英文版罗斯公司理财习题答案.doc

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1、CHAPTER13CORPORATEFINANCINGDECISIONSANDEFFICIENTCAPITALMARKETSAnswerstoConceptsReviewandCriticalThinkingQuestions1.Tocreatevalue,firmsshouldacceptfinancingproposalswithpositivenetpresentvalues.Firmscancreatevaluablefinancingopportunitiesinthreeways:1)Foolinvestor

2、s.Afirmcanissueacomplexsecuritytoreceivemorethanthefairmarketvalue.Financialmanagersattempttopackagesecuritiestoreceivethegreatestvalue.2)Reducecostsorincreasesubsidies.Afirmcanpackagesecuritiestoreducetaxes.Suchasecuritywillincreasethevalueofthefirm.Inaddition,f

3、inancingtechniquesinvolvemanycosts,suchasaccountants,lawyers,andinvestmentbankers.Packagingsecuritiesinawaytoreducethesecostswillalsoincreasethevalueofthefirm.3)Createanewsecurity.Apreviouslyunsatisfiedinvestormaypayextraforaspecializedsecuritycateringtohisorhern

4、eeds.Corporationsgainfromdevelopinguniquesecuritiesbyissuingthesesecuritiesatpremiumprices.2.Thethreeformsoftheefficientmarketshypothesisare:1)Weakform.Marketpricesreflectinformationcontainedinhistoricalprices.Investorsareunabletoearnabnormalreturnsusinghistorica

5、lpricestopredictfuturepricemovements.2)Semi-strongform.Inadditiontohistoricaldata,marketpricesreflectallpublicly-availableinformation.Investorswithinsider,orprivateinformation,areabletoearnabnormalreturns.3)Strongform.Marketpricesreflectallinformation,publicorpri

6、vate.Investorsareunabletoearnabnormalreturnsusinginsiderinformationorhistoricalpricestopredictfuturepricemovements.3.a.False.Marketefficiencyimpliesthatpricesreflectallavailableinformation,butitdoesnotimplycertainknowledge.Manypiecesofinformationthatareavailablea

7、ndreflectedinpricesarefairlyuncertain.Efficiencyofmarketsdoesnoteliminatethatuncertaintyandthereforedoesnotimplyperfectforecastingability.b.True.Marketefficiencyexistswhenpricesreflectallavailableinformation.Tobeefficientintheweakform,themarketmustincorporateallh

8、istoricaldataintoprices.Underthesemi-strongformofthehypothesis,themarketincorporatesallpublicly-availableinformationinadditiontothehistoricaldata.Instrongforme