River, N.J.: Prentice-Hall, 1998.
Lee, C. F. Financial Analysis and Planning: Theory and Application. Reading, Mass.: Addison-
Wesley, 1985.
Rappaport, A. Creating Shareholder Value: The New Standard/or Business Performance. New
York: Free Press, 1986.
Vander Werde, J. and S. F. Maier. Managing Corporate Liquidity: An Introduction to Working
Capital Management. New York: John Wiley Sons, 1985.
Π Π³Π»Π°Π²Π΅ 4
Fisher, I. The theory of Interest: As Determined by Impatience to Spend Income and Opportunity to Invest It. 1930. New York: Augustus M. Kelley, 1965. Hishleifer, J. "On the Theory of Optimal Investment Decision." Journal of Political Economy 66, August 1958.
Π Π³Π»Π°Π²Π΅ 5
Bodie, Z., and D. Crane. "Personal Investing: Advice, Theory, and Evidence." Financial Analysts Journal, January - February 1998.
Hirshleifer, J. Investment, Interest and Capital. Englewood Cliffs, N.J.: Printice-Hall, 1970. Modigliani, F. and R. Brumberg. "Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data." Post Keynesian Economics. Ed. K. Kurihara. New Brunswick, N.J.: Rutgers University Press, 1954.
Winger, B. J., and R. R. Frasca. Personal Finance: An Integrated Planning Approach. 4th Ed. Upper Saddle River, N.J.: Prentice-Hall, 1997.
Π Π³Π»Π°Π²Π΅ 6
Bierman, H., and S. Smidt. The Capital Budgeting Decision. 8th ED. New York: Nacmillai
Π Π³Π»Π°Π²Π΅ 7
Fama, E. F. "Efficient Capital Markets: A Review of Theory and Empirical Work." Joum of Finance 25, May 1970.
Fama, E. F. "Efficient Capital Markets II." Journal of Finance 46, December 1991. Meulbroek, L. K. "An Empirical Analysis of Insider Trading." Journal of Finance 47 De cember, 1992.
Samuelson, P. A. "Proof That Properly Anticipated Prices Fluctuate Randomly." Industrie Management Review 6, Spring 1965.
Π Π³Π»Π°Π²Π΅ 8
Bodie, Z., A. Kane, and A. Marcus. Investments, 4th Ed. Boston: Irwin/McGraw-Hill, 1999. Fabozzi, F. J., and T. D. Fabozzi, eds. The Handbook of Fixed Income Securities 4th Ed Bui Ridge, 111.: Irwin, 1995.
Sundaresan, S. Fixed Income Markets and Their Derivatives. Cincinnati: Southwestern Collee Publishing, 1997.
Π Π³Π»Π°Π²Π΅ 9
Bodie Z., A. Kane, and A. Marcus. Investments. 4th Ed. Boston: Irwin/McCraw-Hill, 1999.
Copeland, Π’., Π’. Koller, and J. Murrin. Valuation: Measuring and Managing the Value Ρ
Companies. 2nd Ed. New York: John Wiley Sons, 1994.
Miller, M,. and F. Modigliani. Dividend Policy, Growth and the Valuation of Shares." Jour
nal of Business 34, October 1961.
Miller, M., and M. S. Scholes. "Dividends and Taxes." Journal of Financial Economics 6
December 1978. β’
Π Π³Π»Π°Π²Π΅ 10
Arrow, K. J. "The Role Of Securities in the Optimal Allocation of Risk Bearing." Review ΠΎ Economic Studies 31, April 1964. ΠΠ΅ΡΠ΅Π²ΠΎΠ΄ Ρ ΡΡΠ°Π½ΡΡΠ·ΡΠΊΠΎΠ³ΠΎ ΡΡΠ°ΡΡΠΈ 1953 Π³ΠΎΠ΄Π°. Beaver, W. H., and G. Parker, eds. Risk Management: Problems and Solutions. Stanford Stanford University Press, McGraw-Hill, 1995.
Bodie, Z., A. Kane, and A. Marcus. Investments. 4th Ed. Boston: Irwin/McGraw-Hill, 1999. Merton, R. C., and Z. Bodie. "On the Management of Financial Guarantees." Financia Management 21, Winter 1992.
