William F.Sharpe——Autobiography
The 1990 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
哈里·马科维茨1927年出生于美国，因其1952年的论文《投资组合选择》和1959年出版的《投资组合选择：有效分散化》一书，获得1990年诺贝尔经济学奖。他的主要贡献是发展了一个概念明确的可操作的在不确定条件下选择投资组合理论，他的研究目前被认为是金融经济学理论前驱工作，是“华尔街的第一次革命”。
马科维茨提出了有关预期收益和风险之间相互关系的资产选择理论，成为资本市场理论的核心，并且其为现代证券投资理论的建立和发展奠定了基础。
Harry M.Markowitz——Autobiography
I was born in Chicago in 1927，the only child of Morris and Mildred Markowitz who owned a small grocery store.We lived in a nice apartment，always had enough to eat，and I had my own room.I never was aware of the Great Depression[1].
Growing up，I enjoyed baseball and tag football in the nearby empty lot or the park a few blocks away，and playing the violin in the high school orchestra[2].I also enjoyed reading.At first，my reading material consisted of comic books and adventure magazines，such as The Shadow，in addition to school assignments.In late grammar school and throughout high school I enjoyed popular accounts of physics and astronomy.In high school I also began to read original works of serious philosophers.I was particularly struck by David Hume's argument that，though we release a ball a thousand times，and each time，it falls to the floor，we do not have a necessary proof that it will fall the thousand and first time.I also read The Origin of Species and was moved by Darwin's marshalling of facts and careful consideration of possible objections.
From high school，I entered the University of Chicago and took its two year Bachelor's program which emphasized the reading of original materials where possible.Everything in the program was interesting，but I was especially interested in the philosophers we read in a course called OII：Observation，Interpretation[3]and Integration[4].
Becoming an economist was not a childhood dream of mine.When I finished the Bachelor's degree and had to choose an upper division，I considered the matter for a short while and decided on Economics.Micro and macro were all very fine，but eventually it was the“Economics of Uncertainty”which interested me——in particular，the Von Neumann and Morgenstern and the Marschak arguments concerning expected utility；the Friedman-Savage utility function；and L.J.Savage's defense of personal probability.I had the good fortune to have Friedman，Marschak and Savage among other great teachers at Chicago.Koopmans'course on activity analysis with its definition of efficiency and its analysis of efficient sets was also a crucial part of my education.
At Chicago I was invited to become one of the student members of the Cowles Commission for Research in Economics.If anyone knows the Cowles Commission only by it influence on Economic and Econometric[5]thought，and by the number of Nobel laureates it has produced，they might imagine it to be some gigantic[6]research center.In fact it was a small but exciting group，then under the leadership of its director，T.Koopmans，and its former director，J.Marschak.
When it was time to choose a topic for my dissertation[7]，a chance conversation suggested the possibility of applying mathematical methods to the stock market.I asked Professor Marschak what he thought.He thought it reasonable，and explained that Alfred Cowles himself had been interested in such applications.He sent me to Professor Marshall Ketchum who provided a reading list as a guide to the financial theory and practice of the day.
The basic concepts of portfolio theory came to me one afternoon in the library while reading John Burr Williams's Theory of Investment Value.Williams proposed that the value of a stock should equal the present value of its future dividends.Since future dividends are uncertain，I interpreted Williams's proposal to be to value a stock by its expected future dividends.But if the investor were only interested in expected values of securities[8]，he or she would only be interested in the expected value of the portfolio[9]；and to maximize the expected value of a portfolio one need invest only in a single security.This，I knew，was not the way investors did or should act.Investors diversify because they are concerned with risk as well as return.Variance came to mind as a measure of risk.The fact that portfolio variance depended on security covariances[10]added to the plausibility[11]of the approach.Since there were two criteria，risk and return，it was natural to assume that investors selected from the set of Pareto optimal risk-return combinations.
I left the University of Chicago and joined the RAND Corporation in 1952.Shortly thereafter，George Dantzig joined RAND.While I did not work on portfolio theory at RAND，the optimization[12]techniques I learned from George（beyond his basic simplex algorithm[13]which I had read on my own）are clearly reflected in my subsequent work on the fast computation of mean-variance[14]frontiers（Markowitz（1956）and Appendix A of Markowitz（1959））.My 1959 book was principally written at the Cowles Foundation at Yale during the academic year 1955－1956，on leave from the RAND Corporation，at the invitation of James Tobin.It is not clear that Markowitz（1959）would ever have been written if it were not for Tobin's invitation.
