FMI7e_ch10Stock Offerings and Investor Monitoring(金融市场好机构―7e, by Jeff Madura))课件.ppt

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1、Chapter10StockOfferingsandInvestorMonitoringFinancialMarketsandInstitutions,7e,JeffMaduraCopyright©2006bySouth-Western,adivisionofThomsonLearning.Allrightsreserved.1ChapterOutlineBackgroundonstockInitialpublicofferingsSecondarystockofferingsStockexchange

2、sInvestorparticipationinthesecondarymarketMonitoringbyinvestorsThecorporatemonitoringroleGlobalizationofstockmarkets2BackgroundonStocksAstockisacertificaterepresentingpartialownershipinacorporationStockisissuedbyfirmstoobtainlong-termfundsOwnersofstock:C

3、anbenefitfromthegrowthinthevalueofthefirmAresusceptibletolargelossesIndividualsandfinancialinstitutionsarecommonpurchasersofstockTheprimarymarketenablescorporationstoissuenewstockThesecondarymarketcreatesliquidityforinvestorswhoinvestinstockSomecorporati

4、onsdistributeearningstoinvestorsintheformofdividends3BackgroundonStocks(cont’d)OwnershipandvotingrightsTheownersarepermittedtovoteonkeymattersconcerningthefirm:ElectionoftheboardofdirectorsAuthorizationtoissuenewsharesApprovalofamendmentstothecorporatech

5、arterAdoptionofbylawsVotingisoftenaccomplishedbyproxyManagementtypicallyreceivesthemajorityofthevotesandcanelectitsowncandidatesasdirectors4BackgroundonStocks(cont’d)PreferredstockPreferredstockrepresentsanequityinterestinafirmthatusuallydoesnotallowfors

6、ignificantvotingrightsAcumulativeprovisiononmostpreferredstockpreventsdividendsfrombeingpaidoncommonstockuntilallpreferreddividendshavebeenpaidPreferredstockislessriskybecausedividendsonpreferredstockcanbeomittedPreferredstockisalessdesirablesourceoffund

7、sthanbondsbecause:DividendsarenottaxdeductibleInvestorsmustbeenticedtopurchasethepreferredstocksincedividendsdonotlegallyhavetobepaid5BackgroundonStocks(cont’d)IssuerparticipationinstockmarketsTheownershipfeatureattractsmanyinvestorswhowanttohaveanequity

8、interestbutdonotnecessarilywanttomanagetheirownfirmAfirmissuingstockforthefirsttimeengagesinanIPOIfafirmissuesadditionalstockaftertheIPO,itengagesinasecondaryoffering6InitialPublicOfferingsAnIPOisafirst-timeofferingofshare