Презентация The Stock Market, the Theory of Rational Expectations, and the Efficient Markets Hypothesis онлайн

На нашем сайте вы можете скачать и просмотреть онлайн доклад-презентацию на тему The Stock Market, the Theory of Rational Expectations, and the Efficient Markets Hypothesis абсолютно бесплатно. Урок-презентация на эту тему содержит всего 44 слайда. Все материалы созданы в программе PowerPoint и имеют формат ppt или же pptx. Материалы и темы для презентаций взяты из открытых источников и загружены их авторами, за качество и достоверность информации в них администрация сайта не отвечает, все права принадлежат их создателям. Если вы нашли то, что искали, отблагодарите авторов - поделитесь ссылкой в социальных сетях, а наш сайт добавьте в закладки.
Презентации » Экономика и Финансы » The Stock Market, the Theory of Rational Expectations, and the Efficient Markets Hypothesis


Оцените!
Оцените презентацию от 1 до 5 баллов!
Смотреть онлайн
Скачать
  • Тип файла:
    ppt / pptx (powerpoint)
  • Всего слайдов:
    44 слайда
  • Для класса:
    1,2,3,4,5,6,7,8,9,10,11
  • Размер файла:
    822.00 kB
  • Просмотров:
    124
  • Скачиваний:
    0
  • Автор:
    неизвестен


Слайды и текст к этой презентации:

