How Securities are Tradedv必看课件资料.pdf

CHAPTER 3 How Securities are Traded Curriculum name: Investment 投资学 Curriculum teacher: Ying Dong 董莹 Major: Finance 金融学专业 INVESTMENTS |BODIE, KANE, MARCUS McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. 3-2 How Firms Issue Securities • Primary Market – Firms issue new securities through underwriter to public – Investors get new securities; firm gets funding • Secondary Market – Investors trade previously issued securities among themselves INVESTMENTS |BODIE, KANE, MARCUS 3-3 How Firms Issue Securities • Stocks – IPO (首次发行) – Seasoned offering (再次发行) • Bonds – Public offering (公开募集) – Private placement (私募) INVESTMENTS |BODIE, KANE, MARCUS 3-4 Investment Banking • Underwriting: Investment bank helps the firm to issue and market new securities • Prospectus （募股说明书终稿）: Describes the issue and the prospects of the company. – Red herring （初步募股说明书） INVESTMENTS |BODIE, KANE, MARCUS 3-5 Figure 3.1 Relationship Among a Firm Issuing Securities, the Underwriters, and the Public Firm Commitment INVESTMENTS |BODIE, KANE, MARCUS 3-6 How Firms Issue Securities • Firm