第一讲
Equilibrium pricing 均衡定价
No Arbitrage pricing无套利定价 (Relative pricing) risk-free profit= violation Law of one price
核心：replication    Hedge
Financial Frictions 互联网金融打破信息不对称，但无法消除期限错配maturity mismatch
Market efficiency: behavior finance: irrationality limited arbitrage

第二讲
Function of Financial market
1) Price discover
2) Liquidity
3) Lower transaction cost

Classification of financial market
Equity market
Fixed income market
Primary market(Public offering Private placement)
Secondary market
Spot market
Derivative market
Money/capital
Exchange/OTC