Chap017-Macroeconomic-and-Industry-Analysis-《投资学》-第九版-英文教学课件.pptVIP

17-* Sensitivity to the Business Cycle Interest is a fixed cost that increases the sensitivity of profits to the business cycle. Financial leverage: the use of borrowing INVESTMENTS | BODIE, KANE, MARCUS INVESTMENTS | BODIE, KANE, MARCUS Copyright ? 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 17 Macroeconomic and Industry Analysis 17-* A firm’s value comes from its earnings prospects, which are determined by: The global economic environment Economic factors affecting the firm’s industry The position of the firm within its industry Fundamental Analys