投资回报率&股本价值&财务报表.pptx

Investment Returns, Equity Value, and Financial Statements;;Chapter 3;Investment Returns;What you will learn in this chapter;For a terminal investment: For an investment in equity: For a one-year equity investment Payoff: Return: Rate-of-Return: Expected Return: Expected Rate-of-Return: Required Payoff per dollar: Required Rate-of-Return: The required return is also called the normal return or the cost of capital;Hewlett-Packard: Returns for 1991;If the price paid for a stock is (expected payoff discounted at the required payoff per dollar, r), the stock is appropriately priced: the market price is efficient Or, price is efficient if it equals the expected return capitalized at the required rate-of-return: Or, today’s price (P0) must be such that the required rate-of-return, r-1, will equal the (expected) rate-of-return : ;Arbitrage Trading Strategies;Types of Arbitrage;These concepts apply to an investment for more than one period with two modifications: The multiperiod rate-of-return will be the compounded annual rate. For a T-year period and a flat term structure, the required payoff is: For a changing term structure it would be Dividends for the intermediate years can be reinvested at r. The accumulated value at year T of reinvested dividends is called terminal value of dividends at T Adding the selling price will give the cum dividend payoff or cum-dividend terminal price: And the T-period cum dividend return will be ;Hewlett-Packard 1990-95: Payoffs;Terminal Value of Dividends ;HP 1990-95: Terminal Dividend Payoff;HP 1990-95: Five-Year Return;The NA condition for a multiyear investment is now Or Or ;Dividends and Capital Gains;Intrinsic Values; Beta technologies: Calculates the normal return Ignores any arbitrage opportunities This is the denominator issue in valuation Alpha technologies: Tries to gain abnormal returns by exploiting arbitrage opportunities This involves the numerator issue in valuation Passive investment needs a beta technology (exc