财务管理核心概念：资本预算与市场效率分析.pdfVIP

TopicFlowChart

GoalofFinanceizeValueofFirm

HOW?Getthemostcash

Steps

1.Methodstoevaluateprojectscashflow(NPV,

IRR,etc)

2.Developriskadjusteddiscountratesforusein

NPV

3.ApplyNPV,IRR,DecisionTrees,PVI,etctocapital

budgetingdecisions

4.Changesincapitalstructureinfluencediscount

rates

5.FinancialDistresscanresultformchangesin

capitalstructure

EfficientCapitalMarkets

•Switchesgears

•Pastlecturesdecidedhowtospendmoney

(invest)

•Today’slecturedealwithraisingmoney

(financingdecisions)

•FisherSeparationTheorem

EfficientCapitalMarkets

MarketEfficiencyTheorysez

Capitalmarketsreflectallrelevant

information.Youcannotconsistently

earnexcessprofits.

EfficientCapitalMarkets

CostofCapitalPriceofMoney

R

D

S

Qty

TypeofMarketEfficiency

•WeakFormEfficiency

•SemistrongFormEfficiency

•StrongFormEfficiency

EfficientMarketTheory

AnnouncementDate

39

n

r34

u

t

e29

R

l24

a

m

r19

o

n)14

b%

A(9

e

v4

i

t

a

l-1

u

m-6

u

C-11

-16

DaysRelativetoannoncementdate

EfficientMarketTheory

AverageAnnualReturnon1493MutualFundsandthe

MarketIndex

40

30

20

)

%10

(

n

r0

u

t

e-10

R

Funds

-20

Market

-30