台湾大学廖咸兴-Corporate Financing and the Lessons of Market Efficiency Training.ppt

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2019-07-28 发布于贵州
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台湾大学廖咸兴-Corporate Financing and the Lessons of Market Efficiency Training.ppt

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Topics Covered Investment Decision vs. Financing Decision Market Efficiency Weak form efficiency Semi-strong form efficiency Strong form efficiency Lessons of Market Efficiency Investment vs. Financing Investment decision are made based on the risk of the project, with total disregard for how the project will be financed (flotation costs being the exception). Financing decisions are made based on the conditions in the capital markets, with little consideration for the investment being made (project specific funding being the exception. IRBs are a good example). Market Efficiency Market Efficiency Theory Capital markets reflect all relevant information. You cannot consistently earn excess profits. Market Efficiency Random Walk Theory The movement of stock prices from day to day DO NOT reflect any pattern. Statistically speaking, the movement of stock prices is random (skewed positive over the long term). Random Walk Theory Random Walk Theory Random Walk Theory Market Efficiency Efficient Market Theory Market Efficiency Weak Form Efficiency - Market prices rapidly reflect all information contained in the history of past prices. Semi-Strong Form Efficiency - Market prices reflect all publicly available information. Strong Form Efficiency - Market prices reflect all information that could in principle be used to determine true value. Efficient Market Theory Market Efficiency Lessons of Market Efficiency Markets have no memory Trust market prices There are no financial illusions Do it yourself diversification Seen one stock, seen them all Reading the entrails 12- * Irwin/McGraw-Hill Chapter 12 Fundamentals of Corporate Finance Third Edition Corporate Financing and the Lessons of Market Efficiency Brealey Myers Marcus slides by Matthew Will 下载更多培训资料，尽在下载更多培训资料，尽在下载更多培训资料，尽在 Efficient Capital Markets - Financial markets in which security prices rapidly reflect all relevant information about asset values. Random Walk - Security prices change randomly, with