TAILIEUCHUNG - Lecture Introduction to finance: Markets, investments, and financial management (14th edition): Chapter 11 - Melicher, Norton

Chapter 11 - Securities markets. This chapter includes contents: Describe the processes and institutions used by businesses to distribute new securities to the investing public, outline the recent difficulties and changes in structure of the investment banking industry, describe how securities are traded among investors,. | Chapter 11 Securities Markets © 2010 John Wiley and Sons Chapter Outcomes Describe the processes and institutions used by businesses to distribute new securities to the investing public. Outline the recent difficulties and changes in structure of the investment banking industry. Describe how securities are traded among investors. Identify the regulatory mechanisms by which the securities exchanges and the over-the-counter markets are controlled. Explain influences that affect broker commissions. Issuing Securities: Primary Security Markets Primary versus secondary securities markets Initial Public Offerings (IPOs) Investment Banks Functions of Investments Banks Three Main Functions: Origination Underwriting Selling Origination Public Offering Private Placement Prospectus Investment Bank Functions, continued Underwriting “Carrying the risk” Best efforts Shelf registration Private placement Rights offerings Competitive bids Dutch auction Dutch Auction Example Yoogle to offer 100 million shares Bidder Price Number of shares A $ 25 million B $ 25 million C $ 25 million D $ 25 million E $ 25 million Clearing price: $ Investment Bank Functions, continued Selling Syndicate Tombstone Ad Aftermarket Underwriting fees in 2009: $ billion The Costs of Raising Capital The costs of issuing stocks and bonds are called “flotation costs.” Out-of-pocket costs Spread Underpricing The sum of these costs can total 20-30% or more of the funds raised Hot/cold IPO markets Innovations in Investment Banking Security design to meet needs of issuers/purchases Offering securities via internet “dutch auctions”—both stocks and bonds (Internotes, Direct Access Notes) What else do Investment Banks do? Commercial paper Mergers and acquisitions Manage investment funds (., company pension funds) Investment .

• Tài chính doanh nghiệp
• Financial analysis
• Financial management
• Lecture Introduction to finance
• Financial markets
• Securities markets
• Investments banks
• Security transactions
• International financial statement
• Financial statement
• International financial statement analysis
• Financial statement analysis
• Financial reporting
• Financial analysis techniques
• Financial information
• Liquidity analysis
• Trend statements
• Financial reporting mechanics
• Financial reporting quality
• Financial decisions
• Lecture Financial statement analysis
• Business analysis
• Financial statement analysis techniques
• Efficient market
• Personal financial planning
• Personal financial
• Lecture Personal financial planning
• Financial planning
• Financial statements analysis
• Financial statements
• Fundamentals of financial management
• Common size analysis
• Financial ratio
• Statement analysis
• Supplementary information
• Income statements
• Balance sheets
• Cash flow statements
• Inventory valuation methods
• Long lived assets
• Noncurrent liabilities
• Credit quality
• Income taxes
• Postemployment benefit plans
• Intercorporate investments
• Multinational operations
• Evaluating quality
• Operating activities
• Forecasting financial statements
• Financial statement analysis package
• Preparing a term project
• Accounting information
• Analysis environment