公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch22
合集下载
《公司理财》斯蒂芬A罗斯英文》PPT课件讲义
• The rate should be appropriate to the risk presented by the security.
5.1 Definition and Example of a Bond
• A bond is a legally binding agreement between a borrower and a lender: – Specifies the principal amount of the loan. – Specifies the size and timing of the cash flows:
• In dollar terms (fixed-rate borrowing) • As a formula (adjustable-rate borrowing)
5.1 Definition and Example of a Bond
• Consider a U.S. government bond listed as 6 3/8 of December 2009.
N I/Y PV PMT FV
12
5
– 1,070.52
31.875 = 1,000
1,000×0.06375 2
5.3 Bond Concepts
1. Bond prices and market interest rates move in opposite directions.
2. When coupon rate = YTM, price = par value. When coupon rate > YTM, price > par value (premium bond) When coupon rate < YTM, price < par value (discount bond)
5.1 Definition and Example of a Bond
• A bond is a legally binding agreement between a borrower and a lender: – Specifies the principal amount of the loan. – Specifies the size and timing of the cash flows:
• In dollar terms (fixed-rate borrowing) • As a formula (adjustable-rate borrowing)
5.1 Definition and Example of a Bond
• Consider a U.S. government bond listed as 6 3/8 of December 2009.
N I/Y PV PMT FV
12
5
– 1,070.52
31.875 = 1,000
1,000×0.06375 2
5.3 Bond Concepts
1. Bond prices and market interest rates move in opposite directions.
2. When coupon rate = YTM, price = par value. When coupon rate > YTM, price > par value (premium bond) When coupon rate < YTM, price < par value (discount bond)
公司理财-罗斯Ch12ppt课件
Beta - Sensitivity of a stock’s return to the return on the market portfolio.
12-9
12.2 Estimation of Beta
12-0
CHAPTER
12
Risk, Cost of Capital, and Capital Budgeting
12-1
Chapter Outline
12.1 The Cost of Equity Capital 12.2 Estimation of Beta 12.3 Determinants of Beta 12.4 Extensions of the Basic Model 12.5 Estimating International Paper’s Cost of
12-3
12.1 The Cost of Equity Capital
Firm with excess cash
Pay cash dividend
Shareholder invests in financial asset
A firm with excess cash can either pay a dividend or make a capital investment
12-8
12.2 Estimation of Beta: Measuring Market Risk
Market Portfolio - Portfolio of all assets in the economy. In practice a broad stock market index, such as the S&P Composite, is used to represent the market.
12-9
12.2 Estimation of Beta
12-0
CHAPTER
12
Risk, Cost of Capital, and Capital Budgeting
12-1
Chapter Outline
12.1 The Cost of Equity Capital 12.2 Estimation of Beta 12.3 Determinants of Beta 12.4 Extensions of the Basic Model 12.5 Estimating International Paper’s Cost of
12-3
12.1 The Cost of Equity Capital
Firm with excess cash
Pay cash dividend
Shareholder invests in financial asset
A firm with excess cash can either pay a dividend or make a capital investment
12-8
12.2 Estimation of Beta: Measuring Market Risk
Market Portfolio - Portfolio of all assets in the economy. In practice a broad stock market index, such as the S&P Composite, is used to represent the market.
公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch03
financial statement analysis
3-2
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
3-7
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
KEY CONCEPTS AND SKILLS
• Standardize financial statements for comparison purposes
• Compute, and more importantly, interpret some common ratios
• Name the determinants of a firm’s profitability • Explain some of the problems and pitfalls in
• Cash and other current assets
▪ Decrease in liability or equity account
• Notes payable and long-term debt
3-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
3-2
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
3-7
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
KEY CONCEPTS AND SKILLS
• Standardize financial statements for comparison purposes
• Compute, and more importantly, interpret some common ratios
• Name the determinants of a firm’s profitability • Explain some of the problems and pitfalls in
• Cash and other current assets
▪ Decrease in liability or equity account
• Notes payable and long-term debt
3-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
罗斯公司理财第二章ppt课件
U.S.C.C. Income Statement
The operations section of the income statement reports the firm’s revenues and expenses from principal operations.
