【视频】经济学金融市场 11 股票(stocks).docVIP

Stocks PAGE PAGE 12 Lecture 11 - StocksOverview:The stock market is the information center for the corporate sector. It represents individuals ownership in publicly-held corporations. Although corporations have a variety of stakeholders, the shareholders of a for-profit corporation are central since the company is ultimately responsible to them. Companies offer dividends, stock repurchases and stock dividends to give profits back to shareholders or to signal information. Companies can also take on debt to raise capital, creating leverage. The Modigliani-Miller theory of a companys leverage in its simplest form implies the leverage ratio doesnt matter, but including bankruptcy costs and tax effects give us a positive theory of the ratio.Reading assignment:Jeremy Siegel, Stocks for the Long Run, chapters 6, 7, 8, and 9Richard Brealey et al. Principles of Corporate Finance, chapters 16 and 17 Johnson, Simon, Rafael La Porta, Florencio Lopez-di-Silanos, and Andrei Shleifer, Tunneling, American Economic Review, 2000, 90 (2), pp. 22-7. Financial Markets: Lecture 11 Transcript February 20, 2008 Professor Robert Shiller: I believe that we still have on, for Friday, Stephen Schwarzman. He said he would do it. I always worry about people who have such important businesses because some big deal may become in crisis or something; people like that have trouble sometimes adhering to a schedule. As far as I know were getting him, so I hope that you will all be able to come this Friday, here, at the usual time. If theres any problem with his appearing I will email you. As you know, Stephen Schwarzman is a graduate of Yale College and hes one of the great stories of our century. He created just about the biggest private equity firm from scratch in 1985 and I guess they just went public and they have a huge market cap. Theyre comparable to one of the biggest old line investment banks in New York. He just--he and Peter Peterson--just created it so I think it will be