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Financial Accounting Theory Week 1 > Week 2 > Flashcards

Week 2 Flashcards

1
Q

Decision theory

A

Bayesian theory

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2
Q

Wat is bayesian theory?

A

Updating expectations

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3
Q

Investeerders zijn meestal risico avers, wat betekent dat?

A

Ze willen bij een gegeven verwachte payoff, zo laag mogelijk risico lopen.

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4
Q

Hoe kan risico worden verlaagd?

A

door portfolio diversificatie. Hierdoor blijven alleen markt risico’s over.

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5
Q

Efficiente markt is

A

hoe sneller een markt reageert op nieuwe informatie

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6
Q

Semistron form van efficiente markt is

A

waarbij alle informatie ten alle tijden publiekelijk bekend is

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7
Q

CAPM

A

Capital asset pricing model

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8
Q

FormuleCAPM:

A

expected return = Risk free rate + beta (markt risico - rifk free rate

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9
Q

Higher risico, leads to

A

Higher cost of capital

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10
Q

Higher estimation risk

A

Higher cost of capital

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11
Q

When you have better information, less inside information, higher price and better market, then:

A

Estimation risk will decrease

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12
Q

Wat doet CAPM

A

verklaart de afhankelijkheid van de prijzen van verwachtingen

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13
Q

Wat is niet captured in the CAPM

A

Additional risk dus estimation risk. Estimation risk is onzekerheid over de cashflows.

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14
Q

Information perspective on decision

A

investeerders willen meer geinformeerd raken dus veel informatie beschikbaar stellen oftewel full disclosure

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15
Q

CAPM kan ook gebruikt worden om …… vast te stellen

A

abnormal retunr

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16
Q

Abnormal return/unexpected return is already ….

A

in the price

17
Q

Fomulra for measurement of AR

A

alfa + beta x unexpected earnings + error

18
Q

What is the beta in de formula of AR

A

THat is earnings response coefficent

19
Q

What does the earnings response coefficient do?

A

It measures the extent of stocks in response to unexpected earnings

20
Q

Formula for ERC

A

Abnormal return / Unexpected earnings

21
Q

Hoe lager de beta (ERC) hoe meer

A

waarde voor de investeerder

22
Q

Hoe hoger de kwaliteit, hoe …. de ERC

A

hoger

23
Q

The measurement perspective

A

accountants dienen meer verantwoordelijkheid te nemen voor de present value

24
Q

What is de formule for share price determination?

A

Prijs = E D1/(1+r)aantal jaren

Financial Accounting Theory Week 1 (6 decks)

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