金融学 第二版 兹维.博迪 罗伯特C默顿等著Bodie2_IM_Ch07.pdfVIP

CHAPTER 7 - Principles of Market Valuation End-of-Chapter Problems 1. Discuss whether the New Economy boom and bust in equity prices for telecommunications and Internet businesses over the past several years is compatible with the notion that market prices for assets can temporarily differ from fundamental values. Solution: Answers will vary but the focus should be placed on the notion of market prices as the aggregation of analyst-investors estimates of market value. Points to be addressed include: (i) a wide diversity of opinions concerning the future prospects of firms engaged in new markets and activities and ventures without an extensive past track record to aid forecasting, (ii) the mix and abilities of the analyst-investors in this market segment, i.e., whether it was a market characterized by an absence of good analysts who did not invest with the view that market values were well in excess of fundamental values (this might be a way to introduce the notion of an asset bubble, and liquidity and noise traders), and (iii) the fact that with a longer track record for these companies there was a convergence of opinions about future prospects and therefore ultimately a drop in market prices. Does this mean the market price came down to the true fundamental value? Is fundamental value independent of available information, e.g., how much ex-post revision of fundamental values is permissible? 2. Discuss whether the value maximization principle in financial decision making is independent of expectations about future asset prices. Solution: The key here is to recognize the difference between objective functions and optimized values of those functions. The object is value maximization, that is from among the set of available alternative to choose the element with the highest current market value. This says nothing about how the available set is determined. Certainly expectations about future asset prices may be important in determining the curre