视频经济学金融市场 11 股票Stocks.docx

视频经济学金融市场 11 股票Stocks.docx

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视频经济学金融市场11股票Stocks

Lecture11-Stocks

Overview:

Thestockmarketistheinformationcenterforthecorporatesector.Itrepresentsindividuals'ownershipinpublicly-heldcorporations.Althoughcorporationshaveavarietyofstakeholders,theshareholdersofafor-profitcorporationarecentralsincethecompanyisultimatelyresponsibletothem.Companiesofferdividends,stockrepurchasesandstockdividendstogiveprofitsbacktoshareholdersortosignalinformation.Companiescanalsotakeondebttoraisecapital,creatingleverage.TheModigliani-Millertheoryofacompany'sleverageinitssimplestformimpliestheleverageratiodoesn'tmatter,butincludingbankruptcycostsandtaxeffectsgiveusapositivetheoryoftheratio.

Readingassignment:

JeremySiegel,StocksfortheLongRun,chapters6,7,8,and9

RichardBrealeyetal.PrinciplesofCorporateFinance,chapters16and17

Johnson,Simon,RafaelLaPorta,FlorencioLopez-di-Silanos,andAndreiShleifer,"Tunneling,"AmericanEconomicReview,2000,90

（2）,pp.22-7.

FinancialMarkets:

Lecture11Transcript

February20,2008

ProfessorRobertShiller:

Ibelievethatwestillhaveon,forFriday,StephenSchwarzman.Hesaidhewoulddoit.Ialwaysworryaboutpeoplewhohavesuchimportantbusinessesbecausesomebigdealmaybecomeincrisisorsomething;peoplelikethathavetroublesometimesadheringtoaschedule.AsfarasIknowwe'regettinghim,soIhopethatyouwillallbeabletocomethisFriday,here,attheusualtime.Ifthere'sanyproblemwithhisappearingIwillemailyou.

Asyouknow,StephenSchwarzmanisagraduateofYaleCollegeandhe'soneofthegreatstoriesofourcentury.Hecreatedjustaboutthebiggestprivateequityfirmfromscratchin1985andIguesstheyjustwentpublicandtheyhaveahugemarketcap.They'recomparabletooneofthebiggestoldlineinvestmentbanksinNewYork.Hejust--heandPeterPeterson--justcreateditsoIthinkitwillbeveryinterestingtohearhim.Again,you'llhaveachancetoquestionhimaboutwhathe'sdone.IputonthereadinglistTheNewYorkerarticlethat'soutrightnow.Wellactually,Iguessitcameoutacoupleofweeksago,butit'suponoursyllabus.IthinkImightwanttotakeitdownbeforehecomes.I'mgoingtoturn--I'mgoingtoreflectonthisbecausehemaynotbepleasedwiththearticle.It'saveryhard-hittingcriticalarticle.Hehadtobeatoughbusinessmantoarrivewhereheis.TheNewYorkerarticletalksaboutthepriceofhiscondo--orco-op--inNewYork,whichsetsomerecord,andsotheytellthingslikethat.

IwasjustyesterdayinLondonandpeopleliketogossipaboutthingslikethat.ThelimodriverwasdrivingmetotheairportandwaspointingoutthescenesinLondon.Hesaid,youknowthatbuilding?

SomeArabSheikhjustpaidonehundredmillionpoundsforthatapartment--thatpenthouseapartment--inthatbuildingandthesameSheikhisorderingaAirbusforhis--oneofthesebigAirbusairplanes--forhispersonalplaneandhe'shavingitplatedwithgoldleaf.Didyouhearthisstory?

Doesanyone--isthistrue?

Thislimodrivertoldmethisyesterday;hesaidit'sgoingtocosthimfivehundredmillionpoundsorsomethinglikethattodothis.Thesearegossip.Therealsubstanceiswhatthemandoes--orwomandoes--fortheworld.

So,Igleanedherealistofsomeofthecharitiesthat--StephenSchwarzmanisamajorphilanthropist.HesetupsomethingcalledTheBlackstoneFoundationfromtheBlackstoneGroupandhe'samajordonororcollaboratorwiththeFrickCollection,TheWhitneyMuseum,PhoenixHouse,TheRedCross,TheInnerCityScholarshipFund,NewYorkCityOutwardBound,andtheAsiaSociety.Ithinkthat'stherealthingweshouldtalkabout,notthesizeofhispenthouse.So,Imighttrytofindamoreeven-handedaccountandputthatuponthewebsite.Incidentally,there'ssortofaresemblancebetweenhimandDavidSwenseninthe–well,firstofall,they'rebothphenomenallysuccessful,buttheybothareemphasizingalternativeinvestments.They'renotstraight-lacedold-fashioned;they'rewillingtotakeexperiments.Ithinkheshouldbeveryinteresting;that'sFridayat9.

IwanttotalkaboutthestockmarkettodayandIthoughtIwouldkeepitmoreorlessbasicbecauseIthink--Iwanttoemphasizebasicconcepts.AlotI'mgoingtotalkaboutisModigliani-MillerbutI'mnotgoingtogettoodeepintoit,maybeinyourreviewsectionsyoucangetmoretechnical.I'mgoingtojusttalkaboutitintheveryintuitive,directterms.Whatarestocks?

