公司理财罗斯英文原书第九版第十四课时.ppt

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1、EfficientCapitalMarketsandBehavioralChallengesChapter14Copyright©2010bytheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinKeyConceptsandSkillsUnderstandtheimportanceofcapitalmarketefficiencyBeabletodefinetheformsofefficiencyKnowthevariousempiricaltestsof

2、marketefficiencyUnderstandtheimplicationsofefficiencyforcorporatefinancemanagersChapterOutline14.1CanFinancingDecisionsCreateValue?14.2ADescriptionofEfficientCapitalMarkets14.3TheDifferentTypesofEfficiency14.4TheEvidence14.5TheBehavioralChallengetoMarketEfficiency14

3、.6EmpiricalChallengestoMarketEfficiency14.7ReviewingtheDifferences14.8ImplicationsforCorporateFinance14.1CanFinancingDecisionsCreateValue?EarlierpartsofthebookshowhowtoevaluateinvestmentprojectsaccordingtotheNPVcriterion.Thenextfewchaptersconcernfinancingdecisions,s

4、uchas:HowmuchdebtandequitytosellWhentoselldebtandequityWhen(orif)topaydividendsWecanuseNPVtoevaluatefinancingdecisions.CreatingValuethroughFinancingFoolInvestorsEmpiricalevidencesuggeststhatitishardtofoolinvestorsconsistently.ReduceCostsorIncreaseSubsidiesCertainfor

5、msoffinancinghavetaxadvantagesorcarryothersubsidies.CreateaNewSecuritySometimesafirmcanfindapreviously-unsatisfiedclienteleandissuenewsecuritiesatfavorableprices.Inthelong-run,thisvaluecreationisrelativelysmall.14.2ADescriptionofEfficientCapitalMarketsAnefficientcap

6、italmarketisoneinwhichstockpricesfullyreflectavailableinformation.TheEMHhasimplicationsforinvestorsandfirms.Sinceinformationisreflectedinsecuritypricesquickly,knowinginformationwhenitisreleaseddoesaninvestorlittlegood.Firmsshouldexpecttoreceivethefairvalueforsecurit

7、iesthattheysell.Firmscannotprofitfromfoolinginvestorsinanefficientmarket.FoundationsofMarketEfficiencyInvestorRationalityIndependenceofeventsArbitrageStockPriceReactionsStockPrice-30-20-100+10+20+30Daysbefore(-)andafter(+)announcementEfficientmarketresponseto“goodne

8、ws”Overreactionto“goodnews”withreversionDelayedresponseto“goodnews”StockPriceReactionsStockPrice-30-20-100+10+20+30Daysbefore(-)andafter(+