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［18］Ofek and Richardson, “DotCom Mania.”
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［19］在一项研究中发现，公司股票上市之初，分析师的追捧会提高投资人的初期回报，参见Raghuram Rajan and Henri Servaes, “Analyst Following of Initial Public Offerings,” Journal of Finance 52 (1997): 507-529。
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［20］Ofek and Richardson, “DotCom Mania.”
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［21］参见Barbara Donnelly and Michael Sesit, “U.S. Bears Bets May Roil Japan’s Turmoil,” Wall Street Journal, April 17, 1990。更广泛地说，某只股票引入卖空期权会导致该股票的市场价格下降5%，参见Sorin Sorescu, “The Effect of Options on Stock Prices: 1973-1995,” Journal of Finance 55 (2000): 487-514。
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［22］R. Wermers, “Mutual Fund Herding and the Impact on Stock Prices,” Journal of Finance 54, no. 2 (1999): 584.
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［23］Judy Chevalier and Glenn Ellison, “Risk Taking by Mutual Funds as a Response to Incentives,” Journal of Political Economy 105, no. 6 (December 1997): 1167-1200.
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［24］Randall Morck, Andrei Shleifer, and Robert Vishny, “The Stock Market and Investment: Is the Market a Sideshow?” Brookings Paper on Economic Activity 2 (1990): 157-202.
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［25］Oliver Blanchard, Changyong Rhee, and Lawrence Summers, “The Stock Market, Profit, and Investments,” Quarterly Journal of Economics 108 (1990): 115-137.
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［26］同上。
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［27］James Poterba对下文的评论：“The Stock Market and Investment: Is the Market a Sideshow?” Brookings Paper on Economic Activity 2 (1990): 208-213.
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［28］参见www.globalfindata.com。
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［29］所有的非住宅投资数据，参见 Council of Economic Advisers, Economic Report of the President, 2002, 342。2002年全年的数据是根据前3个季度估算的。
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［30］Nicholas George, “Sonera Abandons 3G Plans and Returns License,” Financial Times, August 10, 2001.
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［31］Dan Roberts, “Glorious Hopes on a Trillion-Dollar Scrapheap,” Financial Times, September 5, 2001。
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［32］其中，8090亿美元来自银团贷款，4150亿美元来自债券市场，5000亿美元来自私募和公开股票发售，参见Roberts, “Glorious Hopes”。
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［33］G. Kaminsky and C. Reinhart, “The Twin Crises: The Causes of Banking and Balance of Payments Problems,” American Economic Review 89 (1999): 473-500.
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第5章
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［1］Kenneth Sokoloff and Stanley L. Engerman, “Institutions, Factor Endowments and Paths of Development in the New World,” Journal of Economic Perspectives 3 (2000): 217-232.
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［2］经济学家Raymond Goldsmith研究了35个国家在1860～1963年期间的有关数据，得出了非常谨慎的结论，“从这几十年的时间跨度上看，经济发展和金融发展之间存在粗略的对应关系”，“一些国家的数据记录一致显示，在经济增长更快速的时期金融产业的发展速度也高于平均水平”。参见Raymond Goldsmith, Financial Structure and Development (New Haven, Conn.: Yale University Press, 1969), 48。
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［3］或者像剑桥大学的经济学家琼·罗宾逊（Joan Robinson）所说的，“企业走到哪里，金融就跟到哪里。”
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［4］R. King and R. Levine, “Finance and Growth: Schumpeter Might Be Right,” Quarterly Journal of Economics 108 (1993): 734.
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［5］同上。
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［6］R. Rajan and L. Zingales, “Financial Dependence and Growth,” American Economic Review 88, no. 3 (1998): 559-586.
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［7］J. Jayaratne and P. Strahan, “Entry Restrictions, Industry Evolution and Dynamic Efficiency: Evidence from Commercial Banking,” Journal of Law and Economics 41, no. 1 (1998): 239-273.
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［8］S. Black and P. Strahan, “The Division of Spoils: Rent-Sharing and Discrimination in a Regulated Industry,” American Economic Review 91, no. 4 (2001): 814-831.
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