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投資者的敵人 (朱寧 - 耶魯大學金融學博士，現任上海交通大學上海高級金融學院金融學教授): William N. Goetzmann Robert J. Shiller20082010 CEO Brunswick Group20082010 The Review of Financial StudiesThe Journal of FinanceManagement ScienceThe Journal of Legal Studies
作者: 朱寧
投資者面臨的最大敵人，很可能既不是外國的陰謀策劃者，也不是本國的政府和監管層，更不是上市公司或金融公司，而是自己對於金融和風險的有限瞭解
瞭解自我、瞭解金融、瞭解投資，對於投資者保護自己、獲得更好的收益並規避風險至關重要
「本書除了指出散戶存在的大量決策失誤，也將行為金融學的內涵延伸至企業、監管機構和政府部門，展示人類的決策如何受常見心理偏誤影響。」——威廉・戈茲曼（William N. Goetzmann），耶魯大學國際金融中心主任
本書作者朱寧為全球知名的經濟金融專家，師從著名的諾貝爾經濟學獎得主羅伯・席勒（Robert J. Shiller）教授，積極參與行為金融學大發展的時期，是該研究領域世界一流的佼佼者。2008－2010年度，曾任雷曼兄弟和野村證券高管，所帶領的團隊在多項機構投資者評選中名列前茅，也是實務工作經驗者。
行為金融研究表明，無論是一般散戶、機構投資者、上市公司、私營企業、政府機關和監管機構都會受不同行為偏誤的影響，也在金融和投資決策中暴露出不同的局限性和錯誤。因此，如何面對個人和機構的行為偏誤，以便修正錯誤、改善金融決策，提升決策質量和投資收益，就成為行為金融研究可以對廣大投資者、企業管理者、市場監管者和政府機構做出的一項重要貢獻。
本書的內容更進一步著墨於企業家、企業高級管理者和政府決策者，更多利用行為金融研究，特別是行為公司金融的研究，著重討論企業家和公司高管在股權債權融資、收購兼并、投資者關係、回饋股東等公司金融領域面對的主要問題，同時結合企業家自身的特點和行為偏差，以及經濟金融體系中廣泛存在的風險和不確定性，幫助企業家認識自身決策的局限和錯誤。同時，基於政府政策和監管決定對企業經營的重大影響，本書嘗試透過政府決策和企業決策過程之間的類比，對於政策監管部門自身的行為和決策過程，也提出了基於行為金融研究的新視角和思路。
透過本書，朱寧教授希望幫助各類投資者更好地認識和瞭解自己、更好地認識金融和投資，以及企業經營背後資本市場與公司金融的原則和原理。投資者只有更好地瞭解自己，瞭解自身行為和決策的誤區與局限性，瞭解自己在投資過程中面臨的不同風險和挑戰，才可能有效地改善投資決策、提升投資績效。
✓從馬多夫的教訓，識別龐氏騙局。
✓一窺野村收購雷曼的內幕。
✓瞭解監管和金融創新是一枚硬幣的兩面，監管層如同貓，市場參與者就像老鼠。
✓瞭解是什麼原因導致金融機構和企業在投資領域一而再，再而三地重複事後看起來簡單、甚至愚蠢的錯誤。
✓認識風險和不確定性。
✓「空軍」到底傷害了誰？
✓瞭解明星CEO的驚人薪酬從何而來，他們的績效真的比較好嗎？
✓企業為什麼進行兼并收購？
✓瞭解企業和政府會玩的數字遊戲，以及對廣大投資者和民眾有什麼傷害？
瞭解自我、瞭解金融、瞭解投資，對於投資者保護自己、獲得更好的收益並規避風險至關重要
「本書除了指出散戶存在的大量決策失誤，也將行為金融學的內涵延伸至企業、監管機構和政府部門，展示人類的決策如何受常見心理偏誤影響。」——威廉・戈茲曼（William N. Goetzmann），耶魯大學國際金融中心主任
本書作者朱寧為全球知名的經濟金融專家，師從著名的諾貝爾經濟學獎得主羅伯・席勒（Robert J. Shiller）教授，積極參與行為金融學大發展的時期，是該研究領域世界一流的佼佼者。2008－2010年度，曾任雷曼兄弟和野村證券高管，所帶領的團隊在多項機構投資者評選中名列前茅，也是實務工作經驗者。
行為金融研究表明，無論是一般散戶、機構投資者、上市公司、私營企業、政府機關和監管機構都會受不同行為偏誤的影響，也在金融和投資決策中暴露出不同的局限性和錯誤。因此，如何面對個人和機構的行為偏誤，以便修正錯誤、改善金融決策，提升決策質量和投資收益，就成為行為金融研究可以對廣大投資者、企業管理者、市場監管者和政府機構做出的一項重要貢獻。
