財經新聞有其慣用的敘述手法，充滿專有名詞、歷史典故、引申譬喻、雙關語等，初學者往往不明就理，無法精確掌握。本書作者為財經英文領域高手，又在大學任教，特別整理來自不同媒體的財經新聞和專題，搜羅相關的論文研究，深入淺出介紹各個面向的財經概念和軼聞。從股票、行動支付到政府的貨幣政策，讓讀者不僅習得基礎的金融市場概念，同時也學到財經相關的英文詞彙和用語。

■主題式文章閱讀，從股市到貨幣概念一把抓

■英中主文對照，財經關鍵詞彙解說豐富嚴謹

■深入淺出解析金融風暴，幽默笑談財經軼聞

楊德源 Der-Yuan Yang

導讀：英文字義何其多                                                                                   11

Unit 1 Analysts vs Orangutans                                                                              13

分析師決戰紅毛猩猩

Unit 2 More Contests betweenAnalysts and Monkeys                                         17

人猴大戰續集

Unit 3 Mobile Money                                                                                             24

行動貨幣

Unit 4 The Impact of Mobile Money                                                                    29

行動貨幣之影響

Unit 5 The Operation of the StockMarket                                                            35

股市運作

Unit 6 High-Frequency Trading                                                                             42

高頻率交易

Unit 7 The Impact ofHigh-Frequency Trading                                                     46

高頻率交易之影響

Unit 8 Isaac Newton and the SouthSea Bubble                                                   53

牛頓與南海泡沫

Unit 9 John Law, MississippiBubble, and John Maynard Keynes                       57

勞約翰、密西西比泡沫與凱因斯

Unit 10 The Sun, the Moon, andStock Returns                                                   63

太陽、月亮、股票報酬率

Unit 11 A Portfolio Strategy toWeather the Storm of Business Cycles               67

克服景氣循環風暴的投資組合策略

Unit 12 The Market for Lemons:Information Asymmetry and

the Agency Problem                                                                                      75

檸檬市場：資訊不對稱及代理問題

Unit 13 The Short Lifespan ofLong-Term Capital Management (LTCM)            82

短命的長期資本管理公司（LTCM）

Unit 14 The Saga of Two GiantInvestment Banks:Bear Stearns and

Lehman Brothers                                                                                           88

兩大投資銀行的艱辛歷程：貝爾斯登與雷曼兄弟

Unit 15 Amaranth Advisors                                                                                   95

不凋之花投資顧問有限公司

Unit 16 The Blunders of RogueTrader Nick Leeson and the Fall of Barings      99

惡棍交易員尼克．李森作的蠢事和霸菱集團的沒落

Unit 17 The Notorious JapaneseCorporate Culture: On the Cases of

Daiwa Bank and Sumitomo                                                                           104

惡名昭彰的日本公司文化：大和銀行及住友

Unit 18 Episodes during the GreatRecession and the Internet Era                     111

大衰退及網路時代的事件

Unit 19 Economic Policies:Monetary and Fiscal                                                         116

經濟政策：貨幣與財政

Unit 20 Financial Crises and thePrecarious Nature of Banking                          123

金融危機與銀行業的不穩定本質

Unit 21 The Agency ProblemRevisited: the Missing Built-in Checks                  130

再論代理問題：失落的內建監控

Unit 22 Financial Weapons of MassDestruction                                                  135

大規模毀滅性金融武器

Unit 23 Dealing with the Aftermath                                                                        141

處理善後

Unit 24 Eurodollars and Eurobonds                                                                      147

境外美元與境外債券

Unit 25 Trade Policy                                                                                              151

貿易政策

Unit 1 Analysts vs Orangutans

Many people believe that financialconsultants are the experts in picking winning stocks, and that making money in the financial industry is a highly technical and overly-complex task reserved exclusively for the stock wizards. Indeed, for those outside the industry the market is

difficult tounderstand. Even after decades, no one seems to beable to decipher the market and beat it.

The truth is that no one—not even the professional analyst or the self-proclaimed prodigy—truly understands how to makemoney via the market, and no one has everhad any clue about what is going to happen on the market. The following storywill show you why. A San Francisco Chronicle article indicated that an orangutan named Jolyn living in Vallejo, California wasasked to select a list of stocks. Eight professional analysts also did the same at the beginning of the year,and compared the performance of their stock picks at the yearend.

The results showed that Jolyn beat the investment advisers as often asthey beat her. The implication is that hiring professional analysts to gettheir advice may not be worth the money. Can the stock market be predicted?This is a question everyone is asking and no one has yet answered. BurtonMalkiel once said “A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfoliothat would do just as well as one carefully selected by experts.” As the article of SanFrancisco Chronicle has shown, Malkiel’s statement seems to be true.

Vocabulary

analyst (n.) 分析師。在台灣要當分析師，必須通過證照考試。在美國，正式的分析師有理財規劃師（Certified Financial Planner,CFP）及特許財務分析師（Chartered Financial Analyst, CFA）。除非有以上證照，否則不具正式分析師資格。

blindfolded (adj.) 蒙住眼睛的

dart (n.) 飛鏢（throw, lob, or toss a dart：射飛鏢）

decade (n.) 十年（decades：數十年）

decipher (v.) 解讀；辨識（尤指困難之事或物）

exclusively (adv.) 僅僅；獨佔地，專用

expert (n.) 專家。專家具備的則是專業知識（expertise）。

financial consultant (n.) 理財顧問，金融顧問

financial industry (n.) 金融業（包含銀行、保險、票券、證券等行業）

orangutan (n.) 紅毛猩猩

overly-complex (adj.) 過度複雜，非常複雜

performance (n.) 績效；表現；表演（在財經英文的用法中，通常指績效，也就是獲利。）

prodigy (n.) 天才；神童

professional (adj.) 專業的 (n.) 專業人士

reserve (v.) 保留（make a reservation：訂位）

self-proclaimed (adj.) 自我宣稱的

stock (n.) 股票（也可以稱作 share 或 equity）。股東為 stockholder或shareholder，股本為stockholders’equity，股東會為stockholders’meeting，董事會 the board of directors。

via (prep.) 經由，憑藉

wizard (n.) 巫師；高手，奇才。另一個類似的字是 geek。nerd 則是指書呆子型的人。