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1、Chapter14/TheBasicToolsofFinance❖24527THEBASICTOOLSOFFINANCEWHAT’SNEWINTHESEVENTHEDITION:Therearenomajorchangestothischapter.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øtherelationshipbetweenpresentvalueandfuturevalue.Øtheeffectsofcompoundgrowth.Øhowrisk-av
2、ersepeoplereducetherisktheyface.Øhowassetpricesaredetermined.CONTEXTANDPURPOSE:Chapter14isthethirdchapterinafour-chaptersequenceonthelevelandgrowthofoutputinthelongrun.InChapter12,wediscusshowcapitalandlaborareamongtheprimarydeterminantsofoutputandgrowth.InChapter13,weaddressedho
3、wsavingandinvestmentincapitalgoodsaffecttheproductionofoutput.InChapter15,wewillshowsomeofthetoolspeopleandfirmsusewhenchoosingcapitalprojectsinwhichtoinvest.Becausebothcapitalandlaborareamongtheprimarydeterminantsofoutput,Chapter15willaddressthemarketforlabor.ThepurposeofChapter
4、14istointroducethestudentstosometoolsthatpeopleusewhentheyparticipateinfinancialmarkets.Wewillshowhowpeoplecomparedifferentsumsofmoneyatdifferentpointsintime,howtheymanagerisk,andhowtheseconceptscombinetohelpdeterminethevalueofafinancialasset,suchasashareofstock.KEYPOINTS:·Becaus
5、esavingscanearninterest,asumofmoneytodayismorevaluablethanthesamesumofmoneyinthefuture.Apersoncancomparesumsfromdifferenttimesusingtheconceptofpresentvalue.Thepresentvalueofanyfuturesumistheamountthatwouldbeneededtoday,givenprevailinginterestrates,toproducethatfuturesum.©2012Ceng
6、ageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter14/TheBasicToolsofFinance❖245·Becauseofdiminishingmarginalutility,mostpeopleareriskaverse.Risk-aversepeoplecanreduceriskbybuyinginsurance,diversifyingtheir
7、holdings,andchoosingaportfoliowithlowerriskandlowerreturn.·Thevalueofanassetequalsthepresentvalueofthecashflowstheownerwillreceive.Forashareofstock,thesecashflowsincludethestreamofdividendsandthefinalshareprice.Accordingtotheefficientmarketshypothesis,financialmarketsprocessavail
8、ableinformationrationally,soastockpricea
