特整理金融領(lǐng)域著名論文，幫助金融學(xué)習(xí)者深入學(xué)習(xí)金融，這些著名論文奠定了金融框架、經(jīng)濟學(xué)研究，對于CFA學(xué)習(xí)，也有獨到的幫助。
　　題主是想通過讀作為學(xué)科foundation的這些paper來進(jìn)行金融入門，曾幾何時我也有和樓主相似的想法，并自己做了一點Researching ，也整理出了一點成果，我就試著根據(jù)這些Paper為大家理一理現(xiàn)代金融發(fā)展的脈絡(luò)吧。(提醒：為了給新手一個金融學(xué)發(fā)展的直觀的感受，我選擇了用時間順序列舉Paper的辦法，而不是按傳統(tǒng)的分 投資學(xué)/公司金融 兩塊（PT-CAPM-EMH-MM-BSM）[3]來列舉的。)
　　首先，金融的一切一切的Foundation，Daniel Bernoulli （瑞士人）在1738年寫的：
　　Specimen Theoriae Novae de Mensura Sortis," Commentarii Academiae Scientiarum Imperialis Petropolitanae, Tomus V 1738, pp. 175-192.
　　這篇論文提出了用期望效用衡量風(fēng)險的新方法，從某種角度上定義了Risk這個現(xiàn)代金融學(xué)研究的最本質(zhì)的東西。
　　原文是拉丁文，英譯(1954版)：
　　Exposition of a New Theory on the Measurement of Risk,Daniel Bernoulli,Econometrica, Vol. 22, No. 1. (Jan., 1954), pp. 23-36.
　　Citation:1827
　　（Citation 數(shù)據(jù)來自Google Scholar，寫答案時候順手刷新的，更新日期： 2014/2/17 2:52 am，下同）
　　1. The birth of finance--Portfolio Theory.
　　正如Eugene F. Fama ［2］所說：
　　Finance has its birth in 1952 with the PhD thesis of Harry Markowitz on portfolio theory that he did in the Department of Economics.
　　所以這篇Paper肯定是逃不開的：
　　Markowitz, Harry. "Portfolio selection*." The journal of finance 7.1 (1952): 77-91.
　　Citation:17176
　　雖然題主把范圍限制在了Paper，不過如果感興趣的話書也可以看看：
　　Markowitz, Harry M. Portfolio selection: efficient diversification of investments. Vol. 16. Yale University Press, 1970.
　　Citation:8021
　　Markowitz把收益和風(fēng)險這兩個在過去原本有點含糊的概念明確為具體的數(shù)學(xué)概念，相當(dāng)于指明了金融中的一大塊，投資學(xué)的研究方向：*5收益，最小方差。奠基石的作用啊。
　　2.Foundation of Corporate finance--MM theorem.
　　一句話概括該定理就是：在理想的市場條件下,公司的價值與財務(wù)政策無關(guān)。
　　他們的研究算是真正的給Corporate Finance這門學(xué)科奠定了基礎(chǔ)。
　　Modigliani, Franco, and Merton H. Miller. "The cost of capital, corporation finance and the theory of investment." The American economic review (1958): 261-297.
　　Citation:12750
　　3.The bridge between risk and return--Capital Assets Pricing Model
　　CAPM模型從均衡的角度闡述了風(fēng)險和收益之間的關(guān)系，這個模型提供的insight幾乎是照亮了以后金融研究的道路，后來的APT,EMH都是建立在此之上。
　　Sharpe, William F. "Capital asset prices: A theory of market equilibrium under conditions of risk*." The journal of finance 19.3 (1964): 425-442.
　　Citation:12900
　　Lintner, J., 1965, The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets, Review of Economics and Statistics, 47:13‐37.
　　Citation:7660
　　Mossin, J., 1966, Equilibrium in a capital asset market, Econometrica, 34: 768‐783.
　　Citation:3781
　　4.How does our market behave? --Efficient Market Theory
　　我們學(xué)習(xí)金融理論很多時候都會看到這樣的假設(shè)：假設(shè)市場有效.....我們得出....那么市場真的有效嗎？
　　Fama, E. F., 1965, Random walks in stock market prices, Financial Analysts Journal, September/October.
　　Citation:819
　　Fama, E. F., 1970, Efficient Capital Markets: A review of theory and empirical work, Journal of Finance, 25: 383‐417.
　　Citation:12240
　　5.The Greatest Financial Theory Ever--Black-Scholes-Merton Model
　　這個Greatest當(dāng)然是我這個無名小輩封的，不過Fama也這么說哦［2］
　　The Black-Scholes paper is, in my view, the most important paper in economics of the 20th century. No other paper has to be learned by every single economist getting a PhD and has also created an industry—the derivatives industry.
　　別的theory都是奠定了什么什么基礎(chǔ)，BSM Model直接創(chuàng)造了迄今為止可能最賺錢（也最虧錢，衍生品往往是零和博弈）的行業(yè)－－金融衍生品行業(yè)
　　Merton, Robert C. "Theory of rational option pricing." (1971): 141-183.
　　Citation:4115
　　Merton, Robert C. "Option pricing when underlying stock returns are discontinuous."Journal of financial economics 3.1 (1976): 125-144.
