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Class Notes for Finance at Pace University

FIN 260 Lecture Notes - Lecture 69: Stock Market, Commercial Paper, Credit Default Swap
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The Financial Crisis: Contd the Sequence of Events: 15. Bear Stearns goes bankrupt in March 2008. o Since financial markets are so interconnected, if one company goes bankrupt, it d...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 68: Bear Stearns, Toxic Asset
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The Financial Crisis: Contd the Sequence of Events: 8. Banks issued out Credit Default Swaps (CDS). o Insurance that underlying value of CDO would not fall. o They made even more money...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 67: Accounting Scandals, United States Treasury Security
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The Financial Crisis: The Real Start (1990s): o Congress in 1990s (both Democrats and Republicans) wants to make it easier for people to buy a house. o They push govt agencies to give more loans to people who may not be ab...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 66: Mental Accounting, Gambling, Current Asset
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Asymmetric Loss Aversion in Finance: Mental Accounting Bias: o People may allocate money to a Cash account, whereas at the same time they allocate money to Credit card purchases account. o Cash account is a current asset o...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 65: Mental Accounting, Larry Bird, Auction Theory
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Asymmetric Loss Aversion in Finance: Disposition Effect: o Pain of loss is greater than benefits of gain. We take great risk to get rid of a loss. We will get rid of risk when ...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 64: Loss Aversion, Patient Protection And Affordable Care Act, Lyndon B. Johnson
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Behavioral Finance: Review of Law of Small Numbers: o If something is random, then an extraordinary event is most likely to be followed by an ordinary one. o Dont put too much faith in small samples (it may just be random)...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 63: Amos Tversky, Daniel Kahneman, John Von Neumann
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Behavioral Finance: Overconfidence: o People think they know more than they actually do. o Past success in the stock market makes them think they have more ability in the stock market. ...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 62: Underwriting, Shortage
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Contd Theories of Underpricing: 1. The Lawsuit Avoidance Hypothesis: All participants in the offer who sign prospectus are liable for any material omissions. o One way of reducing frequency severity of future lawsuits is ...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 61: Investment Banking, Monopsony, Buy Side
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Jay Ritter: Shows massive underwriting around the world. o 1990 to 1998: Average underpricing for I.P.O.s in U.S. was 14.8%. o 1999 to 2000: Average underpricing ...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 60: Underwriting, Boston Market
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IPOs: Issuing an IPO: 1. Firms usually sell 2040 of their stock to the public in an IPO. 2. Underwriters price stock, file with the SEC, conduct a due diligence investigation of the company. 3. Historically, there has bee...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 59: Initial Public Offering
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IPOs: The Primary Market for Stock: o There are basically 2 types of primary issues: 1. *Initial Public Offering (IPO): a company first issues stock. 2. Seasoned Equity Offering (SEO): an already established public company...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 58: Stock Market, Warren Buffett, Herding
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Free Cash Flows: Quick & Dirty Methods: 1. Take the cash from operation activities & subtract capital expenditures. o This gives a simple method of FCF. To forecast this, you mig...

Finance
FIN 260
Morey
FIN 260 Lecture 57: Constant Growth Model
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Constant Growth Model: constant rate. we assume that dividends are not constant, but do grow at a improvements in productivity, etc., that dividends would increase.tion, o which is the dividend growth rate. The rate of gro...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 56: Capital Asset Pricing Model
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Security Market Line: Capital Asset Pricing Model (CAPM): o A stock w higher nondiversifiable risk must have a higher expected return. o Stocks w higher betas must have higher expected returns. Security Market Line: o Prov...

Finance
FIN 260
Morey
FIN 260 Lecture Notes - Lecture 55: Netflix, Dividend Discount Model
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How Stocks Create Wealth: There are 2 ways that common stocks provide wealth/income to their owners: 1. Entitles owner to dividends. o Only if company has earnings out of which dividend...

Finance
FIN 260
Morey
Permachart - Marketing Reference Guide: New York Stock Exchange, Nyse American, Market Trend

l e a r n • r e f e r e n c e • r e v i e w permacharts TM Stocks & Bonds WHAT IS A STOCK? WHAT IS A BOND? ...

Biology
BIOL2761
All Professors
Permachart - Marketing Reference Guide: Net Asset Value, Mutual Fund, U.S. Securities And Exchange Commission

l e a r n • r e f e r e n c e • r e v i e w permacharts TM Mutual Funds WHAT IS A MUTUAL FUND? PURCHASING & REDEE...

Biology
BIOL2721
All Professors

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