悉尼大学资本市场与公司财务课件Lecture1精选.pptVIP

Fisher’s Separation Theorem (cont) Shareholders can then borrow or lend in the capital market to satisfy their individual consumption preferences $ later $ now Optimal consumption for shareholder B A B Fisher’s Separation Theorem (cont) The decision rule provided by Fisher’s Theorem is that management’s role is to maximise the present value of the firm’s investments in productive assets The firm should invest in all projects that have a return equal to or higher than the market rate of interest Management does not need to take into account the consumption preferences of the firm’s owners Thus the firms decisions are separate from the owners preferences, hence the name The rate of return on an asset can be defined as the gain from an asset divided by the cost of acquiring the asset: (1.3) Rate of return on securities Assume that a share is bought at the start of a day, and then sold at the close of trading The rate of return on the share can be expressed as: ` (1.4) Rate of return on securities (cont) Rate of return on securities (cont) Example On 7 January 2008 News Corporation shares opened for trading at a price of $23.73 and closed the day at a price of $22.73. On the same day the All Ords index opened at 6385.4 points and closed at 6240.4 points. What is the rate of return on News Corporation and the rate of return on All Ords index? _______________________________________________ Rate of Return on New Corp = [22.73-23.23] = -0.02152 (-2.15%) 22.23 Rate of return on All Ords = [6240.4 – 6385.4] = -0.0227 (-2.27%) 6385.4 The performance of different shares on any day can be ascertained by examining the markets section of the Australian Financial Review The markets section lists all shares that are traded on the ASX, together with a host of market and other information for each share ‘Markets’ section of financial press Example: Extract from the Australian Financial Review markets section (8 January 2008) 52-WE