公司金融_Raising Capital.pptx

Corporate Finance;Background Information;% of U.S. Equity held by Institutions;Equity Capitalization (Billion U.S. $);The Public Issue: The Basic Procedure;The Public Issue: The Basic Procedure (cont’d);The Process of a Public Offering;An Example of a Tombstone;Security Issue Methods;The Cash Offer;Firm Commitment Underwriting;Best Efforts Underwriting;Dutch Auction Underwriting;Role of Investment Banks;IPO Underpricing;Underpricing (Cont’d);Empirical evidence of IPO underpricing (%);IPO underpricing: International Evidence;Number of Offerings and Average First-day Returns on US IPOs;Number of Offerings and Average First-day Returns on UK IPOs;Number of Offerings and Average First-day Returns on Japanese IPOs;Number of Offerings and Average First-day Returns on Italian IPOs;Number of Offerings and Average First-day Returns on German IPOs;Why IPOs are underpriced? ;Why IPOs are underpriced? ;The Announcement of New Equity and the Value of the Firm (SEOs);The Cost of New Issues;The Costs of Equity Public Offerings;An example (dilution);Rights;Mechanics of Rights Offerings;Rights Offering Example;What is the new market value of the firm?;What Is the Ex-Rights Price?;What Is the value of a right?;The Private Equity Market;Private Placements;Debt Financing;Features of a Cisco Systems Bond;The Public Issue of Bonds;The Public Issue of Bonds (cont’d);Protective Covenants;Should firms issue callable bonds?;Callable Bonds versus Noncallable Bonds;Different Types of Bonds;Put Bonds;Key Points