ch09stocksandtheirvaluation(財務管理,英文版)(文件)
【正文】 There is no general tendency for people to buy versus to sell. In equilibrium, expected returns must equal required returns: What is market equilibrium? ks = D1/P0 + g = ks = kRF + (kM – kRF)b. ^ 9 35 Copyright 169。 D1/P0 falls until D1/P0 + g = ks = ks. ^ ^ D1 P0 9 37 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. 2. Semistrongform EMH: All publicly available information is reflected in stock prices, so doesn’t pay to pore over annual reports looking for undervalued stocks. Largely true, but superior analysts can still profit by finding and using new information. 9 41 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Preferred Stock ?Hybrid security. ?Similar to bonds in that preferred stockholders receive a fixed dividend that must be paid before dividends can be paid on mon stock. ?However, unlike interest payments on bonds, panies can omit dividend payments on preferred stock without fear of pushing the firm into bankruptcy. 9 44 Copyright 169。 03:44:4603:44:4603:442/27/2023 3:44:46 AM ? 1以我獨沈久，愧君相見頻。 2023年 2月 27日星期一 上午 3時 44分 46秒 03:44: ? 1比不了得就不比，得不到的就不要。 上午 3時 44分 46秒 上午 3時 44分 03:44: ? 沒有失敗，只有暫時停止成功！。 03:44:4603:44:4603:44Monday, February 27, 2023 ? 1不知香積寺，數(shù)里入云峰。 2023年 2月 上午 3時 44分 :44February 27, 2023 ? 1少年十五二十時，步行奪得胡馬騎。 03:44:4603:44:4603:442/27/2023 3:44:46 AM ? 1越是沒有本領的就越加自命不凡。 :44:4603:44:46February 27, 2023 ? 1意志堅強的人能把世界放在手中像泥塊一樣任意揉捏。 上午 3時 44分 46秒 上午 3時 44分 03:44: MOMODA POWERPOINT Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce id urna blandit, eleifend nulla ac, fringilla purus. Nulla iaculis tempor felis ut cursus. 感謝您的下載觀看 專家告訴 。 2023年 2月 上午 3時 44分 :44February 27, 2023 ? 1業(yè)余生活要有意義，不要越軌。 03:44:4603:44:4603:44Monday, February 27, 2023 ? 1知人者智，自知者明。 上午 3時 44分 46秒 上午 3時 44分 03:44: ? 楊柳散和風，青山澹吾慮。 2023年 2月 27日星期一 上午 3時 44分 46秒 03:44: ? 1楚塞三湘接，荊門九派通。 03:44:4603:44:4603:442/27/2023 3:44:46 AM ? 1成功就是日復一日那一點點小小努力的積累。 2023年 2月 上午 3時 44分 :44February 27, 2023 ? 1行動出成果，工作出財富。 03:44:4603:44:4603:44Monday, February 27, 2023 ? 1乍見翻疑夢，相悲各問年。 2023 by Harcourt, Inc. All rights reserved. ? 靜夜四無鄰，荒居舊業(yè)貧。 2023 by Harcourt, Inc. All rights reserved. Markets are generally efficient because: 1. 15,000 or so trained analysts。 2023 by Harcourt, Inc. All rights reserved. What’s the Efficient Market Hypothesis? EMH: Securities are normally in equilibrium and are “fairly priced.” One cannot “beat the market” except through good luck or better information. 9 39 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. How is equilibrium established? If ks = + g ks, then P0 is “too low” (a bargain). Buy orders sell orders。 2023 by Harcourt, Inc. All rights reserved. If the firm has $40 million in debt and has 10 million shares of stock, what is the price per share? Value of equity = Total value – Value of debt
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