金融学第九版BasicFinance.pptVIP

Chapter 2 Investment Banking The Role of Investment Bankers Initial public offerings (IPOs) Primary market Underwriting Firm commitment: Guaranteed sale Underwriter bears the risk of the sale. Best Effort Agreements No guaranteed sale Issuing firm bears the risk of the sale. The Mechanics of Underwriting Originating house or managing underwriter Syndicate Underwriting disconnect The Mechanics of Underwriting Registration of new securities Prospectus Securities and Exchange Commission (SEC) Pricing and IPO Underpricing leads to windfall gains for initial buyers. Overpricing inflicts lo