财务管理 第十五章 课件.ppt

15.* Registration statements don’t have to be filed if the loan will mature in less than nine months or the issue involves less than $5 million The SEC makes no statement about the financial strength of the firm, it simply indicates that the registration is in order Real-World Tip: The June 2000 issue of Red Herring provides a summary of the IPO process in “The Anatomy of an IPO” (p. 392). It provides a look at how a company goes public starting with choosing the underwriter all the way through the first day of trading. The process is a hectic one with a lot of paperwork and marketing. 15.* Price stabilization is an important component of the lead underwriter’s job for IPOs. For more information, see “Stabilization Activities by Underwriters After Initial Public Offerings” by Aggarwal in the June 2000 issue of The Journal of Finance. A recent example that may interest students is the Facebook IPO. Spread – the typical spread for IPOs between $20 and $80 million is 7%. For more information, see “The Seven Percent Solution” by Chen and Ritter in the June 2000 issue of The Journal of Finance. For penny stock IPOs, the spread is typically 10%; see “Penny Stock IPOs” by Bradley, Cooney, Dolvin and Jordan in the Spring 2006 issue of Financial Management. 15.* This is a good place to review the difference between primary and secondary market transactions. Technically, the sale to the syndicate is the primary market transaction, and the sale to the public is the secondary market transaction. Note that the cost of the issue includes the price paid to the issuing company plus the expenses of selling the issue. 15.* Real-World Tip: “Corporate America is turning more fickle in choosing finance partners on Wall Street …[m]ore companies are ditching the Wall Street underwriters they had selected for initial public offerings and picking different investment banks when it comes time to complete follow-on stock sales.” So read the opening lines of an article in the December 19,