This is a not very professional draft note for reference by those who are interested.
Course link:
https://pan.baidu.com/s/1PoJktdl6IY_vf0nVSH8NkQ
The topic discussed recently by Olver Hart in "Companies should maximize shareholders' welfare not Market Value" is very meaningful. What are the responsibilities that companies need to bear? The question mentioned in the finance class is "Two bars of gold in front of you, can you say which one is moral and which one is immoral." It can be explained with an example from Hart.
-Walmart can choose to sell a large number of guns (or high-powered guns) because it is legal and supports the anti-gun movement.
-It is also possible not to sell, but sales and profits will be reduced.
If there are two gold bars here, you can see which one is morally defective.
This is why companies with long-term development need to consider business ethics.
Just like technology is neutral, people and organizations that use technology should have their own values.
Machine-translated from the Chinese original 复旦金融量化课程笔记 (published 2018-03-26). WeChat original ↗