从抽象结构，到真实成交

不是策略清单，
是一套从证据到成交的知识系统。

用交易闭环组织历史文献：先建立共同语言与证据纪律，再理解市场、形成信号、配置资本、执行成交，最后进入风险反馈与生产治理。

展开知识地图浏览 120 篇目录

THE TRADING LOOP

以系统瓶颈分类，而不是按学科堆书架

Q0 提供共同语言，Q1—Q8 构成闭环，Q9 是资产与策略投射层。点击闭环节点可筛选对应文献。

共同语言

形式基础

概率、优化、计算与因果语言。

投射

资产与策略分支

将 Q1—Q8 投射到各资产与策略。

PROBLEM CLUSTERS

用问题簇连接跨时代文献

C01

价格为何近似不可预测，又为何仍可研究

C02

收益来自风险，还是错误定价

C03

因子动物园与发现控制

C04

波动、非平稳与长期关系

C05

动量：事实、范围与实现

C06

从特征到高维条件风险溢价

C07

组合优化为何失败，又怎样修复

C08

增长、下行与尾部

C09

从复制到完整定价体系

C10

订单为何推动价格

C11

从目标头寸到安全生产

THREE ORDERS

同一篇论文，有三种不同的位置

体系不把“重要”误写成“应该最先读”，也不把“容易获取”误写成“值得优先精翻”。

01KIS · 100 分

知识重要性

回答“缺了它，体系会不会断裂”。用依赖性、历史地位、操作性、证据质量等七维评分。

02依赖图

学习顺序

回答“现在读不读得懂”。先语言与证据，再机制、预测、配置、执行，最后进入生产系统。

03价值 × 可用性

翻译优先级

回答“先精翻哪一篇”。除价值外，还必须核验版本、全文来源、许可与公开镜像边界。

核心原则

分类解决“它属于哪里”，评分解决“它有多重要”，依赖图解决“何时读”，权利审计解决“能否翻译与公开”。

EVIDENCE LIBRARY

历史文献目录与摘要卡

每张核心卡片同时保留论文主张、适用范围、决策意义与误用警告；目录数据由本地 TSV 自动生成。

显示 60 篇

点击论文卡片，展开摘要与边界条件

FROM HISTORY TO TODAY

今天的完整现状，不等于最新模型清单

成熟度与新颖度分开记录：先掌握可复现的基线，再理解生产约束，最后审慎追踪前沿。

01 / BEDROCK

基础层

概率、市场效率、资产定价、组合理论、衍生品复制与微观结构，构成不能跳过的共同语言。

02 / PRODUCTION

生产层

交易成本、容量、稳健优化、模型风险、数据漂移与系统治理，决定纸面优势能否活到成交之后。

03 / FRONTIER

前沿层

深度学习、基础模型与智能体进入研究流程，但必须放回证据、执行、控制与责任边界中审查。

SOURCES57 / 60

可信底本已登记；仍缺 3 篇。

FIRST PASS3 / 60

已完成全本首译；第四层仍保持锁定。

PERMISSIONS57

篇仍受专项许可阻断；申请包均已逐篇生成。

第一层框架与目录已通过 Gate 1

第二层网页与摘要已通过 Gate 2

第三层60 篇初译57/60 底本 · 3/60 首译

第四层逐行精修与 PDF依赖第三层

第五层翻译网页镜像依赖权利审计

不是策略清单，是一套从证据到成交的知识系统。

以系统瓶颈分类，而不是按学科堆书架

形式基础

研究完整性

市场生成机制

数据到信号

信号到头寸

衍生品与对冲

微观结构与执行

核算与反馈

生产系统与治理

资产与策略分支

用问题簇连接跨时代文献

同一篇论文，有三种不同的位置

知识重要性

学习顺序

翻译优先级

历史文献目录与摘要卡

Optimal Execution of Portfolio Transactions

Continuous Auctions and Insider Trading

The Pricing of Options and Corporate Liabilities

Generalized Autoregressive Conditional Heteroskedasticity

Co-integration and Error Correction: Representation, Estimation, and Testing

Honey, I Shrunk the Sample Covariance Matrix

Portfolio Selection

A New Interpretation of Information Rate

Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation

Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders

A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle

Common Risk Factors in the Returns on Stocks and Bonds

Evaluating Interval Forecasts

Coherent Measures of Risk

A Reality Check for Data Snooping

Optimization of Conditional Value-at-Risk

No-Dynamic-Arbitrage and Market Impact

Hidden Technical Debt in Machine Learning Systems

… and the Cross-Section of Expected Returns

Efficient Capital Markets: A Review of Theory and Empirical Work

Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency

The Limits of Arbitrage

Trading Costs

Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case

Theory of Rational Option Pricing

A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options

Market Liquidity and Funding Liquidity

Optimal Trading Strategy and Supply/Demand Dynamics

Empirical Asset Pricing via Machine Learning

Proof That Properly Anticipated Prices Fluctuate Randomly

Optimal Versus Naive Diversification: How Inefficient Is the 1/N Portfolio Strategy?

Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk

Martingales and Stochastic Integrals in the Theory of Continuous Trading

Measuring the Information Content of Stock Trades

A Comprehensive Look at the Empirical Performance of Equity Premium Prediction

Dynamic Trading with Predictable Returns and Transaction Costs

The Arbitrage Theory of Capital Asset Pricing

The Markowitz Optimization Enigma: Is ‘Optimized’ Optimal?

Bond Pricing and the Term Structure of Interest Rates: A New Methodology for Contingent Claims Valuation

Testing Density Forecasts, with Applications to Risk Management

Risk Management Controls for Brokers or Dealers with Market Access (Rule 15c3-5)

The Price Impact of Order Book Events

Replicating Anomalies

Théorie de la spéculation

The Cost of Transacting

Prices of State-Contingent Claims Implicit in Option Prices

A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix

Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test

Optimal Control of Execution Costs

Does Academic Research Destroy Stock Return Predictability?

The ML Test Score: A Rubric for ML Production Readiness and Technical Debt Reduction

Measuring Non-U.S. Equity Portfolio Performance

Time Series Momentum

Shrinking the Cross-Section

Risk, Return, and Equilibrium: Empirical Tests

An Intertemporal Capital Asset Pricing Model

The Statistics of Sharpe Ratios

Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?

The Equity Premium: A Puzzle

Characteristics Are Covariances: A Unified Model of Risk and Return

今天的完整现状，不等于最新模型清单

基础层

不是策略清单，
是一套从证据到成交的知识系统。