博迪投资学第九版课件.pptxVIP

INVESTMENTS | BODIE, KANE, MARCUSMcGraw-Hill/Irwin Copyright ? 2011 by The McGraw-Hill Companies, Inc. All rights reserved.CHAPTER 3How Securities are Traded How Firms Issue SecuritiesINVESTMENTS | BODIE, KANE, MARCUSPrimary MarketFirms issue new securities through underwriter to publicInvestors get new securities; firm gets fundingSecondary MarketInvestors trade previously issued securities among themselves2 How Firms Issue Securities (Ctd.)INVESTMENTS | BODIE, KANE, MARCUSStocksIPOSeasoned offeringBondsPublic offeringPrivate placement3 Investment BankingINVESTMENTS | BODIE, KANE, MARCUSUnderwriting: Investment bank helps the firm to issue and market new securitiesProspectus: Describes the issue and the prospects of the company.– Red herring4 Figure 3.1 Relationship Among a Firm Issuing Securities, the Underwriters, and the Public5INVESTMENTS | BODIE, KANE, MARCUS Investment BankingINVESTMENTS | BODIE, KANE, MARCUSFirm commitment investment bank purchases securities from the issuing company and then resells them to the public.Shelf RegistrationSEC Rule 415: Allows firms to register securities and gradually sell them to the public for two years6 Investment Banking (Ctd.)INVESTMENTS | BODIE, KANE, MARCUSPrivate placementsFirm uses underwriter to sell securities to a small group of institutional or wealthy investors.Cheaper than public offeringsPrivate placements not traded in secondary markets7 Initial Public OfferingsINVESTMENTS | BODIE, KANE, MARCUSProcessRoad shows to publicize new offeringBookbuilding to determine demand for the new issueDegree of investor interest in the new offering provides valuable pricing information8 Figure 3.3 Long-term Relative Performance of Initial Public Offerings9INVESTMENTS | BODIE, KANE, MARCUS How Securities are TradedINVESTMENTS | BODIE, KANE, MARCUSTypes of Markets:Direct searchBuyers and sellers seek each otherBrokered marketsBrokers search out buyers and sellers10 How Securities are TradedINVESTMENTS | BODIE, KANE, MARCUSTypes