№1 слайд
Содержание слайда:
№2 слайд
Содержание слайда:
№3 слайд
Содержание слайда:
№4 слайд
Common Stock Common stock is
Содержание слайда: Common Stock Common stock is the principal way that corporations raise equity capital. Stockholders have the right to vote and be the residual claimants of all funds flowing to the firm. Dividends are payments made periodically, usually every quarter, to stockholders.
№5 слайд
Several Kinds of Value There
Содержание слайда: Several Kinds of “Value” There are several types of value, of which we are concerned with four: Book Value – The carrying value on the balance sheet of the firm’s equity (Total Assets less Total Liabilities) Tangible Book Value – Book value minus intangible assets (goodwill, patents, etc) Market Value - The price of an asset as determined in a competitive marketplace Intrinsic Value - The present value of the expected future cash flows discounted at the decision maker’s required rate of return
№6 слайд
. Reading Stock Listings The
Содержание слайда: 9.1 Reading Stock Listings The following newspaper stock listing is usually printed as a horizontal string of information The listing is for IBM, which is traded on the New York Stock Exchange
№7 слайд
Reading Stock Listings
Содержание слайда: Reading Stock Listings
№8 слайд
Reading Stock Listings Hi The
Содержание слайда: Reading Stock Listings Hi = 123 1/8: The highest price the stock has traded at over the last 52 weeks Lo = 93 1/8: The lowest price the stock has traded at over the last 52 weeks Stock = IBM: The stock’s name Sym = IBM: The stock’s symbol
№9 слайд
Reading Stock Listings Div .
Содержание слайда: Reading Stock Listings Div = 4.84: The last quarterly dividend multiplied by 4 Yld % = 4.2: Dividend yield; (Annualized dividend ÷ stock price) PE = 16: Price-to-earnings; (Latest price ÷ last 4 actual dividends) Vol 100s = 14591*100; Volume of exchange traded shares
№10 слайд
Reading Stock Listings Hi
Содержание слайда: Reading Stock Listings Hi = 115: Highest share price of the day Lo = 113: Lowest share price of the day Close = 114 3/4: Days closing share price Chg = 1 3/8: Change in closing price from previous trading day
№11 слайд
Содержание слайда:
№12 слайд
Equation Total Return
Содержание слайда: Equation Total Return
№13 слайд
Rate of Total Return
Содержание слайда: Rate of Total Return
№14 слайд
One-Period Valuation Model
Содержание слайда: One-Period Valuation Model
№15 слайд
Generalized Dividend
Содержание слайда: Generalized Dividend Valuation Model
№16 слайд
Gordon Growth Model
Содержание слайда: Gordon Growth Model
№17 слайд
Содержание слайда:
№18 слайд
Example . Stock Prices and
Содержание слайда: Example 9.1 Stock Prices and Returns
№19 слайд
Example . Stock Prices and
Содержание слайда: Example 9.1 Stock Prices and Returns
№20 слайд
Example Valuing a Firm with
Содержание слайда: Example Valuing a Firm with Constant Dividend Growth
№21 слайд
Example . Valuing a Firm with
Содержание слайда: Example 9.2 Valuing a Firm with Constant Dividend Growth
№22 слайд
Factors Affecting Stock
Содержание слайда: Factors Affecting Stock Prices Business cycles Interest rate changes Investor sentiment about Economy, Earnings And markets
№23 слайд
interest rate risk free rate
Содержание слайда: interest rate = risk free rate + risk premium, ke = rf + rp then
№24 слайд
higher risk free rate, lower
Содержание слайда: higher risk free rate, lower stock price higher risk free rate, lower stock price higher risk premium, lower stock price higher dividends, higher stock price higher dividend growth, higher stock price
№25 слайд
example D , g , rf , rp P . .
Содержание слайда: example D = $2, g = 2%, rf = 3%, rp = 5% P= $2/(.03+.05-.02) P = $2/.06 = $33.33
№26 слайд
what if risk premium rises to
Содержание слайда: what if risk premium rises to 7%? what if risk premium rises to 7%? P = $2/(.03+.07-.02) = $2/.08 = $12.50 what if risk premium falls to 3%? P = $2/(.03+.03-.02) = $2/.04 = $50 Dividend discount model shows us why stock prices are volatile
№27 слайд
Содержание слайда:
№28 слайд
Содержание слайда:
№29 слайд
Price Earnings Valuation
Содержание слайда: Price Earnings Valuation Method (Cont’d) The PE ratio can be used to estimate the value of a firm’s stock. The product of the PE ratio times the expected earnings is the firm’s stock price. (P/E) x E = P
№30 слайд
Stock Analysis Fundamental
Содержание слайда: Stock Analysis Fundamental analysis Quantitative analysis Based on financial statements Qualitative analysis More subjective Examines management skill Technical analysis Examines past performance Of firm and market
№31 слайд
Содержание слайда:
№32 слайд
Содержание слайда:
№33 слайд
Содержание слайда:
№34 слайд
Implications of the Theory of
Содержание слайда: Implications of the Theory of Rational Expectations Even though a rational expectation equals the optimal forecast using all available information, a prediction based on it may not always be perfectly accurate It takes too much effort to make the expectation the best guess possible. Best guess will not be accurate because predictor is unaware of some relevant information.
№35 слайд
Implications If there is a
Содержание слайда: Implications If there is a change in the way a variable moves, the way in which expectations of the variable are formed will change as well. The forecast errors of expectations will, on average, be zero and cannot be predicted ahead of time.
№36 слайд
Efficient Markets An
Содержание слайда: Efficient Markets: An Application of Rational Expectations
№37 слайд
Implications of the EMH for
Содержание слайда: Implications of the EMH for the stock market: Investing in the Stock Market: Recommendations from investment advisors cannot help us outperform the market. A hot tip is probably information already contained in the price of the stock. Stock prices respond to announcements only when the information is new and unexpected. A “buy and hold” strategy is the most sensible strategy for the small investor.
№38 слайд
Evidence Against Market
Содержание слайда: Evidence Against Market Efficiency Small-firm effect January Effect Market Overreaction Excessive Volatility Mean Reversion New information is not always immediately incorporated into stock prices Chaos and fractals
№39 слайд
b Behavioural Finance. The
Содержание слайда: (b)Behavioural Finance. The lack of short selling (causing over-priced stocks) may be explained by loss aversion. The large trading volume may be explained by investor overconfidence. Stock market bubbles may be explained by overconfidence and social contagion.
№40 слайд
Содержание слайда:
№41 слайд
Bubbles Bubbles Large gaps
Содержание слайда: Bubbles Bubbles Large gaps between actual asset price and fundamental value Internet stock bubble of late 1990s Housing bubble? Eventually the bubble bursts!
№42 слайд
In the Generalized Dividend
Содержание слайда: In the Generalized Dividend Valuation Model equation: “Fundamentals”: “Bubble”:
№43 слайд
Implications of efficiency
Содержание слайда: Implications of efficiency evidence very difficult for average person to beat the market trying to do so generates trading costs the alternative buy-and-hold diversified portfolio indexing
№44 слайд
conclusion stock market price
Содержание слайда: conclusion stock market price behavior combines fundamentals investor psychology markets are not perfectly efficient field of behavioral economics, finance On rational Expectations http://www.tcd.ie/Economics/staff/whelanka/topic4.pdf Stocks Valuation http://www.gurufocus.com/stock-market-valuations.php Stock Dividend Model http://thismatter.com/money/stocks/valuation/dividend-discount-model.htm
Скачать все slide презентации The Stock Market, the Theory of Rational Expectations, and the Efficient Markets Hypothesis одним архивом:
Скачать
Похожие презентации