公司理财本科班第六讲financingdecis偶ions中文.ppt

These three forms of market efficiency were defined to facilitate statistical testing of the hypothesis. The implication is that trading rules, using this type of information, cannot generate above-normal profits in the long run. * These are the implications of the market efficiency to the financial managers. It is very difficult to outguess the market, as the security prices are fair for the most part. The six lessons are: Markets have no memory. Follows directly from the random walk literature. Trust market prices. In an efficient market you can trust prices because they reflect all available information. For example, it is very difficult for portfolio managers to achieve better-than-average risk-adjusted performance by identifying over- or underpriced stocks. The Orange County investment portfolio is discussed. Read the entrails. Because they impound all available information, security prices can tell us a lot about the future if we can interpret them properly. For example, the stock market is a good leading indicator of economic activity. The history of Viacom’s bid for Paramount is discussed; here the text discusses and uses abnormal returns. There are no financial illusions. In an efficient market, prices change when true value changes. Investors are not concerned with cosmetics. Two examples are given: market reaction to (1) stock splits and dividends, and (2) accounting changes. Remember the do-it-yourself alternative. In an efficient market, investors will not pay others for what they can do themselves. Seen one stock, seen them all. “You can sell large blocks of stock at close to the market price as long as you can convince other investors that you have no private information.” * Common stock是普通股股票即公开发行公司所有权的单位，持有人有权投票选举董监事，有在董事会上投票的权利，并领取股利。 普通股股票持有者按其所持有股份比例享有以下基本权利: （1）公司决策参与权。:普通股股东有权参与股东大会，并有建议权、表决权和选举权，也可以委托他人代表其行使其股东权利。 （2）利润分配权。:普通股股东有权从公司利润分配中得到股息。普通股的股息是不固定的，由公司赢利状况及其分配政策决定。普通股股东必须在优先股股东取得固定股息之后才有权享受股息分配权。 （3）优先认股权。:如果公司需要扩张而增发普通股