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Lec 11 -Year 2008- Stocks

Stocks Financial Markets (ECON 252) -Year 2008 The stock market is the information center for the corporate sector. It represents individuals' ownership in publicly-held corporations. Although corporations have a variety of stakeholders, the shareholders of a for-profit corporation are central since the company is ultimately responsible to them. Companies offer dividends, stock repurchases and stock dividends to give profits back to shareholders or to signal information. Companies can also take on debt to raise capital, creating leverage. The Modigliani-Miller theory of a company's leverage in its simplest form implies the leverage ratio doesn't matter, but including bankruptcy costs and tax effects give us a positive theory of the ratio. 00:00 - Chapter 1. Introduction 04:24 - Chapter 2. The Corporation as a "Person" 14:02 - Chapter 3. Shares, Dilutions, and Stock Dividends 31:26 - Chapter 4. Distinguishing Earnings and Dividends, and Getting Money Out of Companies 42:38 - Chapter 5. Stock Repurchases and the Modigliani-Miller Proposition 57:13 - Chapter 6. Corporate Debt and Debt Irrelevance 01:07:58 - Chapter 7. The Lintner Model of Dividends Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Spring 2008.

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Tags: debt debt-equity ratio dilution dividend policy dividends equity leverage Modigliani-Miller payout stock market repurchase split

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Lecture list for this course

Lec 1-Year 2008 Finance and Insurance as Powerful Forces in Our

Lec 2 -Year 2008 - The Universal Principle of Risk Management: Pooling

Lec 3 -Year 2008 - Technology and Invention in Finance

Lec 4 -Year 2008 - Portfolio Diversification and Supporting Financial

Lec 5 -Year 2008 - Insurance: The Archetypal Risk Management

Lec 6 -Year 2008 - Efficient Markets vs. Excess Volatility

Lec 7 -Year 2008 - Behavioral Finance: The Role of Psychology

Lec 8 -Year 2008 - Human Foibles, Fraud, Manipulation, and Regulation

Lec 9 -Year 2008 - Guest Lecture by David Swensen

Lec 10 -Year 2008 - Debt Markets: Term Structure

Lec 12 -Year 2008 - Real Estate Finance and its Vulnerability to Crisis

Lec 13 -Year 2008 - Banking: Successes and Failures

Lec 14 -Year 2008 - Guest Lecture by Andrew Redleaf

Lec 15 -Year 2008 - Guest Lecture by Carl Icahn

Lec 16 -Year 2008 - The Evolution and Perfection of Monetary Policy

Lec 17 -Year 2008 - Investment Banking and Secondary Markets

Lec 18 -Year 2008 - Professional Money Managers and Their Influence

Lec 19 -Year 2008 - Brokerage, ECNs, etc.

Lec 20 -Year 2008 - Guest Lecture by Stephen Schwarzman

Lec 21 -Year 2008 - Forwards and Futures

Lec 22 -Year 2008 - Stock Index, Oil and Other Futures Markets

Lec 23 -Year 2008 - Options Markets

Lec 24 -Year 2008 - Making It Work for Real People: The Democratization

Lec 25 -Year 2008 - Learning from and Responding to Financial Crisis I

Lec 26 -Year 2008 Learning from and Responding to Financial Crisis II

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