My article on“Portfolio Selection”appeared in 1952.In the 38 years since then，I have worked with many people on many topics.The focus has always been on the application of mathematical or computer techniques to practical problems，particularly problems of business decisions under uncertainty.Sometimes we applied existing techniques；other times we developed new techniques.Some of these techniques have been more“successful”than others，success being measured here by acceptance in practice.
In 1989，I was awarded the Von Neumann Prize in Operations Research Theory by the Operations Research Society of America and The Institute of Management Sciences.They cited my works in the areas of portfolio theory，sparse matrix techniques and the SIMSCRIPT programming language.I have written above about portfolio theory.My work on sparse matrix techniques was an outgrowth of work I did in collaboration with Alan S.Manne，Tibor Fabian，Thomas Marschak，Alan J.Rowe and others at the RAND Corporation in the 1950s on industry-wide and multi-industry activity analysis models of industrial capabilities.Our models strained the computer capabilites of the day.I observed that most of the coefficients[15]in our matrices were zero；i.e.，the nonzeros[16]were“sparse”in the matrix，and that typically the triangular[17]matrices associated with the forward and back solution provided by Gaussian elimination[18]would remain sparse if pivot elements were chosen with care.William Orchard-Hayes programmed the first sparse matrix code.Since then considerable work has been done on sparse matrix techniques，for example，on methods of selecting pivots and of storing the nonzero elements.Sparse matrix techniques are now standard in large linear programming codes.
During the 1950s I decided，as did many others，that many practical problems were beyond analytic solution，and that simulation techniques were required.At RAND I participated in the building of large logistics[19]simulation models；at General Electric I helped build models of manufacturing plants.One problem with the use of simulation was the length of time required to program a detailed simulator.In the early 1960s，I returned to RAND for the purpose of developing a programming language，later called SIMSCRIPT，which reduced programming time by allowing the programmer to describe（in a certain stylized manner）the system to be simulated rather than describing the actions which the computer must take to accomplish this simulation.The original SIMSCRIPT compiler was written by B.Hausner；its manual by H.Karr who later co-founded a computer software company，CACI，with me.Currently SIMSCRIPT II.5 is supported by CACI and still has a fair number of users.
I am sorry I cannot acknowledge all the people I have worked with over the last 38 years and describe what it was we accomplished.As each of these people know，I often considered work to be play，and derived great joy from our collaboration.
米勒通过解释资本资产结构和公司股利政策之间的关系，对公司财务研究理论产生了重大影响。
Merton H.Miller——Autobiography
I was born in Boston，Massachusetts on May 16，1923，the only child of Joel and Sylvia Miller.My father，an attorney，was a graduate of Harvard University（A.B.1916）and in that one respect，at least，I followed in his footsteps，entering Harvard in 1940 and graduating in 1943（A.B.，magna cum laude，Class of 1944）.My main interest，however，was in economics，not law.One of my college classmates-indeed we were in the same section of the introductory survey course，Economics A——was Robert M.Solow，the laureate in Economics for 1987.
During the war years I worked as an economist first in the Division of Tax Research of the U.S.Treasury Department and subsequently in the Division of Research and Statistics of the Board of Governors of the Federal Reserve System.In 1949，I decided to return to graduate school and chose Johns Hopkins University in Baltimore primarily because Fritz Machlup was then a leading member of its small，but very distinguished faculty.
My first academic appointment after receiving my doctorate from Hopkins in 1952 was Visiting Assistant Lecturer at the London School of Economics for 1952－1953.From there I went to Carnegie Institute of Technology（now Carnegie-Mellon University）whose Graduate School of Industrial Administration[20]was the first and most influential of the new wave of research-oriented U.S.business schools.Among my colleagues at Carnegie were Herbert Simon（Economics Laureate 1978）and Franco Modigliani（Economics Laureate 1985）.Modigliani and I published the first of our joint M＆M papers on corporation finance in 1958 and we collaborated on several subsequent ones until well into the mid-1960's.
