文档介绍：会计学
1
现代(xiàndài)金融学第四讲
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Financial Markets
Firms
Investors
Secondary Market
money
securities
Sue
Bob
Stocks and Bonds
Money
Primary Market
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Private Equity
Venture Capital Funds
Private Equity Funds
Public Equity
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Separation of Ownership and Control
Board of Directors
Management
Assets
Debt
Equity
Shareholders
Debtholders
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Common stock = certificate representing equity or partial ownership in a corporation
Issued in primary market by corporations that
need long-term funds
Stock is then traded in the secondary market, creating liquidity for investors and company
evaluation for managers
Background on Common Stock
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Background on Common Stock
Owners of common stock vote on:
Election of board of directors
Authorization to issue new shares
Amendments to corporate charter
Other major events
Many investor assign their vote to management via a proxy
Households own about half of all common stock, the rest is owned by institutional investors
Ownership and Voting Rights
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Background on Preferred Stock
Represents equity or ownership interest, but usually no voting rights
Trade voting rights for stated fixed annual dividend
Dividend paid before common if dividends are declared by board of directors
Dividend may be omitted
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Public Placement of Stock
Initial public offerings (IPOs)
First-time offering of shares to the public
Firm must provide information to public
Process of going public
Developing a prospectus
Pricing
Allocation of IPO shares
Transaction costs
Timing of IPOs
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