Shapiro, A. C., and S. Titman. "An Integrated Approach to Corporate Financial Management." Midland Corporate Finance Journal 3, Summer 1985.
Π Π³Π»Π°Π²Π΅ 11
Bodie, Z., A. Kane, and A. Marcus. Investments. 4th Ed. Boston: Irwin/McGraw-Hill, 1999. Breeden, D. T. "Futures Markets and Commodity Options: Hedging and Optimality in Incomplete Markets." Journal of Economic Theory 32, April 1984. Figlewski, S., with K. John and J. Merrick. Hedging with Financial Futures for Institutional Investors: From Theory to Practice. Cambridge: Ballinger, 1986. Smithson, C. H., and C. W. Smith with D. S. Wilford. Managing Financial Risk, Burr Ridge. 111.: Irwin 1995.
Π Π³Π»Π°Π²Π΅ 12
Bodie, Z. "On the Risk Of Stocks in the Long Run." Financial Analysts Journal, May - June
1995.
Bodie, Z., R. C. Merton, and W. Samuelson. "Labor Supply Flexibility and Portfolio Choice
in a Life-Cycle Model." Journal of Economic Dynamics and Control 15, 1992.
Markowitz, H. "Portfolio Selection." Journal of Finance 7, March 1952. Markowitz, H. Portfolio Selection: Efficient Diversification of Investments. New York- John Wiley Sons, 1959.
Merton, R. C. "An Analytical Derivation of the Efficient Portfolio Frontier." Journal of Financial and Quantitative Analysis 10, Septemberl972. Merton, R. C. Continuous-Time Finance Rev. Ed. London: Basil Blackwell, 1992. Tobin, J. Liquidity Preference as Behavior Towards Risk." Review of Economic Studies 25 February 1958.
Π Π³Π»Π°Π²Π΅ 13
Bodie, Z., A. Kane, and A. Marcus. Investments. 4th Ed, Boston: Irwin/McGraw-Hill, 1999. Lintner, J. " The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets." Review of Economics and Statistics 47, February 1965. Merton, R. C. "An Intertemporal Capital Asset Pricing Model" Econometrica 41, September 1973.
Merton, R. C. "A Reexamination of the Capital Asset Pricing Model." Studies in Risk and Return. Eds. J. Bicksler and I. Friend. Cambridge: Ballinger, 1977. Mossin, J. "Equilibrium in a Capital Asset Market." Econometrica 35, October 1966. Ross, S. A. "Arbitrage Theory of Capital Asset Pricing." Journal of Economic Theory 13, December 1976.
Sharpe, W. "Capital Asset Prices: A Theory of Market Equilibrium." Journal of Finance 19, September 1964.
Π Π³Π»Π°Π²Π΅ 14
Brown, Π. Π‘., and D. J. Smith. Interest Rate and Currency Swaps: A Tutorial. Charlottesville, Va.: Institute of Chartered Financial Analysts, 1995.
Hull, J., C. Options, Futures and Other Derivatives. 3rd Ed. Upper Saddle River, N.J.: Prentice-Hall, 1977.
Jar-row, R., and S. Tumbull. Derivative Securities. Cincinnati: Southwestern Collee Publishing, 1996.
Stoll, H., and R. E. Whaley. Futures and options. Cincinnati: Southwestern Collee Publishing, 1993.
Π Π³Π»Π°Π²Π΅ 15
Black, F., and M. S. Scholes. "The Pricing of Options and Corporate Liabilities." Journal of Political Economy 81, May - June 1973.
Merton, R. C. "Theory of Rational Option Pricing." Bell Journal of Economics and Management Science 4, Spring 1973.
Merton, R. C. "An Analytic Derivation of the Cost of Loan Guarantees and Deposit Insurance: An Application of Modem Option Pricing Theory." Journal of Banking and Finance 1, June 1977.
Merton, R. C. "On the Pricing of Contingent Claims and the Modigliani-Miller Theorem." Journal of Financial Economics 5, November 1977.
Merton, R. C. "Applications of Option-Pricing Theory: Twenty-Five Years Later." Les Prix Nobel 1997. Stockholm: Nobel Foundation. Rpt. in American Economic Review, June 1998. Scoles, M. S. "Derivatives in a Dynamic Environment." Les Prix Nobel 1997. Stockholm:
Nobel Foundation. Rpt. in American Economic Review, June 1998.
