FINANCIAL MANAGEMENT
| / |FNANOA
investment ←
fundraising
-
-
OPERATIONS MANAGER returns MARKETS
-
profits → -
→
( reinvestment
↑
CAPITAL BUDGET NG DECISION #INVESTMENT DECISION
FINANCE DECISION / CAPITAL STRUCTURE DEVON #REL BUDGETINGFINANCING
.
FINANCIAL INVESTMENT DECISION
ASSET PRICING #PROFIT PER EQUITY
HTRSHLEIFER MODEL
WITHOUT FINANCIAL MARKET ,
WITHOUT REAL MARKET
# CERTAINTY #THOROKGH IN SIGHT
Start of the peiod E- 0 Current Income CE
End of the period E- 1 Future Income (Fs
E- ^
E-
↳ max
=
CE
CE
-
j
-
- - -
↳ =
(F1 + (Fo
max
f- E-o Konsumpfion)
(Fo
WITH FINANCIAL MARKET ,
WITHOUT REAL MARKET
Risk free market interest rate
-
rf
E- ^
(n mA
↳ max
=
(Fo +
¥-4
(Fn - - - - - •
C, max =
(F, + (Fo ✗
(1 + rf ) =
Lomax (1 + rf )
✗
E-o Konsumption)
(Fo (OMAX
| / |FNANOA
investment ←
fundraising
-
-
OPERATIONS MANAGER returns MARKETS
-
profits → -
→
( reinvestment
↑
CAPITAL BUDGET NG DECISION #INVESTMENT DECISION
FINANCE DECISION / CAPITAL STRUCTURE DEVON #REL BUDGETINGFINANCING
.
FINANCIAL INVESTMENT DECISION
ASSET PRICING #PROFIT PER EQUITY
HTRSHLEIFER MODEL
WITHOUT FINANCIAL MARKET ,
WITHOUT REAL MARKET
# CERTAINTY #THOROKGH IN SIGHT
Start of the peiod E- 0 Current Income CE
End of the period E- 1 Future Income (Fs
E- ^
E-
↳ max
=
CE
CE
-
j
-
- - -
↳ =
(F1 + (Fo
max
f- E-o Konsumpfion)
(Fo
WITH FINANCIAL MARKET ,
WITHOUT REAL MARKET
Risk free market interest rate
-
rf
E- ^
(n mA
↳ max
=
(Fo +
¥-4
(Fn - - - - - •
C, max =
(F, + (Fo ✗
(1 + rf ) =
Lomax (1 + rf )
✗
E-o Konsumption)
(Fo (OMAX
