Bodie2e_Chapter07 Principles of Market Valuation 英文版PPT 金融学（第二版）教学文稿.pptVIP

下载本文档

10
0
约 10页
2018-06-20 发布于天津
举报
版权申诉

Bodie2e_Chapter07 Principles of Market Valuation 英文版PPT 金融学（第二版）教学文稿.ppt

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

Bodie2e_Chapter07 Principles of Market Valuation 英文版PPT 金融学（第二版）教学文稿.ppt

Chapter 7: Principles of Market Valuation Objective Explain the principles of asset evaluation Chapter 7 Contents 7.1 The relationship between an asset’s value its price 7.2 Value maximization financial decisions 7.3 The law of one price arbitrage 7.4 Arbitrage the law of one price 7.5 Interest rates the law of one price 7.6 Exchange rates triangular arbitrage 7.7 Valuation using comparables 7.8 Valuation Models 7.9 Accounting measures of value 7.10 How information is reflected in security prices 7.11 The efficient markets hypothesis Introduction Recall that the three pillars of finance are time value of money risk management asset valuation Many financial decisions are, in essence, the determination of an asset’s value Introduction (Continued) The key to asset valuation is comparison of the asset to be valued with a set of assets with similar characteristics and known values By the law of one price, the price of all equivalent assets must be the same 7.1 Relationship between Asset’s Value and Its Price Definition: An asset’s fundamental value is the price well informed investors must pay to purchase it in a free and competitive market 7.3 The Law of One Price and Arbitrage Law of One Price: In a competitive market, if two assets are equivalent, they will tend to have the same price The Law of One Price and Arbitrage The law of one price is enforced by a process called arbitrage Arbitrage is the purchasing of a set of assets, and immediate sale of another set of assets, in such a way as to earn a sure profit from price differences The Law of One Price and Arbitrage Arbitrageurs engage in the business of trading similar assets with a price differential that cannot be justified by transaction- and transformation-costs Example: Gold in any two parts of the country should not differ by more than the transaction costs of moving it 7.4 Arbitrage and the Prices of Financial Assets Arbitraging by shipping a physical commodity (gold) involves higher trans