chap013 - Chapter 13 CORPORATE FINANCING DECISIONS AND...

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Unformatted text preview: Chapter 13 CORPORATE FINANCING DECISIONS AND EFFICIENT CAPITAL MARKETS SLIDES 13.1 Key Concepts and Skills 13.2 Chapter Outline 13.3 Can Financing Decisions Create Value? 13.4 Creating Value through Financing 13.5 A Description of Efficient Capital Markets 13.6 Foundations of Market Efficiency 13.7 Stock Price Reactions 13.8 Stock Price Reactions 13.9 The Different Types of Efficiency 13.10 Weak Form Market Efficiency 13.11 Why Technical Analysis Fails 13.12 Semistrong Form Market Efficiency 13.13 Strong Form Market Efficiency 13.14 Information Sets 13.15 What the EMH Does and Does NOT Say 13.16 The Evidence 13.17 Are Changes in Stock Prices Random? 13.18 What Pattern Do You See? 13.19 Event Studies 13.20 Event Studies 13.21 Event Studies: Dividend Omissions 13.22 Event Study Results 13.23 The Record of Mutual Funds 13.24 The Record of Mutual Funds 13.25 The Strong Form of the EMH 13.26 The Behavioral Challenge 13.27 The Behavioral Challenge 13.28 The Behavioral Challenge 13.29 Empirical Challenges 13.30 Empirical Challenges 13.31 Reviewing the Differences 13.32 Implications for Corporate Finance 13.33 Implications for Corporate Finance 13.34 Why Doesnt Everybody Believe? 13.35 Quick Quiz A-164 CHAPTER 13 CHAPTER 13 A-165 CHAPTER WEB SITES Section Web Address End-of-chapter material finance.yahoo.com CHAPTER ORGANIZATION 13.1 Can Financing Decisions Create Value? 13.2 A Description of Efficient Capital Markets Foundations of Market Efficiency 13.3 The Different Types of Efficiency The Weak Form The Semistrong and Strong Forms Some Common Misconceptions about the Efficient Market Hypothesis 13.4 The Evidence The Weak Form The Semistrong Form The Strong Form 13.5 The Behavioral Challenge to Market Efficiency 13.6 Empirical Challenges to Market Efficiency 13.7 Reviewing the Differences Representativeness Conservatism The Academic Viewpoints 13.8 Implications for Corporate Finance 1. Accounting Choices, Financial Choices, and Market Efficiency 2. The Timing Decision 3. Speculation and Efficient Markets 4. Information in Market Prices ANNOTATED CHAPTER OUTLINE Slide 13.0 Chapter 13 Title Slide Slide 13.1 Key Concepts and Skills Slide 13.2 Chapter Outline 13.1. Can Financing Decisions Create Value? A-166 CHAPTER 13 We previously developed NPV as the proper way to evaluate corporate finance decisions. The financing aspect of the business is no different. For example, we can analyze the debt/equity mix decision using the NPV criterion. Slide 13.3 Can Financing Decisions Create Value? It is important to note that the identification of positive NPV projects is much more important in the overall value creation of the firm; however, poor financing decisions can have severe consequences. Good financing decisions may increase firm value, but not to the extent as operational projects....
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chap013 - Chapter 13 CORPORATE FINANCING DECISIONS AND...

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