In 1961，I left Carnegie for the Graduate School of Business at the University of Chicago where I have been ever since except for a one-year visiting professorship at the University of Louvain in Belgium during 1966－1967.At Chicago，where I am currently Robert R.McCormick Distinguished Service Professor，most of my work continued to be focussed on corporate finance until the early 1980's when I became a public director of the Chicago Board of Trade.My research interests since then have shifted strongly towards the economic and regulatory[21]problems of the financial services industry，and especially of the securities and options exchanges.I am currently serving as a public director of the Chicago Mercantile Exchange where I had served earlier as Chairman of its special academic panel to conduct the postmortem on the Crash of October 19－20，1987.
I continue to be an activist supporter of free-market solutions to economic problems，very much in the tradition of my fellow Chicago laureates，Milton Friedman（1976），Theodore Schultz（1979）and George Stigler（1982）.
The untimely death in 1969 of my first wife，Eleanor，the mother of my then 3 young daughters，was a heavy personal blow.I have since remarried and my wife Katherine and I divide our time between a Hyde Park townhouse during the week，and a country retreat on a working farm（though not worked by us）in Woodstock，Illinois on the weekends.Like some other weekend retreaters my hobby has become brush-cutting and maintenance[22]generally，plus a little gardening.Unlike some of my more athletic fellow laureates，however，the closest I get to recreational[23]exercise these days is watching the Chicago Bears from my season-ticket seats in the south-end zone of frigid Soldier Field.
威廉·夏普是美国斯坦福大学商学院金融学教授，由于他于1964年提出资本市场理论（后由林特和墨辛等人进一步发展）而获得1990年度诺贝尔经济学奖。
威廉·夏普提出的资本市场理论主要是分析证券投资预期收益和市场风险间的关系，并解释了证券市场价格的形成。
威廉·夏普认为马柯维茨的证券投资资产选择理论在计算上非常复杂，他认为只要计算一种证券对证券指数的相互离差就可以大大简化马氏模型。因为每一种证券价格的变化与证券指数有关。
他将风险分为两种，一种是系统风险；另一种是非系统风险。系统风险是指影响所有证券价格的因素，如经济、政治、利率和通货膨胀因素，系统风险也可称为不可避免风险，这种风险不能通过多元化投资而消除。非系统风险是指由企业或行业本身的因素而产生的风险，如管理能力、产品以及消费者偏好等。这些风险可由多元化投资而加以消除，因而称为可避免的风险。消除可避免风险的关键是进行证券投资的有效组合。
William F.Sharpe——Autobiography
I was born on June 16，1934 in Boston，Massachusetts.At that time my parents had completed their undergraduate educations——my father in English literature，my mother in science.My father was then employed at Harvard University，working in the placement office.
In 1940，world events led to the activation of my father's National Guard unit and a move to Texas.The subsequent outbreak of World War II required further moves to northern California and finally to southern California.
The majority of my pre-college education was completed in the public schools of Riverside，California，which were excellent.I benefitted there from stimulating teachers and challenging curricula[24].
In 1951 I enrolled at the University of California at Berkeley，with a plan to major in science en route to a medical degree.A year of the associated courses convinced me that my preferences lay elsewhere.To change both curriculum and locale I transferred to the University of California at Los Angeles with a declared major in Business Administration.
In my first semester at UCLA I took Accounting and Economics——two courses that were required for the Business degree.Both had a major influence on my career.The accounting course dealt primarily with bookkeeping[25]，while the economics course focused on microeconomic[26]theory.I found bookkeeping tedious and light on intellectual content.But I was greatly attracted to the rigor and relevance of microeconomic theory.Hence，I changed my major to Economics.I have since learned to appreciate Accounting on both pragmatic[27]and intellectual grounds，but am delighted that my first brush with it helped turn me towards the field in which I have worked happily throughout my professional life.
I took two degrees in Economics at UCLA before serving in the Army.I received the Bachelor of Arts degree in 1955 and the Master of Arts degree in 1956.While working for the former I was named to Phi Beta Kappa.
Two professors at UCLA had a profound influence on my career.
I was fortunate to serve as a research assistant for J.Fred Weston，a professor of finance in the Business School，and also to take courses from him.Fred first introduced me to the work of Harry Markowitz and to the rest of the challenging and rigorous research that was beginning to revolutionize finance.As part of my Ph.D.program I was subsequently able to take a field in finance with Fred，greatly broadening my understanding of the subject.