Ithinktheideaofastockmusthavebeeninventedindependentlyatmanytimesinhistory.Theword"shares"isthefundamentalword.Supposeyouarestartingabusinesswithsomebody--itcouldbeatanytimeinhistory--Babyloniaorsomething--thismusthavehappened.Agroupofpeoplestartsabusinessandtheysay,let'sdivideuptheproceeds.That'sverydirect,isn'tit?

Ifwe'reallworkingtogetherwedivideuptheproceeds.Thatmeanswe'reallocatingshares.Now,Idon'tknowhowfarbackitgoesbutitmustbethatinancienttimessomepeoplewouldsay,allrightyou'regoingtobedoingmoreworkoryou'recontributingmoretothisenterprise,we'llgiveyouabiggershareoftheprofits.That'ssobasic,itmusthavehappenedamilliontimesandthat'sthebasicideaofthestockmarket.Allitisisthatwe'vegotitmuchmorehigh-flownandmuchmorelegalizedthan--thebasicideaisthatyouhavetohavesharesinsomething--abusiness--andtheideagoesbackclearlytoancientRome.

Let'sconsiderabusinessassortofapersonwhoisowned,likeaslave,whoisownedbyotherpeople.Inlaw,theword"person"doesn'tmeanwhatyouthinkitmeans.There's--inlaw,a"naturalperson"isyouandme;people,realfleshandbloodindividualsarecallednaturalpersons.Butwhenwesay"person,"italso--that'smoregeneral--italsoincludescorporation.Theword"corporation"comesfromtheLatin,corpus,meaningbody,soit'sanembodiment.Wecreateanentitythat,intheeyesofthelaw,islikeanindividual.Itmaybeownedbyotherindividualsbutithasitsownrightsandresponsibilitiesasifitwereaperson.InancientRome,corporationswerecalledpublicani--that'sLatin;thepublicaniwerecompanieslikewehavetoday.AccordingtotheresearchofUlrikeMalmendieratStanford,shethinksthatthestockmarketinancientRomewasdoneonthestreet--ontheRomanForum--andshecantellyouwhere.WhenyougotoRome,youcanwalkandseewhat'sleftoftheirstockmarket.Itneverflourishedreallyuntilrelativelymoderntimes.

Theidea,ofcourse,isthatwehavealegalentity--acorporation--thatissuessharesthatareeithergiventopeopleorpurchasedbypeopleandtheideaisthatsharesrepresentcontributions.Yougivesharestosomeonewhoiscontributingtotheenterprise.Youcan--whenyousetupacorporationtherearedifferentkindsofrelationshipsthatpeoplemighthavewithacorporation.Oneofthemisasashareholderandtheshareholdergetsashare--isentitledtoashare--oftheprofits.Therearealsoemployeeswhogetwagesandthat'sverydifferent.Theyhavealaborcontractthatspecifieshowmuchtheywillget.Thenyouhavedebtorsandotherpeoplewithotherrelationships.

Thefundamentaloneistheshareholderbecausetheshareholderownsthecorporation.Asit'sevolvedinmoderntimes,thecorporationhasacharterorbylaws.Whenyoucreateacorporationyouwriteupacontract,whichspecifiestherulesofthecorporation;it'slikeaconstitutionforthecorporation.Also,thelawofthestateinwhichthecorporationischarteredalsoputsrestrictionsonwhatcanbeinthebylaws.Notably,it'stypicallyrequiredthatit'soneshare,onevoteandthatthere'sa--itwouldbealsorequiredthattherebeanannualmeeting--atleastonceayear,ashareholdermeeting--andthentheshareholderscanvoteonrelevantissues.

Oneofthemostimportantissuesthenistoelectaboardofdirectors.Thestatelawprobablyrequiresthatacorporationhaveaboardofdirectors,butit'salsosomethingthatcanbedefinedatthetimethatyoucreatethecorporationinthebylaws.It'snotsomethingyoucandojustwhateveryouwant.Statelawhasrequirementsfortheboardofdirectorsand--I'mjustgoingtotalkinverybasicterms.Theusualstructureisoneshareholder,onevote.Attheannualmeeting,theshareholderscancomeandelectaboardandtheboardthenisinchargeofthecompany.Theboardhiresthepresidentorchiefexecutiveofficerandothertopofficersofthecompanyandtheyserveasemployeesoftheboard.Thetheoryisthattheshareholdersareincontrolbecausetheyelecttheboardandtheboardhiresthepresidentandit'sdemocratic.I'mgoingtocomebacktoit;itdoesn'talwaysworkoutasperfectlyasyouwant.

Nowthere'sbasically–thereareimportantdistinctionsbetweentwokindsofcorporations.There'sfor-profitandnon-profit.I'vebeendescribingafor-profitcorporation,whichistheusualvariety.Non-profitcorporationswillalsohaveaboardofdirectorsbuttheywillnothaveanyshareholders.There'safundamentaldifferenceinthecharterandthewaythegovernmentreactstothem.Thenon-profitorganizationorcorporationissetuptoadvancesomecauseanditisnotownedbyanyone.Theshareprice,youcouldsay,isidenticallyzero.Actually,youcan'tsaywhatthesharepriceisbecausetherearezerosharesandtheyhaveazeroprice,sothevalueofthepricepershareiszerooverzeroandyoucan'tdefineit.YaleUniversityisanon-profitcorporation;thepriceofashareinYaleUniversityisundefined--it'szerooverzero.Ithasaboardthatrunsit,buttheboardisnot