投资组合管理第1章解析.ppt

看涨期权：给予其持有者在到期日或之前以某个执行价格买入某种资产(标的物)的权利 期货：是双方约定在交割日以某一商定的期货价格交割某项资产的合约 * * 供股、增发；私募 * IPO流程图 * The sample is IPOs with an offer price of at least $5.00, excluding ADRs, unit offers, closed-end funds, REITs, partnerships, banks and SLs, and stocks not listed on CRSP (CRSP includes Amex, NYSE, and NASDAQ stocks). Proceeds excludes overallotment options, but includes the global offering size. The amount of money left on the table is defined as the offer price to closing market price on the first-day of trading, multiplied by the number of shares offered (excluding overallotment options) on a global basis 1.补偿信息成本 2.声誉 3.IPO后表现差 * 空手套白狼 打新股，中签率 HK对小投资者的保护措施 * The equally weighted (EW) average first-day return is measured from the offer price to the first CRSPlisted closing price. EW average three-year buy-and-hold percentage returns (capital gains plus dividends) are calculated from the first closing market price to the earlier of the three-year anniversary price, the delisting price, or December 31, 2010. Buy-and-hold returns for initial public offerings (IPOs) occurring after Dec. 31, 2009 are not calculated. Market-adjusted returns are calculated as the buy-and-hold return on an IPO minus the compounded daily return on the CRSP value-weighted index of Amex, Nasdaq, and NYSE firms. Style-adjusted buy-and-hold returns are calculated as the difference between the return on an IPO and a style-matched firm. For each IPO, a non-IPO matching firm that has been CRSP-listed for at least five years with the closest market capitalization and book-to-market ratio as the IPO is used. If this is delisted prior to the IPO return’s ending date, or if it conducts a follow-on stock offering, a replacement matching firm is spliced in on a point-forward basis. For 68 IPOs, data on book values of equity are missing, and the style-adjusted returns are calculated using the smaller sample size. IPOs with an offer price below $5.00 per share, unit offers, REITs, closed-end funds, banks and