货币金融学（第十二版）英文版教学课件mishkin_econ12e_ppt_07.pptxVIP

The Economics of Money, Banking, and Financial MarketsCopyright ? 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved.The Stock Market, the Theory of Rational Expectations, and the Efficient Market HypothesisTwelfth EditionChapter 7PreviewIn this chapter, we examine the theory of rational expectations. When this theory is applied to financial markets, the outcome is the efficient market hypothesis, which has some general implications for how markets in other securities besides stocks operate.Learning Objectives (1 of 2)Calculate the price of common stock.Recognize the impact of new information on stock prices.Compare and contrast adaptive and rational expectations.Explain why arbitrage opportunities imply that the efficient market hypothesis holds.Learning Objectives (2 of 2)Identify and explain the implications of the efficient market hypothesis for financial markets.Summarize the reasons why behavioral finance suggestions that the efficient market hypothesis may not hold.Computing the Price of Common Stock (1 of 3)The One-Period Valuation Model:Computing the Price of Common Stock (2 of 3)The Generalized Dividend Valuation Model:Computing the Price of Common Stock (3 of 3)The Gordon Growth Model:How the Market Sets Stock Prices (1 of 2)The price is set by the buyer willing to pay the highest price.The market price will be set by the buyer who can take best advantage of the asset.Superior information about an asset can increase its value by reducing its perceived risk.How the Market Sets Stock Prices (2 of 2)Information is important for individuals to value each asset.When new information is released about a firm, expectations and prices change.Market participants constantly receive information and revise their expectations, so stock prices change frequently.Application: Monetary Policy and Stock Prices (1 of 2)Monetary policy can affect stock prices in two ways. First, when the Fed lowers interest rates, the return on bonds (an alternative asset to stocks)