Armen Alchian，a professor of economics，was my role model at UCLA.He taught his students to question everything；to always begin an analysis with first principles；to concentrate on essential elements and abstract from secondary ones；and to play devil's advocate with one's own ideas.In his classes we were able to watch a first-rate mind work on a host of fascinating problems.I have attempted to emulate his approach to research ever since.When I returned to pursue the Ph.D.degree，I took a field in microeconomics[28]with Armen and he also served as chairman of my dissertation committee.
After a short period in the Army，I joined the RAND Corporation in 1956 as an Economist.RAND was an almost ideal place for anyone interested in performing research that was both aesthetically[29]pleasing and also pragmatic.During this period path-breaking work in computer science，game theory，linear programming，dynamic programming and applied economics was being done at RAND，both by permanent staff and visitors from major universities.The atmosphere was collegial and the schedule flexible[30].Most research projects were chosen by the investigators，and additional work on more fundamental issues was encouraged and generously supported.Among other things，I learned computer programming at RAND.Professional editors and colleagues also helped me improve my communication skills，both written and oral.
While at RAND I pursued a Ph.D.degree in Economics at UCLA.I received the degree in 1961.After completing my field examinations in 1960 I began work on a dissertation concerning the economics of transfer prices.At the suggestion of Armen Alchian，my preliminary results were reviewed by another faculty member who had previously done research on the subject.He thought that I should consider some other topic.Fred Weston suggested that I might see if Harry Markowitz，who was then at RAND，had any ideas.He had，and I proceeded to work closely with him on the topic Portfolio Analysis Based on a Simplified Model of the Relationships Among Securities.Although Harry was not on my committee，he filled a role similar to that of dissertation advisor.My debt to him is truly enormous.The dissertation was approved in 1961，at which time I received the Ph.D.degree.
In the dissertation I explored a number of aspects of portfolio analysis based on a model first suggested by Markowitz.At the time I called it the“single index model”，although it is now generally termed a“one-factor model”.Key is the assumption that security returns are related to each other solely through responses to one common factor.In the dissertation I addressed both normative[31]and positive[32]results.The final chapter，A Positive Theory of Security Market Behavior，included a result similar to that now termed the security market line relationship of the Capital Asset Pricing Model，but was obtained in the limited environment in which returns are generated by a one-factor model.
In 1961 I moved to Seattle to take a position in Finance at the School of Business at the University of Washington.Once settled，I prepared a paper summarizing the normative results from my dissertation；the paper was subsequently published in Management Science in 1963.More importantly，I began work on a generalization[33]of the equilibrium[34]theory contained in the final chapter of the dissertation.By the fall of 1961 I had discovered that a very similar set of results could be obtained without making any assumptions about the number of factors influencing security returns.I first presented this approach at the University of Chicago in January 1962.Shortly thereafter I submitted a paper on the subject to the Journal of Finance.An initially negative report from a referee plus a change in editorship[35]delayed publication until September of 1964.Both in content and title，this paper provided much of the basis for what is now termed the Capital Asset Pricing Model（CAPM）.
The CAPM is built using an approach.familiar to every microeconomist.First，one assumes some sort of maximizing behavior on the part of participants in a market；then one investigates the equilibrium conditions under which such markets will clear.Since Markowitz had provided a model for the requisite maximizing behavior，it is not surprising that I was not alone in exploring its implications for market equilibrium.Sometime in 1963，I received an unpublished paper from Jack Treynor containing somewhat similar conclusions.In 1965，John Lintner published his important paper with very similar results.Later，Jan Mossin published a version that obtained the same relationships in a more general setting.
I was at the University of Washington from 1961 through 1968，with the exception of a year spent on leave at RAND.At Washington I taught a wide-ranging set of subjects，covering material from the fields of microeconomics，finance，computer science，statistics，and operations research.As is so often the case，I found that the best way to learn a subject was to teach it.Hopefully，the students did not suffer overmuch from their participation in the the process.
My research during this period was as eclectic as my teaching.I worked on extensions of the CAPM and empirical tests of its implications.I also published books on the economics of computers（based on research supported by RAND）and on computer programming.
My years at Washington were busy but highly productive.While I relied heavily on colleagues at RAND and at other universities during this period，I was fortunate to have interested and supportive colleagues in Seattle——most importantly，George Brabb，Stephen Archer and Charles D'Ambrosio.
