财务会计理论SCCOT第四章有效市场.pptVIP

Information Asymmetry and Role of Financial Reporting The Adverse Selection Problem Inside information Insider trading Security Prices Do Not Reflect Fundamental Value Misallocation of scarce capital All Share Prices Suffer (cost of capital) Investors cannot distinguish good from bad thin markets, as investors withdraw An Example of Full Disclosure Management Discussion and Analysis Forward-looking orientation Concept of information system is implicit More relevant than historical cost-based financial statements. Less reliable? Reasonably consistent with decision theory THE END ! Financial Accounting Theory Chapter 4：Efficient Securities Markets 潘克勤 pankq2005@126.com 本章的结构 有效性 的含义 财务报告含义 CAPM 模型 信息不对称/内部交易、逆向选择 充分 披露 本章的目的 1、证券市场是半强势有效的！ 证券市场上每一种证券价格反映了已经公开的所有信息 此时，证券价格就是内在价值吗？ 否！除非没有内部信息！ 2、财务会计的用武之地 充分披露，让证券价格接近内在价值，增强市场配置资源的效率！ 3、财务会计面临挑战 其他信息渠道 Definition of Efficient Markets An efficient capital market is a market that is efficient in processing information. We are talking about an “informationally efficient” market, as opposed to a “transactionally efficient” market. In other words, we mean that the market quickly and correctly adjusts to new information. In an informationally efficient market, the prices of securities observed at any time are based on “correct” evaluation of all information available at that time. Therefore, in an efficient market, prices immediately and fully reflect available information. Definition of Efficient Markets (cont.) Professor Eugene Fama, who coined the phrase “efficient markets”, defined market efficiency as follows: In an efficient market, competition among the many intelligent participants leads to a situation where, at any point in time, actual prices of individual securities already reflect the effects of information based both on events that have already occurred and on events which, as of now, the market expects to take place in the future. In other words, in an efficient market at any point in