本書的內容更進一步著墨於企業家、企業高級管理者和政府決策者，更多利用行為金融研究，特別是行為公司金融的研究，著重討論企業家和公司高管在股權債權融資、收購兼并、投資者關係、回饋股東等公司金融領域面對的主要問題，同時結合企業家自身的特點和行為偏差，以及經濟金融體系中廣泛存在的風險和不確定性，幫助企業家認識自身決策的局限和錯誤。同時，基於政府政策和監管決定對企業經營的重大影響，本書嘗試透過政府決策和企業決策過程之間的類比，對於政策監管部門自身的行為和決策過程，也提出了基於行為金融研究的新視角和思路。
透過本書，朱寧教授希望幫助各類投資者更好地認識和瞭解自己、更好地認識金融和投資，以及企業經營背後資本市場與公司金融的原則和原理。投資者只有更好地瞭解自己，瞭解自身行為和決策的誤區與局限性，瞭解自己在投資過程中面臨的不同風險和挑戰，才可能有效地改善投資決策、提升投資績效。
✓從馬多夫的教訓，識別龐氏騙局。
✓一窺野村收購雷曼的內幕。
✓瞭解監管和金融創新是一枚硬幣的兩面，監管層如同貓，市場參與者就像老鼠。
✓瞭解是什麼原因導致金融機構和企業在投資領域一而再，再而三地重複事後看起來簡單、甚至愚蠢的錯誤。
✓認識風險和不確定性。
✓「空軍」到底傷害了誰？
✓瞭解明星CEO的驚人薪酬從何而來，他們的績效真的比較好嗎？
✓企業為什麼進行兼并收購？
✓瞭解企業和政府會玩的數字遊戲，以及對廣大投資者和民眾有什麼傷害？
作者
朱寧
耶魯大學金融學博士，現任上海交通大學上海高級金融學院金融學教授，以及博然思維（Brunswick Group）高級合夥人、中國區負責人。曾任北京清華大學講座教授、美國加州大學金融學終身教授、早稻田大學訪問教授。2008－2010年度，曾任雷曼兄弟和野村證券高管，所帶領的團隊在多項機構投資者評選中名列前茅。
研究領域包括：行為金融學、中國宏觀經濟與金融市場、賣空、破產與重組、公司財務與收購兼并。已在《金融研究評論》（The Review of Financial Studies）、《金融學期刊》（The Journal of Finance）、《管理科學》（Management Science）、《法學研究期刊》（The Journal of Legal Studies）等頂級國際期刊發表高水平學術論文二十餘篇。著有《剛性泡沫》、《投資者的朋友》等書，譯為多種語言暢銷全球。
朱寧教授是全球知名的中國經濟金融專家，曾多次受邀參加達沃斯世界經濟論壇、博鰲亞洲論壇等活動擔任發言嘉賓，並多次接受國內外多家電視媒體的採訪。此外，他也為全球國際組織、政府與監管機構、各大企業提供廣泛的諮詢。
朱寧
耶魯大學金融學博士，現任上海交通大學上海高級金融學院金融學教授，以及博然思維（Brunswick Group）高級合夥人、中國區負責人。曾任北京清華大學講座教授、美國加州大學金融學終身教授、早稻田大學訪問教授。2008－2010年度，曾任雷曼兄弟和野村證券高管，所帶領的團隊在多項機構投資者評選中名列前茅。
研究領域包括：行為金融學、中國宏觀經濟與金融市場、賣空、破產與重組、公司財務與收購兼并。已在《金融研究評論》（The Review of Financial Studies）、《金融學期刊》（The Journal of Finance）、《管理科學》（Management Science）、《法學研究期刊》（The Journal of Legal Studies）等頂級國際期刊發表高水平學術論文二十餘篇。著有《剛性泡沫》、《投資者的朋友》等書，譯為多種語言暢銷全球。
朱寧教授是全球知名的中國經濟金融專家，曾多次受邀參加達沃斯世界經濟論壇、博鰲亞洲論壇等活動擔任發言嘉賓，並多次接受國內外多家電視媒體的採訪。此外，他也為全球國際組織、政府與監管機構、各大企業提供廣泛的諮詢。
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4.4 ★★★★★
Based on 21 reviews
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Product Reviews
★★★★★ 5
Excellent!
Format: Paperback
Excellent read!
