INVESTMENTS Fourth Edition Efficient Market Hypothesis (EMHD Do security prices reflect information Why look at market efficiency Implications for business and corporate finance Implications for investment

专题一 中西方财政思想比较 专题二 财政的职能 专题三 公共选择和政府失灵 专题四 财政支出与财政收入 专题五 税收 专题六 政府间财政关系 专题七 我国农村税费改革 专题八 货币 专题九 货币供应过程 专题十 金融与金融体系 专题十一 金融市场与金融机构 专题十二 银行企业和银行管理 专题十三 我国银行体系及改革 专题十四 财政货币政策的运用

iSsue: bring out(esp. sth printed and /or official) for the notice of the public发布,发行 The school issued a statement about its plans to the press The newsletter(简报) is issued three times a year The ministry of Finance has decided to issue new government

interest in sustainable forest It concludes by suggesting how fiscal policies in anagement has grown, so ha as the the sector might be improved and offers importance of finding ways to finance it. Indeed, comments on the broader debate on financing one of the main points of agreement at various sustainable forest management. international meetings on forestry

THE RIGHTS OF THE EMBRYO AND THE FOETUS UNDER DUTCH Veelke derckx and Ewoud Hondius IV C3 Introduction In June 2001 the Dutch abortion ship belonging to the pressure group Women On Waves set sail for Ireland. The intention was to carry out abortions off the Irish coast. During the same(Northern Hem isphere)summer there were heated discussions taking place in many countries concerning the status of the em bryo and f gametes(reproductive cells). As a result President Bush decided to finance

Introduction Signaling games are used to model the following situation: Player 1, the Sender, receives some private information and sends a message m E M to Player 2, the Receiver. The latter, in turn, observes m but not 0, and chooses response r E R. Players'payoffs depend on 0, m and r. What could be simpler? Yet, there is a huge number of economically interesting games that fit nicely within this framework: Spence's job market signaling model is the leading example, but applications abound in IO (limit pricing, disclosure...) finance (security design) and political economics

Where we've been. Basic Skills:(Time value of money, Financial Statements) Investments: (Stocks, Bonds, Risk and Return) Corporate Finance: (The Investment Decision- Capital Budgeting)

案例:有效金融市场的难题 1.使用范围:第五章“完全竞争市场” 2.要考核的知识点:形成完全竞争市场的条件 完全竞争市场的均衡状态

Topic 1: What is Corporate Finance?(cont 1 2 Financing Decisions In the previous section the focus was on investment decisions. It was assumed throughout that the firm was financed with equity. In this section we discuss financing decisions. As a prelude to this we will briefly discuss the notion of efficient

the standard theory of co.apters 1 and 2 when we covered Modigliani-Miller As we discussed in the Ch apital structure that has been the mainstay of text- books is the trade-off theory This argues that the benefit of debt is the tax shield and the cost is the deadweight costs of bankruptcy. The tradi tional view was that these deadweight