第13章 有效资本市场理论及其实证.ppt

Chapter Outline 13.1 Can Financing Decisions Create Value? 13.2 A Description of Efficient Capital Markets 13.3 The Different Types of Efficiency 13.4 The Evidence 13.5 Implications for Corporate Finance 13.6 Summary and Conclusions 13.1 Can Financing Decisions Create Value? Earlier parts of the book show how to evaluate investment projects according the NPV criterion. The next five chapters concern financing decisions. What Sort of Financing Decisions? Typical financing decisions include: How much debt and equity to sell When (or if) to pay dividends When to sell debt and equity How to Create Value through Financing Fool Investors Empirical evidence suggests that it is hard to fool investors consistently. Reduce Costs or Increase Subsidies Certain forms of financing have tax advantages or carry other subsidies. Create a New Security Sometimes a firm can find a previously-unsatisfied clientele and issue new securities at favorable prices. In the long-run, this value creation is relatively small, however. 13.2 A Description of Efficient Capital Markets An efficient capital market is one in which stock prices fully reflect available information. The EMH has implications for investors and firms. Since information is reflected in security prices quickly, knowing information when it is released does an investor no good. Firms should expect to receive the fair value for securities that they sell. Firms cannot profit from fooling investors in an efficient market. Reaction of Stock Price to New Information in Efficient and Inefficient Markets Reaction of Stock Price to New Information in Efficient and Inefficient Markets 13.3 The Different Types of Efficiency Weak Form Security prices reflect all information found in past prices and volume. Semi-Strong Form Security prices reflect all publicly available information. Strong Form Security prices reflect all information—public and private. Weak Form Market Efficiency Security prices reflect all information found in past price