McGraw-Hill/Irwin
Total liabilities and stockholder's equity $1,879 $1,742
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
Balance Sheet Analysis
Market value is the price at which the assets, liabilities, and equity could actually be bought or sold, which is a completely different concept from historical cost.
Current assets are the most liquid.
Some fixed assets are intangible.
The more liquid a firm’s assets, the less likely the firm is to experience problems meeting shortterm obligations.
55
32
liCqapuitaildsurtphluas n property, pla3n4t7, an3d27
罗斯公司理财ppt课件
CAPM 和 APT都是以风险为基础的模型。 实证研究方法对理论的依赖更低，更多考
虑从历史数据中去寻找规律和关系。 但要注意，相关并不表示存在因果关系。 实证研究方法需要将投资组合按风格进行
分类，例如：
价值投资组合 增长水平投资组合
24
12-24
快速测试
区分系统性风险与非系统性风险。哪种风 险在多元化的投资组合中可能被有效地分 散掉？
风险就相当于只剩下有系统性风险了。
4
12-4
系统性风险与非系统性风险
持有股票投资的总风险可被分解为两个部分：系统 性风险和非系统性风险：
2
总风险
非系统性风险:
系统性风险: m
由R R U ,可有
R Rmε 其中 : m 表示系统性风险 ε 表示非系统性风险
5
n
12-5
12.2 系统性风险与贝塔系数
由于并不需要占用任何投资，投资者能 通常持有大量头寸来赚得巨额的利润。
在有效的市场中，能赚钱的套利机会往 往很快就会消失。
3
12-3
总风险
总风险 = 系统性风险+ 非系统性风险 收益的标准差衡量的总风险的大小 对风险分散效果好的投资组合来说，非系
统性风险已经微乎其微了。 因此，对风险分散效果好的组合来说，总
2. bGNP = 1.50
3. bS = 0.50
最后，公司能吸引到一位“超级明星” CEO,
这一未预计到的好事将使公司的股票收益增
加 1%。则：
ε 1%
R R - 2.30 FI 1.50 FGNP 0.50 FS 1%
8
12-8
例：系统性风险与贝塔系数
R R - 2.30 FI 1.50 FGNP 0.50 FS 1% 然后，我们必须判断有哪些系统性风险因素的意
虑从历史数据中去寻找规律和关系。 但要注意，相关并不表示存在因果关系。 实证研究方法需要将投资组合按风格进行
分类，例如：
价值投资组合 增长水平投资组合
24
12-24
快速测试
区分系统性风险与非系统性风险。哪种风 险在多元化的投资组合中可能被有效地分 散掉？
风险就相当于只剩下有系统性风险了。
4
12-4
系统性风险与非系统性风险
持有股票投资的总风险可被分解为两个部分：系统 性风险和非系统性风险：
2
总风险
非系统性风险:
系统性风险: m
由R R U ,可有
R Rmε 其中 : m 表示系统性风险 ε 表示非系统性风险
5
n
12-5
12.2 系统性风险与贝塔系数
由于并不需要占用任何投资，投资者能 通常持有大量头寸来赚得巨额的利润。
在有效的市场中，能赚钱的套利机会往 往很快就会消失。
3
12-3
总风险
总风险 = 系统性风险+ 非系统性风险 收益的标准差衡量的总风险的大小 对风险分散效果好的投资组合来说，非系
统性风险已经微乎其微了。 因此，对风险分散效果好的组合来说，总
2. bGNP = 1.50
3. bS = 0.50
最后，公司能吸引到一位“超级明星” CEO,
这一未预计到的好事将使公司的股票收益增
加 1%。则：
ε 1%
R R - 2.30 FI 1.50 FGNP 0.50 FS 1%
8
12-8
例：系统性风险与贝塔系数
R R - 2.30 FI 1.50 FGNP 0.50 FS 1% 然后，我们必须判断有哪些系统性风险因素的意
公司理财(精要版·原书第12版)PPT中文Ch24 期权定价
保护性看跌期权
• 同时购买标的资产和一份看跌期权，以防止标的资产价 值下跌。
• 支付看跌期权溢价以抑制下跌风险。 • 类似于支付保险费以减轻潜在的损失 • 在需要保价的标的资产和为购买期权所支付的价格之间
进行权衡
24-4
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
另一种策略
• 你可以买一个看涨期权，然后用执行价格的现值投资于 无风险资产。
• 如果资产价值增加，你可以使用看涨期权和投资的无风 险资产来购买这份资产。
• 如果资产价值下降，你选择不行使期权，仍然拥有投资 的无风险资产。
24-5
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
24-16
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
看跌期权定价
• 将看跌期权看作看涨期权，用布莱克-斯科尔斯模型为其 估值。然后，用买卖期权平价关系来确定看跌期权的价 值。 ▪ 之前示例中看跌期权的价值是多少？
公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch21
21-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
EXCHANGE RATES
• The price of one country’s currency in terms of another country’s currency
• Most currency is quoted in terms of dollars.
