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《财务管理》(英文版) 13
Chapter 19 The Capital Market The Capital Market Public Issue Privileged Subscription Regulation of Security Offerings Private Placement Initial Financing Signaling Effects The Secondary Market Deja Vu All Over Again Capital Market -- The market for relatively long-term (greater than one year original maturity) financial instruments. Primary Market -- A market where new securities are bought and sold for the first time (a “new issues” market). Secondary Market -- A market for existing (used) securities rather than new issues. Deja Vu All Over Again Public Issue Securities are sold to hundreds, and often thousands, of investors under a formal contract overseen by federal and state regulatory authorities. When a company issues securities to the general public, it is usually uses the services of an investment banker. Investment Banker Investment banker receives an underwriting spread when acting as a middleman in bringing together providers and consumers of investment capital. Underwriting spread -- the difference between the price the investment bankers pay for the security and the price at which the security is resold to the public. Investment Banker Thus, the services can be provided at a lower cost to the firm than the firm can perform the same services internally. Three primary means companies use to offer securities to the general public: Traditional (firm commitment) underwriting Best efforts offering Shelf registration Traditional Underwriting If the security issue does not sell well, either because of an adverse turn in the market or because it is overpriced, the underwriter, not the company, takes the loss. Traditional Underwriting A. Competitive-bid The issuing company specifies the date that sealed bids will be received. Competing syndicates submit bids. The syndicate with the highest bid wins the security issue. Traditional Underwriting The issuing company selects an investment banking firm and works directly with the firm to determine the essential feat
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