财务管理基础（第6版）理查德·A·布雷利-chap007.pptVIP

Another Tool Fundamental Analysts Investors who attempt to find mispriced securities by analyzing fundamental information, such as accounting data and business prospects. Research the value of stocks using NPV and other measurements of cash flow Efficient Market Theory Efficient Market - Market in which prices reflect all available information. Weak Form Efficiency Market prices reflect all historical information Semi-Strong Form Efficiency Market prices reflect all publicly available information Strong Form Efficiency Market prices reflect all information, both public and private Efficient Market Theory Announcement Date Market Anomalies Existing Anomalies The Earnings Announcement Puzzle The New-Issue Puzzle Old Anomalies The Small Firm Effect The January Effect The PE Effect The Neglected Firm Effect The Value Line Effect Behavioral Finance Attitudes towards risk Beliefs about probabilities Web Resources 3 2 2 2 2 2 27 27 28 30 32 34 35 36 38 40 42 43 44 45 46 48 49 7- * 7- * McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Fundamentals of Corporate Finance Sixth Edition Richard A. Brealey Stewart C. Myers Alan J. Marcus Slides by Matthew Will Chapter 7 McGraw Hill/Irwin Copyright ? 2009 by The McGraw-Hill Companies, Inc. All rights reserved Valuing Stocks Topics Covered Stocks and the Stock Market Market Values, Book Values, and Liquidation Values Valuing Common Stocks Simplifying the Dividend Discount Model Growth Stocks and Income Stocks There Are No Free Lunches on Wall Street Market Anomalies and Behavioral Finance Stocks Stock Market Primary Market - Market for the sale of new securities by corporations. Initial Public Offering (IPO) - First offering of stock to the general public. Seasoned Issue - Sale of new shares by a firm that has already been through an IPO Stocks Stock Market Common Stock - Ownership shares in a publicly held corporation. Secondary Market - Market in which previously issued se