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MarketEfficiency
2HowExpectedRatesofReturnAffectthePricesofStocksBondsStocksandbondsaretwomajor,long-termfinancialinstrumentsstocksrepresentownershipofpartoftheissuingfirmbondsrepresentdebtoftheissuerAportfoliousuallyconsistsofmanyfinancialinstrumentsgainsfromdiversification
3HowExpectedRatesofReturnAffectthePricesofStocksBondsDiversificationistheallocationofsurplusfundstoavarietyoffinancialinstruments“don’tputallofyoureggsinonebasket”aslongasreturnsamongfinancialinstrumentsarenotperfectlycorrelated,thentheriskorfluctuationofacombinationofassetswithagivenexpectedreturnwillbelessthantheriskforanyoneassetwiththesameexpectedreturn
4StocksThesizeofashareholder’sownershippositiondependsonthenumberofstocksharesownedandissuedThevalueofeachsharedependsontheprevailingpriceofthefirm’sstockSo,whatdeterminesthepricepershare?
5StocksAshareofstockrepresentsaclaimontheearningsofthefirmsomeoftheseearningsaresharedthroughdividendsIngeneral,ascurrentandexpectedfutureearningsrise,stockpricesrisetheoppositealsoholdstrue
6StocksThereisoftenapositivecorrelationbetweenthegrowthofrealnationalincomeandstockpricesinagrowingeconomy,sales,productionandincomesareexpandingthisimpliesthattheexpectedearningsoffirmswillberising
7StocksTheexpectedreturnonastock(overayear)istheexpecteddividendplustheexpectedchangeinthepriceofthestockalldividedbythesharepriceatthetimeofpurchase
8ExampleSupposethatyoupaid$50ashareforyourstockItisexpectedtopayadividendof$1pershareandyouexpectthepricetoriseto$53bytheendoftheyearTheexpectedreturnis(1+3)/50=0.08or8%
9TheExpectedReturnto
OwningStock
10BondsTheexpectedreturnofanewly-issuedbondisthecurrentinterestrate(the“couponrate”)Theexpectedrateofreturnonprev
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