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Investment chapter09 B Investment chapter06 B Chapter 3 Bodie Kane M Chapter 2 Bodie Kane M Chapter 4 Bodie Kane M Chapter 5 Bodie Kane M Chapter 7 Bodie Kane M Chapter 8 Bodie Kane M Chapter 24 Bodie Kane Chapter 9 Bodie Kane M All rights reserved.
Primary Market — Firms issue new securities through underwriter to public — Investors get new securities; firm gets funding? Secondary Market — Investors trade previously issued securities among themselves? Stocks — IPO — Seasoned offering: public offering, rights, private placement? Prospectus: Describes the issue and the prospects of the company. Firm commitment — investment bank purchases securities from the issuing company and then resells them to the public.
Shelf Registration — SEC Rule Allows firms to register securities and gradually sell them to the public for two years? Private placements — Firm uses underwriter to sell securities to a small group of institutional or wealthy investors.
The subsequent performance of these newly listed stocks was mixed. This was far lower than the total of 80 IPOs in On debut, 12 stocks fell below their IPO prices.
As of year-end, the performance of the 29 IPOs ranged from a loss of Forty-five of these companies rose between 0. As at the end of , 42 of them had gained between 0.
Also diversified with more new listings by issuers from major international markets. Overall, do you expect to make any profit? Direct search — Buyers and sellers seek each other? Brokered markets — Brokers search out buyers and sellers?
Dealer markets — Dealers have inventories of assets from which they buy and sell? Bids are offers to buy. In dealer markets, the bid price is the price at which the dealer is willing to buy. Bid-Asked spread is the profit for making a market in a security. Ask Price? Asked prices represent offers to sell. In dealer markets, the asked price is the price at which the dealer is willing to sell. Investors must pay the asked price to buy the security.
Market Order: Executed immediately — Trader receives current market price? Price-contingent Order: — Traders specify buying or selling price? Dealer markets? Electronic communication networks ECNs — True trading systems that can automatically execute orders? Lists about 3, firms? Lists about 2, firms? ECNs: Private computer networks that directly link buyers with sellers for automated order execution? Most bond trading takes place in the OTC market among bond dealers. NYSE is expanding its bond-trading system.
London - predominately electronic trading? Brokerage Commission: fee paid to broker for making the transaction — Explicit cost of trading — Full Service vs. Discount brokerage 2. Borrowing part of the total purchase price of a position using a loan from a broker. Investor contributes the remaining portion. Margin refers to the percentage or amount contributed by the investor. You profit when the stock appreciates. Purpose: to profit from a decline in the price of a stock or security?
Investment chapter09 B Investment chapter06 B Chapter 3 Bodie Kane M Chapter 2 Bodie Kane M Chapter 4 Bodie Kane M Chapter 5 Bodie Kane M
Investments Global Edition by Bodie, Kane and Marcus -- Paperback / softback (10 ed) [Paperback]
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