In 1968，I moved to the University of California at Irvine to participate in an experiment involving the creation of a School of Social Sciences with an interdisciplinary[36]and quantitative[37]focus.For various reasons the expectations of many who participated in the experiment were not fulfilled，leading some of us to go elsewhere.I was fortunate to be invited to take a position at the Stanford University Graduate School of Business，to which I moved in 1970.Before doing so，however，I completed a book，Portfolio Theory and Capital Markets，summarizing both normative and positive work in these areas.
My years at Stanford have been all that anyone with interests in both research and teaching could have desired.Throughout，I have had the benefit of stimulating colleagues and students.Much of my knowledge of finance was gained when I participated in a team of three，teaching the first Ph.D.seminar in the field at Stanford in the early 1970's.Alan Kraus，Bob Litzenberger and I shared not only our experience and knowledge but also an interest in sailing——a sport in which we indulged fairly frequently.
I also learned a great deal from two colleagues，now departed，in the 1970's.Alex Robichek combined a traditionalist's view of finance with a thirst for new ideas；Paul Cootner came to the field with totally fresh and innovative views.Both placed a premium[38]on useful theory.Both contributed much，through research and teaching.Their premature[39]deaths caused a tremendous loss for the field of finance，for Stanford and for me.
Other finance colleagues，presently or formerly at Stanford，from whom I learned much include Anat Admati，Doug Breeden，John Cox，Darrell Duffie，Allan Kleidon，Mike Gibbons，Jack McDonald，George Parker，Paul Pfleiderer，Myron Scholes，and Jim Van Home.Finance students with whom I worked closely included Marcus Bogue，Guy Cooper，Krishna Ramaswamy，and Howard Sosin.
In 1973 I was named the Timken Professor of Finance at Stanford.
In the 1970s I concentrated most of my research effort on issues connected with equilibrium in capital markets and the implications thereof for investors'portfolio choices.Following the passage of key legislation in the U.S.in 1974，I began to study the role of investment policy for funds designed to fulfill pension obligations.I also wrote a textbook，Investments，designed to include institutional[40]，theoretical and empirical material in a form accessible to students in undergraduate and graduate programs.The first edition，published in 1978，met with considerable success.The book，now co-authored by Gordon Alexander，is currently in its fourth edition.I am especially gratified[41]by the fact that a number of universities still consider it appropriate for its intended purpose.A variant，Fundamentals[42]of Investments，also coauthored[43]with Gordon Alexander，published in 1989，has also been well received.
In the course of preparing and revising the Investments text，I found it necessary to extend prior theory，create new theory，and perform new empirical analyses.Perhaps the most fruitful example of this activity is the creation of the binomial[44]option pricing procedure，first published in the 1978 edition of Investments.It provides a discrete-state analogue of the Black-Scholes procedure which assumes a continuous time setting.Given today's computer power，the binomial procedure offers a practical method for evaluating instruments with complex embedded[45]options，and is widely-used.
During this period I served as a consultant first to Merrill Lynch，Pierce，Fenner and Smith and then to Wells Fargo Investment Advisors.In each case my goal was to help put into practice some of the ideas of financial economics.
At Merrill Lynch I was involved primarily in designing services for estimating beta values on a continuing basis for a large set of common stocks and for providing risk-adjusted portfolio[46]performance measurement.
At Wells Fargo I helped with the creation of index funds，passive portfolios tailored to meet investor objectives，estimation of Security Market Lines（and Planes）using forecasts of future cash flows，assessment of portfolio risk，choice of optimal portfolios to track selected indices，and so on.In my opinion，the people at Wells Fargo at the time were among the most creative and innovative[47]in the industry.From them I learned much about the real world of investment.Such knowledge informed my teaching and research in countless ways.Undoubtedly，my greatest debt in this connection is to Bill Fouse，whose vision made Wells Fargo such an exciting and stimulating organization at the time.
