金融学-博迪课件Bodie2e_Chapter09.PPTVIP

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2017-04-25 发布于浙江
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金融学-博迪课件Bodie2e_Chapter09.PPT

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Chapter 9: Valuation of Common Stocks;Chapter 9 Contents;9.1 Reading Stock Listings;Reading Stock Listings;Reading Stock Listings;Reading Stock Listings;Reading Stock Listings;Observation;9.2 The Discounted Dividend Model;Equivalence of HPR and NPV;Notation;Present Value of Dividends;Expected Rate of Return;Rate Relationship;Price0 Is Discounted Expected (Dividend1 + Price1);Ease of Use;Ease of Use;Ease of Use;Ease of Use;Putting This Together;Solving for K; G = Capital Gains Yield;Conclusion;Generalization;More General Models;9.3 Earning and Investment Opportunity;Cash Flow Statements;Cash Flow Statements;Cash Flow Statements;Earning and Investment Opportunity;Interpretation;Interpretation;Nogrowth;Nogrowth;Growth Stock;Growth Stock;Growth Stock;Growth Stock Magic;Growth Stock;Growth Stock;Generalize;Observation;Alternative Solution Method;Alternative Solution Method;Reinvestment Under Normal Growth;Reinvestment Under Normal Growth;Nogrowth and Normalprofit;A Reconsideration of the Price Multiple Approach;Does Dividend Policy Affect Shareholder Wealth?;9.4 Reconsideration of the Price/Earnings Multiple Approach;9.5 Does Dividend Policy Affect Shareholder Wealth?;Cash Dividends and Share Repurchases;Illustration: Dividend Payment;Illustration: Dividends;Illustration: Dividend Payment;Illustration: Dividend Payment;Illustration: Dividend Payment;Illustration: Share Repurchase;Illustration: Share Repurchase;Illustration: Share Repurchase;Illustration: Share Repurchase;Illustration: Share Repurchase;Stock Dividends;Modigliani and Miller;The Real World: Share Repurchase;The Real World: Retaining Surplus Cash to Shelter It;The Real World: Asymmetric Information;The Real World: Signaling;A Final Thought: Are Frictionless Worlds Enough?