TAILIEUCHUNG - Lecture Investments (6/e) - Chapter 3: How securities are traded

Chapter 3 "How securities are traded" presents the following content: Primary vs. secondary security sales, public offerings, private placements, organization of secondary markets, organized exchanges, OTC market, third market, international market structures,. | Chapter 3 How Securities are Traded Primary vs. Secondary Security Sales Primary New issue Key factor: issuer receives the proceeds from the sale. Secondary Existing owner sells to another party. Issuing firm doesn’t receive proceeds and is not directly involved. Investment Banking Arrangements Underwritten vs. Best Efforts Underwritten: firm commitment on proceeds to the issuing firm. Best Efforts: no firm commitment. Negotiated vs. Competitive Bid Negotiated: issuing firm negotiates terms with investment banker. Competitive bid: issuer structures the offering and secures bids. Public Offerings Public offerings: registered with the SEC and sale is made to the investing public. Shelf registration (Rule 415, since 1982) Initial Public Offerings (IPOs) Evidence of underpricing Performance Private Placements Private placement: sale to a limited number of sophisticated investors not requiring the protection of registration. Dominated by institutions. Very active market for debt .

• Quỹ đầu tư
• Investment environment
• Lecture Investments
• Active portfolio management
• Capital markets
• Investment banking arrangements
• Private placements
• Investment analysis
• Portfolio management
• Investment management
• Investment theory
• Investment companies
• Time value of money
• Doctoral thesis summary
• The impact of the investment environment
• Investment decisions
• Small and medium enterprises
• Investment decision of the business
• Characteristics of investment