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页数:14页
时间:2019-10-09
《金融学 第九版 Basic Finance_ch02new》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、Chapter2InvestmentBankingTheRoleofInvestmentBankersInitialpublicofferings(IPOs)PrimarymarketUnderwritingFirmcommitment:GuaranteedsaleUnderwriterbearstheriskofthesale.BestEffortAgreementsNoguaranteedsaleIssuingfirmbearstheriskofthesale.TheMechanicsofUnderwritingOriginatinghouseormanaging
2、underwriterSyndicateUnderwritingdisconnectTheMechanicsofUnderwritingRegistrationofnewsecuritiesProspectusSecuritiesandExchangeCommission(SEC)PricingandIPOUnderpricingleadstowindfallgainsforinitialbuyers.Overpricinginflictslossesoninitialbuyersandinvestmentbankers.Tendencytounderpricetoa
3、ssuresuccessfulsaleThePriceVolatilityofIPOsPricescanrisedramatically.ManyIPOseventuallyfail.FewinvestorsgettoparticipateinIPOs.ShelfRegistrationInformationfiledwiththeSECFlexibilitySecuritiessoldasfundsareneededThePrivatePlacementDirectsaleofsecuritiesReducessellingcostsFeaturescanbetai
4、loredforbothparties.Regulation-TheFederalSecuritiesLawsFulldisclosurelaws:Importanceofinformation10-KreportTheannualreportIllegaluseofinsiderinformationTheSecuritiesandExchangeCommission(SEC)EnforcesFederalsecuritylawsNewissuesTradinginsecuritiesCansuspendtradingTheSecuritiesInvestorPro
5、tectionCorporationInsuresaccountsagainstbrokeragefirmfailureSimilartoFDICBrokeragefirmsmaycarryadditionalinsurance.Sarbanes-OxleyActof2002PublicCompanyAccountingOversightBoardIncreaseddisclosureFirewallbetweeninvestmentbankersandsecuritiesanalysts
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