• Consider the following quote:
▪ Euro
1.1836
0.8449
▪ The first number (1.1836) is how many U.S. dollars it takes to buy 1 Euro.
▪ The second number (0.8449) is how many Euros it takes to buy $1.
批注本地保存成功开通会员云端永久保存去开通
CHAPTER 21
INTERNATIONAL CORPORATE FINANCE
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• Illustrate the different types of exchange rate risk and ways firms manage exchange rate risk
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
EXCHANGE RATES
• The price of one country’s currency in terms of another country’s currency
• Most currency is quoted in terms of dollars.
• Consider the following quote:
▪ Euro
1.1836
0.8449
▪ The first number (1.1836) is how many U.S. dollars it takes to buy 1 Euro.
▪ The second number (0.8449) is how many Euros it takes to buy $1.
批注本地保存成功开通会员云端永久保存去开通
CHAPTER 21
INTERNATIONAL CORPORATE FINANCE
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• Illustrate the different types of exchange rate risk and ways firms manage exchange rate risk
公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch24
CHAPTER 24
OPTION VALUATION
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• Similar to paying an insurance premium to protect against potential loss
• Trade-off between the amount of protection and the price that you pay for the option
EXAMPLE: FINDING THE CALL PRICE
• You have looked in the financial press and found the following information:
▪ Current stock price = $50 ▪ Put price = $1.15 ▪ Exercise price = $45 ▪ Risk-free rate = 5% ▪ Expiration in 1 year
• Call + PV(E)
▪ PV(E) will be worth E at expiration of the option ▪ If S < E, let call expire and have investment, E ▪ If S ≥ E, exercise call using the investment and have S
▪ PV = 100e-0.08(3/12) = 98.02
OPTION VALUATION
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• Similar to paying an insurance premium to protect against potential loss
• Trade-off between the amount of protection and the price that you pay for the option
EXAMPLE: FINDING THE CALL PRICE
• You have looked in the financial press and found the following information:
▪ Current stock price = $50 ▪ Put price = $1.15 ▪ Exercise price = $45 ▪ Risk-free rate = 5% ▪ Expiration in 1 year
• Call + PV(E)
▪ PV(E) will be worth E at expiration of the option ▪ If S < E, let call expire and have investment, E ▪ If S ≥ E, exercise call using the investment and have S
▪ PV = 100e-0.08(3/12) = 98.02
公司理财(精要版·原书第12版)PPT中文Ch01公司理财概论
学习目标
• 财务管理决策的基本类型和财务经理的作用 • 财务管理的目标 • 不同组织形态的企业的财务影响 • 经理和所有者之间的利益冲突
1-2
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
管理经理
• 经理人薪酬
▪ 激励可以用来协调管理层和股东的利益。 ▪ 激励机制需要精心设计，以确保实现目标。
• 企业的控制
▪ 接管的威胁可能会导致更好的管理。
• 其他利益相关者
1-13
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
独资制
• 优点
▪ 易于组建
▪ 管制最少 ▪ 独资企业的所有者保留
企业全部的利润
▪ 所有企业的全部收入都 视同个人所得而纳税
• 缺点
▪ 限于所有者的寿命 ▪ 可以筹集到的权益金额
限于所有者个人财富的 金额
▪ 无限责任
▪ 所有权的转让困难
1-8
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
公司理财精要版原书第12版英文版最新精品课件Ross_12e_PPT_Ch25
stockholders of both firms
• Consolidation
▪ Entirely new firm is created from combination of existing firms.
