delisted, and the Delong Group is not the controlling shareholder. How could you be sure that St Zhongyan will complete the asset restructuring?"

How could the economics professor not understand such a simple question? It is obviously just to be confused by understanding.

Chen Qiaoshan knew that he had been cheated and became a template for Professor Yan's teaching.

He was helpless and had to explain with a hard head, "Although the Delong Group only holds part of the equity, with their usual strong style of conduct, asset restructuring is imperative."

Professor Yan nodded with a smile and asked, "Are you a conclusion drawn from rational analysis?"

Chen Qiaoshan also smiled, but after all he came, he asked: "Professor Yan, do you think the Delong Department has made a rational investment in ST Zhongyan's absolute holding?"

Professor Yan was stunned. This question was really hard to answer. No one could be sure whether the asset restructuring of St. Zhongyan could be approved by the China Securities Regulatory Commission.

Chen Qiaoshan did not have so many doubts and said, "Professor Yan, st Zhongyan opened and hit the daily limit, this is the most realistic reaction of the market. Can you say that all buying is rational? How many people are following the trend to buy, and how many are institutional speculation?"

Professor Yan pondered for a moment and asked back: "Is this the theoretical support for your adherence to behavioral economics?"

Chen Qiaoshan wanted to end the current situation as soon as possible, but did not want to be used as a teaching aid forever.

"Yes, investors have never been rational. Regardless of whether Delong Group can successfully complete its asset restructuring, the stock price of St Zhongyan will rise in the near future."

"So, you are not sure if st Zhongyan can complete the asset restructuring?"

Chen Qiaoshan gave the answer firmly: "No, St. Zhongyan will not delist, and will definitely complete the asset restructuring."

After thinking about it, he said: "Investing not only requires consideration of the market background, but also the decision-making rules. The value of stocks depends not only on the actual benefits of the company, but also on the behavioral factors of investors."

Professor Yan asked: "So, based on the theory of behavioral investment, can ordinary investors determine the level of stock prices?"

When the students in the audience heard Professor Yan’s question, they burst into laughter. Xiaosan decided on the stock price? This is like a huge joke.

Chen Qiaoshan felt a little unhappy when he listened to the laughter from the audience. These so-called prides of heaven were nothing more than that.

Professor Yan's face became a little ugly, and he was a little annoyed for a moment. This is a very serious theoretical confrontation. What's ridiculous?

Although he has not had an in-depth understanding, it is not difficult to see from Chen Qiaoshan's explanation that behavioral economics theory is undoubtedly more in line with price fluctuations in the domestic securities market.

Professor Yan really wants to hear Chen Qiaoshan’s explanation.

"Most stock prices do not match actual value because ordinary small investors have obvious herd mentality, and it is not institutional investors who really determine the ups and downs of the stock market."

Chen Qiaoshan paused and continued: "Although the value of stocks held by ordinary legal persons and institutional investors exceeds two-thirds of the total market value of the stock market, the liquidity is very poor, and the trading volume of retail investors accounts for more than 80% of the total trading volume."

Chen Qiaoshan was a little guilty. In order to prove behavioral economics, he accidentally took out the retail investors' drive in advance.

Fortunately, this is not a profound knowledge, but no one has studied it yet.

"In the securities market, retail investors generally follow the trend. In economic terms, it is "risk aversion", which also proves that the effective market hypothesis is invalid."

Professor Yan suddenly interrupted and asked, "Have you also studied delayed behavior and fairness theories?"

Chen Qiaoshan was confused and pretended too much.

He didn't know any delayed behavior and fairness theory, but it should be caused by "risk aversion".

Chen Qiaoshan was a little guilty, and he learned this word from English in finance majors.

He didn't understand at first, but later he realized that "risk aversion" is almost the cause of investors following the trend.

He took it out on a whim and filled his face. Unexpectedly, he attracted Professor Yan's attention. This was not a good thing.

Chen Qiaoshan smiled and said, "I know a little bit about the superficiality, and there is no question of research." He was really afraid that Professor Yan would suddenly raise a related problem, so he would be exposed.

Thinking of this, he said first: "The trading volume of A-shares is basically supported by retail investors, and retail investors cannot make rational investments, so it is difficult for the stock market to apply the effective market hypothesis."

Chen Qiaoshan simply ended the topic. He didn't want to continue anymore. He might lose his links, which would be embarrassing.

Professor Yan thought about it and asked, "Are you taught yourself privately?"

Chen Qiaoshan nodded hurriedly. He didn't want to be regarded as a freak, so he simply brought the book "Irrational Prosperity" over, "Many views are seen from this book."

Professor Yan took it and looked at it, muttering softly: "Irrational prosperity."
To be continued...