Π Π³Π»Π°Π²Π΅ 16
Chew, D. The New Corporate Finance: Where Theory Meets Practice. New York: McGraw-
Hill, 1993.
Harris, M., and A. Raviv. "The Theory of Capital Structure." Journal of Finance 46, March
1991.
Merton, R. C. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates." Journal of Finance 29, May 1974.
Miles, J., and R. Ezzel. "The Weighted Average Cost of Capital, Perfect Capital Markets and Project Life: A Clarification." Journal of Financial and Quantitative Analysis 15, September 1980.
Modigliani, F., and M. Miller. "The Cost of Capital, Corporation Finance, and the Theory
of Investment." American Economic Review 48, June 1958.
Myers, S. C. "Interactions of Corporate Finance and Investment Decisions: Implications for
Capital Budgeting." Journal of Finance 29, March 1974.
Taggart, R. "Secular Patterns in the Financing of U. S. Corporations." Ed. B. Freedman.
Corporate Capital Structure in the United States. Chicago: University of Chicago Press, 1985.
Π Π³Π»Π°Π²Π΅ 17
Coase, R. H. "The Nature of the Firm." Economica 4, 1937. Coase, R. H. The Firm, the Market and the Law. Chicago: University of Chicago Press, 1988. Dixit, A., and R. Pindyck. Investment under Uncertainty. Princeton: Princeton University Press 1994.
Jensen, M. "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers." American Economic Review 76, May 1986.
Jensen, M., and W. H. Meckling. "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure." Journal of Financial Economics 3, October 1976. Kester, W. C. "Today's Options for Tomorrow Growth." Harvard Business Review, March -April 1984.
Merton, R. C., and S. C. Mason. "The Role of Contingent Claims Analysis in Corporate Finance." Recent Advances in Corporate Finance. Ed. E. I. Altman and M. G. Subrahmanyam. Homewood, 111.: Richard D. In/in, 1985.
Myers, S. C. "Finance Theory and Financial Strategy." Interfaces 14, January - February 1984.
Scholes, M. S., and M. A. Wolfson. Taxes and Business Strategy: A Planning Approach. Englewood Cliffs, N.J.: Prentice-Hall, 1992.
Trigerorgis, L. Real Options: Managerial Flexibility and Strategy in Resource Allocation. Cambridge: MIT Press, 1996.
Π‘ΠΠΠΠΠ Π¬ Π’ΠΠ ΠΠΠΠΠ
β’ ΠΠΊΡΠΈΠ² (asset) β Π²ΡΠ΅, ΡΡΠΎ ΠΈΠΌΠ΅Π΅Ρ ΠΊΠ°ΠΊΡΡ-Π»ΠΈΠ±ΠΎ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΡΡ ΡΠ΅Π½Π½ΠΎΡΡΡ, ΡΡΠΎΠΈΠΌΠΎΡΡΡ.
β’ ΠΠΊΡΡΠ°ΡΠΈΠΉ (actuary) β ΡΠΊΡΠΏΠ΅ΡΡ ΡΡΡΠ°Ρ ΠΎΠ²ΠΎΠΉ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΈ Π² ΠΎΠ±Π»Π°ΡΡΠΈ ΠΌΠ°ΡΠ΅ΠΌΠ°ΡΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΠΈ ΡΡΠ°ΡΠΈΡΡΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ Π°Π½Π°Π»ΠΈΠ·Π°, Π²ΡΠΏΠΎΠ»Π½ΡΡΡΠΈΠΉ ΡΠ°ΡΡΠ΅Ρ ΡΡΡΠ°Ρ ΠΎΠ²ΡΡ ΠΏΡΠ΅ΠΌΠΈΠΉ ΠΈ ΡΠΈΡΠΊΠΎΠ².