I spent the 1976－1977 academic year at the National Bureau of Economic Research as a member of a team studying issues of bank capital adequacy under the direction of Sherman Maisel.My focus was on the relationship between deposit insurance and default risk.The results，published in the Journal of Financial and Quantitative Analysis in 1978，supported the notion of risk-based insurance premia.Empirical work with Laurie Goodman also showed that market values of securities of financial institutions can reveal important information about capital adequacy.The NBER project strongly advocated greater concern with the risk of financial institutions and warned that a system of fixed insurance rates and de facto unlimited coverage with imperfect monitoring and enforcement[48]procedures provides dangerous incentives for those running such institutions to take excessive risk.Would that our results had been heeded by those concerned with savings and loan institutions in the United States in the subsequent decade！
In the latter part of the 1970s I developed a simple yet effective method for finding approximate[49]solutions to a class of portfolio analysis problems.The procedure，described in a Stanford working paper and in my textbook，has been widely implemented，although final publication of the paper describing the algorithm[50]was delayed until 1987，due to confusion at a journal that had planned to publish it.
In 1980 I was elected President of the American Finance Association.I chose as the topic of my Presidential Address，Decentralized[51]Investment Management.My goal was to provide some structure for analyzing the widespread custom of large institutional investors to divide funds among a number of professional investment managers.The subject is interesting both theoretically[52]and practically，and my work on it continues.
In the 1980s I continued to work on issues relating to pension plan investment policy.A theoretical paper on the subject with J.Michael Harrison was completed in 1983.I also became interested in the return-generating process in the U.S.equity market，a subject pioneered by Barr Rosenberg，then at the University of California at Berkeley.This led to an empirical[53]paper on factors in New York Stock Exchange security returns，published in 1982.I also began to focus much of my effort on asset allocation-the allocation[54]of an investor's funds among major asset classes.To make both the ideas and the technology more widely available，I prepared a package that included a book，optimization[55]software and databases[56]，under the title，Asset Allocation Tools.First published in 1985，it is now offered both by the original publisher and by Ibbotson Associates in conjunction with their much larger set of databases.
In 1983，I helped Stanford establish a program in international investment Management，offered jointly，initially，with the International Management Institute in Geneva，and later，with the London Graduate School of Business.The program，extending over a week，is designed for senior investment professionals wishing to obtain a thorough grounding in financial economic theory and the associated empirical research.I served as Co-Director of the program through 1986 and have participated in subsequent years.Independently[57]，I also helped create a three-week program for the Nomura School of Advanced Management，designed to bring much of the same material to investment professionals in Japan，and taught in the program for five years.I also assisted Sidney Cottle，of Financial Research Associates，in preparing seminars designed to communicate the results of recent research to investment practitioners[58].
In 1986，I took a two-year leave from Stanford to found Sharpe-Russell Research，a firm chartered to perform research and to develop procedures to help pensions，endowments[59]and foundations select asset allocations appropriate to their circumstances and objectives.Supported by several major pension funds and by the Frank Russell Company，and assisted by a talented group of professionals，I was able to bring previous results from the field of financial economics to bear on these important issues and to provide new theoretical and empirical material of relevance[60].Subsequent to this period，the firm's charter was broadened to include consulting for pensions，endowments and foundations in the area of asset allocation[61].Published work resulting from these activities covered the areas of integrated asset allocation，dynamic strategies for asset allocation，factor models for evaluating manager styles and performance，and liability hedging.
In 1989，I chose to change status，becoming Timken Professor Emeritus of Finance at Stanford，in order to devote more of my time to research and consulting activities at William F.Sharpe Associates，as my firm is now known.While this involves giving up regular teaching，I have the great fortune to be able to continue to participate in the intellectual life of the school.In addition，I can pursue research with a fine group of colleagues and to provide assistance to（and learn from）a highly sophisticated[62]group of clients.
It has been my great good luck to be able to work with a number of organizations in the investment industry.I served as a Trustee of the College Retirement Equities Fund from 1975 through 1983 and currently serve a trustee for the Research Foundation of the Institute of Chartered Financial Analysts，a committee member for the Institute of Quantitative Research in Finance，and a member of the Council on Education and Research of the Institute of Chartered Financial[63]Analysts.I also serve as a Strategic Advisor for Nikko Securities'Institute of Investment Technology and the Institutional Portfolio Management division of the Union Bank of Switzerland.
I have also received awards from diverse constituencies.I am especially proud to have been the recipient of the American Assembly of Collegiate Schools of Business award for outstanding contribution to the field of business education in 1980 and the Financial Analysts'Federation Nicholas Molodovsky Award for outstanding contributions to the［finance］profession in 1989.