　　Citation:8963
　　Black, F., and M. Scholes, 1973, The pricing of options and corporate liabilities, Journal of Political Economy, 81: 637‐654
　　Citation:24015
　　6.From theory to Practical--APT
　　APT因素模型選股，一個學(xué)長在CICC就正在做這個。。簡單的說該模型就是把一個Return拆成了不同的factor，類似于計量里的多元線性回歸。
　　Ross, S. A., 1976, The arbitrage theory of capital asset pricing, Journal of Economic Theory, 13: 341‐ 360.
　　Citation:5192
　　Ross, S. A., 1978, A simple approach to the valuation of risky streams, Journal of Business, 51: 453‐475.
　　Citation:520
　　至此，現(xiàn)代金融學(xué)的大廈基本構(gòu)建完畢。
　　以上提到的這些人中，大部分都拿過大獎，其中：
　　FRANCO MODIGLIANI -1985
　　HARRY M. MARKOWITZ -1990
　　MERTON M. MILLER-1990
　　WILLIAM F. SHARPE-1990
　　ROBERT C. MERTON - 1997
　　MYRON SCHOLES -1997
　　EUGENE FAMA-2013
　　最后提一句，建議金融學(xué)習(xí)者平衡好看Original Paper和Explained Material（Textbook, PPT ）之間的關(guān)系，Paper作為*9手資料固然好，但是卻真的不適合入門，Textbook講的有條理且淺顯易懂，但卻不利于我們領(lǐng)略這個理論本來是什么樣子的，阻礙了我們進(jìn)一步理解這些理論。所以建議金融學(xué)習(xí)者可以先看經(jīng)典的課本入門，然后課本對照Paper學(xué)習(xí)。PS:這有1978年后，影響力比較大的finance相關(guān)的論文：
　　finance - Google Scholar
　　Reference
　　［1］肖欣榮，投資學(xué)講義，對外經(jīng)濟貿(mào)易大學(xué)
　?。?］.Eugene F. Fama：A brief history of finance and my life at Chicago
　?。?］Merton.H.Miller The history of finance
　　列舉金融屆著名論文干貨，供金融深入學(xué)習(xí)者參考：
　　Capital Structure
　　MM理論：無稅MM與有稅MM
　　Modigliani, F. and M. Miller, 1958, The Cost of Capital, Corporation Finance and the Theory of Investment, American Economic Review, 48(3), 261-297.
　　Modigliani, F. and M. Miller, 1963, Corporate Income Taxes and the Cost of Capital: A Correction, American Economic Review, 53(3), 433-443.
　　權(quán)衡理論
　　Robichek, A. A., S. C. Myers, 1966. Problems in the theory of optimal capital structure[J]. Journal of Financial and Quantitative Analysis: 1-35.
　　DeAngelo, H., and R. W. Masulis, 1980. Optimal capital structure under corporate and personal taxation[J]. Journal of financial Economics, 8(1): 3-29.
　　融資優(yōu)序理論
　　Myers, Stewart and Nicholas Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
　　擇時理論
　　Baker, Malcolm and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1-32.
　　代理理論
　　Jensen, M. C., and W. H. Meckling,1976. Theory of the firm: Managerial behavior, agency costs and ownership structure[J]. Journal of financial economics, 3(4): 305-360.
　　Raising Capital
　　Rock, K , 1986, Why New Issues are Underpriced?, Journal of Financial Economics, 15, 187-212.
　　Dittmar, Amy and Anjan Thakor, 2007, Why Do Firms Issue Equity? Journal of Finance 62, 1-54
　　Corporate Investment Policy
　　Fazzari, S., R. G. Hubbard, and B. Peterson, 1988, Financing constraints and corporate investment, Brookings Papers on Economic Activity 1, 141-195
　　Asset Pricing
　　Markowitz, H., 1952. Portfolio selection. The journal of finance, 7(1): 77-91.
　　均值-方差投資組合
　　Sharpe, W. F.,1964 . Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3): 425-442.
　　Malkiel, B. G., and E. F. Fama, 1970. Efficient capital markets: A review of theory and empirical work. The journal of Finance, 25(2): 383-417.
　　有效市場假說
　　Black, F., and M. Scholes, 1973. The pricing of options and corporate liabilities. The journal of political economy: 637-654.
　　期權(quán)定價理論
　　Fama, E. F., and K. R. French, 1992. The Cross-Section of Expected Returns. Journal of Finance, 427-465.
　　Fama, E. F., and K. R. French, 1993. Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics, 33, 3-56.
　　Fama, E. F. and K. R. French, 1996. Multifactor Explanations of Asset Pricing Anomalies, Journal of Finance51, 55-84.
　　Behavioral Finance
　　Hong, Harrison, and Marcin Kacperczyk, 2009, The price of sin: The effects of social norms on markets, Journal of Financial Economics 93, 15-36.
　　Malmendier, Ulrike, and Geoffrey Tate, 2005, CEO overconfidence and corporate investment, Journal of Finance 60, 2661–700.
　　Hilary, Gilles, and Kai Wai Hui, 2009, Does religion matter in corporate decision making in America?, Journal of Financial Economics 93, 455-473.
　　Kumar, Alok, Jeremy Page, and Oliver Spalt, 2011, Religious beliefs, gambling attitudes, and financial market outcomes, Journal of Financial Economics102, 671-708.
　　Odean, Terrance, 1998, Are investors reluctant to realize their losses?, Journal of Finance 53, 1775-1798.