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Corporate Financing and the Lessons of Market Efficiency

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2009-09-03

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Corporate Financing and the Lessons of Market Efficiency范本纯文本预览

Topics Covered
* Investment Decision vs. Financing Decision
* Market Efficiency
==> Weak form efficiency
==> Semi-strong form efficiency
==> Strong form efficiency
* Lessons of Market Efficiency
Investment vs. Financing
* Investment decision are made based on the risk of the project, with total disregard for how the project will be financed (flotation costs being the exception).
* Financing decisions are made based on the conditions in the capital markets, with little consideration for the investment being made (project specific funding being the exception. IRBs are a good example).
Market Efficiency
Market Efficiency Theory
Capital markets reflect all relevant information. You cannot consistently earn excess profits.
Market Efficiency
Random Walk Theory
* The movement of stock prices from day to day DO NOT reflect any pattern.
* Statistically speaking, the movement of stock prices is random (skewed positive over the long

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关键词：财务管理财务分析市场分析

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