143x Filetype PPTX File size 0.30 MB Source: www.duke.edu
Overview Stocks and stock markets Valuation: » Use present value formula Dividend growth models » Applications » Extensions Financial ratios » Dividend yields » P/E multiples Discounted cash flow models (DCF) 2 Common Stock Stockholders are owners of the firm. Stockholders are residual claimants. Stockholders have the right to: » vote at company meetings » dividends and other distributions » sell their shares Stockholders benefit in two ways: » dividends » capital gains Stock is issued by public corporations to finance investments. Stock is initially issued in the primary market (IPOs and secondary offerings). Stock is traded in the secondary market on organized exchanges. 3 World Stock Markets New York Mexico Johannesburg Tokyo Canada Sydney London Brussels Stockholm Frankfurt Hong Kong Amsterdam Paris Singapore Switzerland 4 International Stock Market Indices Value Net Chg Pct Chg UKX FT-SE 100 Index 4207.70 10.20 0.24 CAC CAC 40 INDEX 2425.10 17.33 0.71 DAX DAX INDEX 3001.37 8.05 0.26 IBEX IBEX 35 INDEX 5470.23 85.41 1.58 MIB30 MILAN MIB30 INDEX 18485.00 344.00 1.89 BEL20 BEL20 INDEX 2006.79 8.22 0.41 AEX AMSTERDAM EXCHANGES INDX 670.08 0.53 0.07 SMI SWISS MARKET INDEX 4019.89 12.79 0.31 NKY NIKKEI 225 INDEX 18090.03 -54.30 -0.29 HSI HANG SENG STOCK INDEX 13856.40 25.72 0.18 AS30 ASX ALL ORDINARIES INDX 2435.50 -0.80 -0.03 STI SING: STRAITS TIMES INDU 2244.21 23.84 1.07 TS300 TSE 300 Index 6136.39 32.73 0.53 MEXBOL MEXICO BOLSA INDEX 3741.87 40.04 1.08 Value on January 17, 1997, Change relative to previous day 5 U. S. Stock Markets Major U. S. Stock Exchanges New York Stock Exchange (NYSE) American Stock Exchange (AMEX) Over-The-Counter (OTC) » National Association of Securities Dealers (NASDAQ) U. S. Stock Market Value Net Chg Pct Chg INDU DOW JONES INDUS. AVG 6795.37 30.00 0.44 SPX S&P 500 INDEX 773.68 3.92 0.50 CCMP NASDAQ COMB COMPOSITE IX 1349.49 9.02 0.67 Other Indices NYSE Composite Russell 2000 Wilshire 5000 Value Line 6
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