25-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
KEY CONCEPTS AND SKILLS
• Discuss the different types of mergers and acquisitions, why they should (or shouldn’t) take place, and the terminology associated with them
ACQUISITION OF ASSETS
• A firm can acquire another firm by buying most or all of its assets.
• In this case, the target firm still exists unless the stockholders choose to dissolve it.
CLASSIFICATIONS OF ACQUISITIONS
• Three types of acquisitions according to financial analysts:
▪ Horizontal – both firms are in the same industry
• Consolidation
▪ Entirely new firm is created from combination of existing firms.
25-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
KEY CONCEPTS AND SKILLS
• Discuss the different types of mergers and acquisitions, why they should (or shouldn’t) take place, and the terminology associated with them
ACQUISITION OF ASSETS
• A firm can acquire another firm by buying most or all of its assets.
• In this case, the target firm still exists unless the stockholders choose to dissolve it.
CLASSIFICATIONS OF ACQUISITIONS
• Three types of acquisitions according to financial analysts:
▪ Horizontal – both firms are in the same industry
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
CHAPTER OUTLINE
• Introduction to Behavioral Finance • Biases • Framing Effects • Heuristics • Behavioral Finance and Market Efficiency • Market Efficiency and the Performance of
psychology that men have greater degrees of overconfidence than women.
22-7
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
OVERCONFIDENCE AND STOCK MARKET TRADING
• It has been shown that overconfidence by investors leads to overestimation of their own ability to pick the best stocks, leading to excessive trading.
OVERCONFIDENCE
• Example: 80 percent of drivers consider themselves to be above average.
• Business decisions require judgment of an unknown future.
• Overconfidence results in assuming forecasts are more precise than they actually are.
KEY CONCEPTS AND SKILLS
• Describe how behaviors such as overconfidence, overoptimism, and confirmation bias can affect decision making
• Demonstrate how framing effects can result in inconsistent and/or incorrect decisions
CHAPTER 22
BEHAVIORAL FINANCE: IMPLICATIONS FOR FINANCIAL MANAGEMENT
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• Show how the use of heuristics can lead to suboptimal financial decisions
• Define the shortcomings and limitations to market efficiency from the behavioral finance view
Professional Money Managers 22-3
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
OVEROPTIMISM
• Example: overstating projected cash flows from a project, resulting in a higher than realistic NPV
• Overestimate the likelihood of a good outcome • Not the same as overconfidence, as someone
22-2
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
POOR OUTCOMES
• A suboptimal result in an investment decision can stem from one of two issues:
▪ You made a good decision, but an unlikely negative event occurred.
• SCENARIO 1 ▪ Option A: Exactly 200 people will be saved. ▪ Option B: There is a 1/3 chance that all 600 people will be saved and a 2/3 chance that no people will be saved.
22-9
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
▪ Investors hurt themselves by trading. ▪ The accounts that have the most trading underperform the
accounts with the least trading. ▪ This is primarily because of the costs associated with trades.
FRAMING EFFECTS
• How a question is framed may impact the answer given or choice selected.
• Loss aversion (or break-even effect)
▪ Retain losing investments too long (violation of the sunk cost principle)
▪ You simply made a bad decision (i.e., cognitive error).
22-4
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
• Which would you choose? There is no necessarily right answer, but most people will choose option A.
22-11
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
EXAMPLE: FRAME DEPENDENCE (CTD.)
• Now suppose your choices are as follows:
• SCENARIO 2 ▪ Option C: Exactly 400 people will die. ▪ Option D: There is a 1/3 chance that noபைடு நூலகம்ody will die and a 2/3 chance that all 600 will die.
EXAMPLE: FRAME DEPENDENCE
• Consider the following example: ▪ A disaster has occurred, 600 people are at risk, and you are in charge. You must choose between the two following rescue operations:
22-6
Copyright © 2019 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
CONFIRMATION BIAS
• More weight is given to information that agrees with a preexisting opinion.
• Confirmation bias exists when a person tends to spend too much time trying to prove themselves correct rather than searching for information that might prove them wrong.