In the course of this long and demanding career，I have enjoyed the influence and example of my parents and stepparents，all of whom pursued further education in mid-career.My father retired as a college president，my mother as an elementary school principal，and my step-father as a public defender[64].They taught me by example the joys associated with learning and with communicating the results of that learning to others.(https://www.daowen.com)
I am also fortunate to have two fine children，Deborah and Jonathan，now grown.Both share a love of learning and of communicating knowledge to others，although they have chosen fields far removed from my own.In 1986 I married my wife Kathryn，an accomplished painter，who shares both my personal and my professional life——the latter in her capacity as Administrator of William F.Sharpe Associates.Without her help，encouragement，and support I truly could not have accomplished what I have in the last five years.We enjoy sailing，opera and Stanford football and basketball games，especially when the weather is good，the music well performed and the opponents vanquished[65].
【注释】
[1]depression n.沮丧，消沉，低气压，低压
[2]orchestra n.管弦乐队，乐队演奏处
[3]interpretation n.解释，阐明，口译，通译
[4]integration n.综合
[5]econometric adj.计量经济学的
[6]gigantic adj.巨人般的，巨大的
[7]dissertation n.（学位）论文，专题，论述，学术演讲
[8]securities n.有价证券
[9]portfolio n.部长职务
[10]covariance n.［统］协方差
[11]plausibility n.似乎有理，善辩
[12]optimization n.最佳化，最优化
[13]algorithm n.［数］运算法则
[14]variance n.不一致，变化，变异，变迁，分歧，不和
[15]coefficient n.［数］系数
[16]nonzero n.［计］非零
[17]triangular adj.三角形的，三人间的
[18]elimination n.排除，除去，消除，消灭
[19]logistics n.后勤学，后勤
[20]administration n.管理，经营，行政部门
[21]regulatory adj.调整的
[22]maintenance n.维护，保持，生活费用，扶养
[23]recreational adj.休养的，娱乐的
[24]curricula n.课程
[25]bookkeeping n.簿记
[26]microeconomic n.个体经济，微观经济
[27]pragmatic adj.国事的，团体事务的，实际的，注重实效的
[28]microeconomics n.［经］微观经济学
[29]aesthetically adv.审美地，美学观点上地
[30]flexible adj.柔韧性，易曲的，灵活的，柔软的，能变形的，可通融的
[31]normative adj.标准化的
[32]positive adj.肯定的，实际的，积极的，绝对的，确实的adj.［数］正的adj.［电］阳的adj.［语法］原级的
[33]generalization n.一般化，普遍化，概括，广义性
[34]equilibrium n.平衡，平静，均衡，保持平衡的能力，沉着，安静
[35]editorship n.编辑的地位职位
[36]interdisciplinary adj.各学科间的
[37]quantitative adj.数量的，定量的
[38]premium n.额外费用，奖金，奖赏，保险费，（货币兑现的）贴水
[39]premature adj.未成熟的，太早的，早熟的
[40]institutional adj.制度上的
[41]gratify vt.使满足
[42]fundamental adj .基础的，基本的n.基本原则，基本原理
[43]coauthor n.合著者，共同执笔者vt.合著
[44]binomial adj.二项的，二项式的n.二项式
[45]embedded adj.植入的，深入的，内含的
[46]portfolio n.部长职务
[47]innovative adj.创新的，革新（主义）的
[48]enforcement n.执行，强制
[49]approximate adj.近似的，大约的v.近似，接近，接近，约计
[50]algorithm n.［数］运算法则
[51]decentralize n.分散
[52]theoretically adv.理论上，理论地
[53]empirical adj.完全根据经验的，经验主义的，［化］实验式
[54]allocation n.分配，安置
[55]optimization n.最佳化，最优化
[56]database n.［计］数据库，资料库
[57]independently adv.独立地，自立地
[58]practitioner n.从业者，开业者
[59]endowment n.捐赠，捐赠的基金（或财产），天资，捐款
[60]relevance n.中肯，适当
[61]allocation n.分配，安置
[62]sophisticated adj.诡辩的，久经世故的
[63]financial adj.财政的，金融的
[64]defender n.防卫者，拥护者，辩护者，［运动］卫冕者
[65]vanquish vt.征服，击败，克服