How a Long-Lived Institution Figures an Annual Budget. Yield 
How a Long-Lived Institution Figures an Annual Budget. Yield by Yale / John Geanakoplos
Video Lecture 8 of 26
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Date Added: June 5, 2011

Lecture Description

Overview:
In the 1990s, Yale discovered that it was faced with a deferred maintenance problem: the university hadn't properly planned for important renovations in many buildings. A large, one-time expenditure would be needed. How should Yale have covered these expenses? This lecture begins by applying the lessons learned so far to show why Yale's initial forecast budget cuts were overly pessimistic. In the second half of the class, we turn to the problem of measuring investment performance, and examine the strengths and weaknesses of various measures of yield, including yield-to-maturity and current yield.

Reading assignment:
Ross, Corporate Finance, chapters 4 and 7
Sharpe, Investments, pp. 108-119
Bodie, Finance, pp. 101-142
Taggart, Quantitative Analysis for Investment Management, pp. 3-16

Course Index

Course Description

This course attempts to explain the role and the importance of the financial system in the global economy. Rather than separating off the financial world from the rest of the economy, financial equilibrium is studied as an extension of economic equilibrium. The course also gives a picture of the kind of thinking and analysis done by hedge funds.

Course Structure:
This Yale College course, taught on campus twice per week for 75 minutes, was recorded for Open Yale Courses in Fall 2009.

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