WAS THIS REVIEW HELPFUL?YesReportShare
Reviewed in the United States on October 5, 2025
★★★★★ 1
A Disconnected and Legally Shaky Defense of Racial Preferences
Format: Paperback
While this book raises some thought-provoking points, it ultimately reads like a product of self-righteous elites disconnected from reality and from the American public.
1. Ignores public opinion.
The author never acknowledges that polls consistently show Americans oppose racial preferences in college admissions. Proposition 16—which would have allowed such preferences—was defeated by a wide margin in 2020 in California, one of the nation’s most liberal states. A Brookings poll found that virtually all racial groups, including Black respondents, supported the Supreme Court’s Students for Fair Admissions (SFFA) decision.
2. Starts with a strange premise.
The first chapter claims conservatives will “regret” the SFFA ruling because universities will continue racial preferences covertly. But that sidesteps the real question: why shouldn’t colleges comply with the ruling’s letter and spirit?
3. Offers dubious legal advice.
In Chapter Three, the author—himself a law professor—floats risky ideas for “working around” the Supreme Court’s decision. Many of these suggestions rest on shaky legal ground, as anyone familiar with the Second Circuit’s CACAGNY v. Adams, 116 F.4th 161 (2d Cir. 2024), would recognize.
4. Ignores proportionality and real-world outcomes.
The book argues for “diversity” preferences without asking how much preference is justified. In reality, Asian American applicants face steep penalties. e.g. Stanley Zhong was rejected by five University of California campuses’ Computer Science programs as an in-state applicant—shortly before Google hired him for a full-time, Ph.D.-level software engineering position. Meanwhile, UC San Diego’s own freshman math-placement data show a surge of students—mostly “underrepresented minorities” favored by UC—placed into remedial courses, some testing at a 4th-grade level. It is hard to see how admitting these students is helping them other than allowing some elites to make themselves feel good or get a promotion.
If this book represents what passes for legal scholarship at Yale, the state of American legal education should worry us all.
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Reviewed in the United States on October 12, 2025
★★★★★ 5
Adherence to the Rule of Law Must Not Become a Fair Weather Sport
Format: Paperback
The memorable quotation I have used for the title of this review comes from the second chapter (I think) of "The Fall of Affirmative Action." What is actually happening in the United States is that the law is being enforced rigorously against "enemy" institutions such as those of higher learning and not at all against those with power, money, or affinity for same.
The author, an African-American Yale Law professor, devotes his first chapter to the ways in which conservatives might critique the SCOTUS precedent that ended affirmative action and his second to the ways in which liberals might critique it. His most invaluable contribution to the debate is that civil rights can be advocated from an anti-classification standpoint or an anti-subordination standpoint, with anti-subordinationists on both sides of the affirmative action debate. This forced me to take perhaps a harder look at my own beliefs than most books or articles about affirmative action. African-Americans are certainly subordinated in reality by being excluded from higher education but they are subordinated mostly in the minds of white Americans by the fact that a white applicant with the same scores, extracurriculars and admission essays might not get in. That at least is the conclusion I have come to.
"Students for Fair Admissions," the organization that brought down affirmative action before SCOTUS, has now sued those few elite educational institutions that DIDN'T see sharp drops in their African-American enrollment. One strongly suspects that SFFA if not the "Justices" they persuaded will be happy only with a formal quota for African-Americans which is half or less their proportion in the population of the state where the institution is located.
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Reviewed in the United States on November 4, 2025
★★★★★ 5
Provocative and fascinating read
Format: Paperback
Justin Driver's excellent book makes the case that conservatives may come to regret the Supreme Court's 2023 decision striking down affirmative action in college admissions. He argues that, rather than simply check a box to indicate their race, the decision will force non-white applicants to "perform their trauma" in application essays in ways that conservatives may find even more corrosive. And affluent non-white candidates--the people conservatives say should not be benefiting from affirmative action--will be the ones best-positioned to take advantage of the opportunity, since they are most equipped to exploit the loopholes and work-arounds that the Roberts decision created. A truly provocative read.
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Reviewed in the United States on October 1, 2025
★★★★★ 5
A Powerful and Timely Book about Fairness and Equality in America
Format: Kindle
This book is beautifully written and deeply engaging. As a non-lawyer, I appreciated the author's ability to cut through legal abstraction to reveal what is truly at stake as the Supreme Court turns away from policies designed to expand opportunity. Driver writes, with clarity and conviction, that genuine equality demands more than the pretense that race no longer matters. The result is a powerful and thought-provoking work that reminds us the pursuit of fairness in America remains unfinished.
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Reviewed in the United States on October 5, 2025