William F. Sharpe's Contributions to Financial Economics
回顾了夏普在资本资产定价模型、投资组合理论及绩效评估方面的开创性工作，这些研究不仅推动了学术发展，还通过实际应用提升了资本市场的配置效率，例如共同基金的风险调整绩效衡量和指数基金的建立。
William Sharpe's published work on the capital asset pricing model (CAPM) and his related work on portfolio theory and portfolio performance measurement have had and continue to have enormous impact on scholarly research in financial economics. However, the impact of this pathbreaking research goes far beyond the academic community by ultimately improving, through numerous applications to practical problems in both investments and financial management, the allocative efficiency of capital markets. These applications range from the riskadjusted performance measurement for mutual funds (sometimes called unit trusts) and pension funds, to the determination of prices for regulated natural monopolies such as electric and telephone utilities. His empirical work on mutual fund performance and the subsequent research that it inspired have led to the establishment of passively managed index funds with enormous savings in transaction costs to pension fund participants and investors in mutual funds. Other major contributions to financial economics by Sharpe include: (i) the binomial pricing model, which provided an efficient method for determining the values of complicated American options; and (ii) his rigorous analysis of the incorrect incentives created by constant cost deposit insurance, which predicted the subsequent debacle in the U.S. thrift industry.