Tài chính doanh nghiệp - Chapter 18: Equity valuation modelsBasic Types of Models Balance Sheet Models Dividend Discount Models Price/Earning Ratios Estimating Growth Rates and Opportunities
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Tài chính doanh nghiệp - Chapter 17: Macroeconomic and industry analysisFundamental Analysis Approach to Fundamental Analysis: Domestic and global economic analysis Industry analysis Company analysis Why use the top-down approach?
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Tài chính doanh nghiệp - Chapter 16: Managing bond portfoliosActive strategy Trade on interest rate predictions Trade on market inefficiencies Passive strategy Control risk Balance risk and return
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Tài chính doanh nghiệp - Chapter 15: The term structure of interest ratesThe relationship between yield to maturity and maturity. Information on expected future short term rates can be implied from yield curve. The yield curve is a graph that displays the relationship between yield and maturity. Three major theories are proposed to explain the observed yield curve.
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Tài chính doanh nghiệp - Chapter 14: Bond prices and yieldsFace or par value Coupon rate Zero coupon bond Compounding and payments Accrued Interest Indenture
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Tài chính doanh nghiệp - Chapter 12: Market efficiency and behavioral financeDo security prices reflect information ? Why look at market efficiency? Implications for business and corporate finance Implications for investment
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Tài chính doanh nghiệp - Chapter 11: Arbitrage pricing theory and multifactor models of risk and returnReturns on a security come from two sources Common macro-economic factor Firm specific events Possible common macro-economic factors Gross Domestic Product Growth Interest Rates
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Tài chính doanh nghiệp - Chapter 10: Index modelsri = E(Ri) + ßiF + e ßi = index of a securities’ particular return to the factor F= some macro factor; in this case F is unanticipated movement; F is commonly related to security returns Assumption: a broad market index like the S&P500 is the common factor.
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Tài chính doanh nghiệp - Chapter 9: The capital asset pricing modelIt is the equilibrium model that underlies all modern financial theory. Derived using principles of diversification with simplified assumptions. Markowitz, Sharpe, Lintner and Mossin are researchers credited with its development.
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Tài chính doanh nghiệp - Chapter 8: Optimal risky portfoliosrp = W1r1 + W2r2 W1 = Proportion of funds in Security 1 W2 = Proportion of funds in Security 2 r1 = Expected return on Security 1 r2 = Expected return on Security 2
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