Lecture Money and capital markets: Chapter 3 – Peter S. Rose, Milton H.Marquis - TRƯỜNG CÁN BỘ QUẢN LÝ GIÁO DỤC THÀNH PHỐ HỒ CHÍ MINH
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Chapter 3
The Financial
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<i>McGrawHill/Irwin</i>
<i>Money and Capital Markets, 9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
LearningObjectives
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Introduction
ã <sub>Soundfinancialdecisionsrequireadequateandreliable</sub>
<i>financialinformation</i>.
ã Wemaydividethesourcesofinformationreliedonby
financialdecisionmakersinto:
debtsecuritypricesandyields,
stockpricesanddividendyields,
informationonsecurityissuers,
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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
TheGreatDebateOver
EfficientMarkets&AsymmetricInformation
ã <sub>The</sub><i><sub>efficientmarketshypothesis(EMH)</sub></i><sub>contendsthat</sub>
informationrelevanttothepricing(valuation)ofloans,
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EfficientMarkets&AsymmetricInformation
ã <sub>Ontheotherhand,theconceptof</sub><i><sub>asymmetricinformation</sub></i><sub></sub>
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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
TheGreatDebateOver
EfficientMarkets&AsymmetricInformation
ã <sub>Inanefficientmarketplace,eachindividualinvestorwill</sub>
rationallyuse<i>all</i>therelevantinformationthatisavailableto
valuestocksandbonds.
ã Hence,eachfinancialassetwillgeneratean<i>ordinary,normal</i>
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TheGreatDebateOver
EfficientMarkets&AsymmetricInformation
ã <sub>IftheEMHholds,anytemporarydeviationofactualreturns</sub>
fromexpectedreturnsshouldbequicklyeliminatedas
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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
DifferentFormsoftheEMH
ã <sub>The</sub><i><sub>weak</sub></i><sub>formoftheEMHarguesthatthecurrentpriceofa</sub>
financialassetalreadyreflectsallitspriceandtradingvolume
history.
ã The<i>semistrong</i>formcontendsthatthecurrentpriceofa
financialassetalreadyreflectsallpubliclyavailableand
relevantinformation.
ã <sub>The</sub><i><sub>strong</sub></i><sub>formarguesthatthecurrentpriceofafinancial</sub>
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DifferentFormsoftheEMH
ã <sub>Repeatedresearchstudiestendtosupporttheweakand</sub>
semistrongformsoftheEMH.
ã Thestrongform,however,hasarousedthemostcontroversy,
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