β’ ΠΠΊΡΠΈΠΈ Π±ΡΡΡΡΠΎΡΠ°ΡΡΡΡΠΈΡ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΉ (growth stocks) β Π°ΠΊΡΠΈΠΈ ΠΊΠΎΠΌΠΏΠ°Π½ΠΈΠΉ, ΠΈΠΌΠ΅ΡΡΠΈΡ ΡΡΠ°Π²Π½ΠΈΡΠ΅Π»ΡΠ½ΠΎ Π²ΡΡΠΎΠΊΠΈΠΉ ΠΊΠΎΡΡΡΠΈΡΠΈΠ΅Π½Ρ Π /Π Π² ΡΠ²ΡΠ·ΠΈ Ρ ΡΠ΅ΠΌ, ΡΡΠΎ ΠΈΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΎΠ½Π½Π°Ρ ΠΏΠΎΠ»ΠΈΡΠΈΠΊΠ° Π½Π°ΠΏΡΠ°Π²Π»Π΅Π½Π° Π½Π° ΡΠΎ, ΡΡΠΎΠ±Ρ ΡΡΠ°Π²ΠΊΠ° Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΠΈ ΠΏΠΎ Π±ΡΠ΄ΡΡΠΈΠΌ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΡΠΌ ΠΏΡΠ΅Π²ΡΡΠ°Π»Π° ΡΡΠ½ΠΎΡΠ½ΡΡ ΡΡΠ΅ΡΠ½ΡΡ ΡΡΠ°Π²ΠΊΡ.
β’ ΠΠ»ΡΡΠ΅ΡΠ½Π°ΡΠΈΠ²Π½Π°Ρ ΡΡΠΎΠΈΠΌΠΎΡΡΡ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° (opportunity cost of capital) β ΠΎΠΆΠΈΠ΄Π°Π΅ΠΌΠ°Ρ ΡΡΠ°Π²ΠΊΠ° Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΠΈ ΠΏΡΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΎΠ²Π°Π½ΠΈΠΈ ΠΊΠ°ΠΏΠΈΡΠ°Π»Π° Π² ΠΊΠ°ΠΊΠΎΠΉ-Π»ΠΈΠ±ΠΎ Π°ΠΊΡΠΈΠ² Ρ ΠΎΠ΄ΠΈΠ½Π°ΠΊΠΎΠ²ΠΎΠΉ ΡΡΠ΅ΠΏΠ΅Π½ΡΡ ΡΠΈΡΠΊΠ°
β’ ΠΠΌΠΎΡΡΠΈΠ·Π°ΡΠΈΠΎΠ½Π½ΡΠΉ Π³ΡΠ°ΡΠΈΠΊ (amortization schedule) β ΠΏΠ»Π°Π½-Π³ΡΠ°ΡΠΈΠΊ ΠΎΠΏΠΈΡΡΠ²Π°ΡΡΠΈΠΉ ΠΏΡΠΎΡΠ΅ΡΡ ΠΏΠΎΠ³Π°ΡΠ΅Π½ΠΈΡ Π·Π°ΠΉΠΌΠ° Π²ΡΠΏΠ»Π°ΡΠ°ΠΌΠΈ, ΠΎΠ±ΡΠ΅Π΄ΠΈΠ½ΡΡΡΠΈΠΌΠΈ ΠΊΠ°ΠΊ ΠΏΡΠΎΡΠ΅Π½ΡΡ ΡΠ°ΠΊ ΠΈ ΡΠ°ΡΡΠΈ ΠΎΡΠ½ΠΎΠ²Π½ΠΎΠΉ ΡΡΠΌΠΌΡ Π΄ΠΎΠ»Π³Π°
β’ ΠΠΌΠΎΡΡΠΈΠ·Π°ΡΠΈΡ (amortization) β ΠΏΠΎΡΡΠ΅ΠΏΠ΅Π½Π½ΠΎΠ΅ ΠΏΠΎΠ³Π°ΡΠ΅Π½ΠΈΠ΅ ΠΊΡΠ΅Π΄ΠΈΡΠ° ΠΏΠΎ ΠΎΠΏΡΠ΅Π΄Π΅Π»Π΅Π½Π½ΠΎΠΌΡ Π³ΡΠ°ΡΠΈΠΊΡ ΡΠ°Π²Π½ΠΎΠΌΠ΅ΡΠ½ΡΠΌΠΈ ΡΠ°ΡΡΡΠΌΠΈ.