博迪投资学第九版课件

INVESTMENTS

|

BODIE,

KANE,

MARCUSMcGraw-Hill/Irwin

Copyright

©

2011

by

The

McGraw-Hill

Companies,

Inc.

All

rights

reserved.CHAPTER

3How

Securities

are

TradedHow

Firms

Issue

SecuritiesINVESTMENTS

|

BODIE,

KANE,

MARCUSPrimaryMarketFirms

issue

new

securities

throughunderwriter

to

publicInvestors

get

new

securities;

firmgetsfundingSecondary

MarketInvestors

trade

previously

issuedsecurities

among

themselves2How

Firms

Issue

Securities

(Ctd.)INVESTMENTS

|

BODIE,

KANE,

MARCUSStocksIPOSeasoned

offeringBondsPublic

offeringPrivate

placement3Investment

BankingINVESTMENTS

|

BODIE,

KANE,

MARCUSUnderwriting:

Investment

bank

helps

thefirm

to

issue

and

market

new

securitiesProspectus:

Describes

the

issue

and

theprospects

of

the

company.–

Redherring4Figure

3.1

Relationship

Among

a

Firm

IssuingSecurities,

the

Underwriters,

and

the

Public5INVESTMENTS

|

BODIE,

KANE,

MARCUSInvestment

BankingINVESTMENTS

|

BODIE,

KANE,

MARCUSFirm

commitment

investment

bank

purchases

securitiesfrom

the

issuing

company

and

thenresells

them

to

thepublic.Shelf

RegistrationSEC

Rule

415:

Allows

firms

to

registersecurities

and

gradually

sell

them

to

thepublic

for

two

years6Investment

Banking

(Ctd.)INVESTMENTS

|

BODIE,

KANE,

MARCUSPrivate

placementsFirm

uses

underwriter

to

sell

securitiesto

a

small

group

of

institutional

orwealthy

investors.Cheaper

than

public

offeringsPrivate

placements

not

traded

insecondary

markets7Initial

Public

OfferingsINVESTMENTS

|

BODIE,

KANE,

MARCUSProcessRoad

shows

to

publicize

new

offeringBookbuilding

to

determine

demand

forthe

new

issueDegree

of

investor

interest

in

the

newoffering

provides

valuable

pricinginformation8Figure

3.3

Long-term

Relative

Performance

ofInitial

Public

Offerings9INVESTMENTS

|

BODIE,

KANE,

MARCUSHow

Securities

are

TradedINVESTMENTS

|

BODIE,

KANE,

MARCUSTypes

of

Markets:Direct

searchBuyers

and

sellers

seek

each

otherBrokered

marketsBrokers

search

out

buyers

and

sellers10How

Securities

are

TradedINVESTMENTS

|

BODIE,

KANE,

MARCUSTypes

of

Markets:Dealer

marketsDealers

have

inventories

of

assets

fromwhich

they

buy

and

sellAuction

marketstraders

converge

at

one

place

totrade11Bid

and

Asked

PricesINVESTMENTS

|

BODIE,

KANE,

MARCUSBids

are

offers

to

buy.In

dealer

markets,

thebid

price

is

the

price

atwhich

the

dealer

iswilling

tobuy.Investors

“sell

to

thebid”.Bid-Asked

spreadistheprofit

for

making

amarket

in

a

security.Bid

Price Ask

PriceAsked

prices

representoffers

to

sell.In

dealer

markets,

theasked

price

is

the

priceat

which

the

dealer

iswilling

to

sell.Investors

must

pay

theasked

price

to

buy

thesecurity.12Types

of

OrdersINVESTMENTS

|

BODIE,

KANE,

MARCUSMarket

Order:

ExecutedimmediatelyTrader

receives

current

market

pricePrice-contingent

Order:Traders

specify

buying

or

sellingpriceA

large

order

may

be

filled

at

multipleprices13Figure

3.5

Price-Contingent

Orders14INVESTMENTS

|

BODIE,

KANE,

MARCUSTrading

MechanismsINVESTMENTS

|

BODIE,

KANE,

MARCUSDealer

marketsElectronic

communication

networks(ECNs)True

trading

systems

that

canautomatically

execute

ordersSpecialists

marketsmaintain

a

“fair

and

orderly

market”15NASDAQINVESTMENTS

|

BODIE,

KANE,

MARCUSLists

about

3,200

firmsOriginally,

NASDAQ

was

primarily

a

dealermarket

with

a

price

quotation

systemToday,

NASDAQ’s

Market

Center

offers

asophisticated

electronic

trading

platform

withautomatic

trade

execution.Large

orders

may

still

be

negotiated

throughbrokers

and

dealers16Table

3.1

Partial

Requirements

for

Listingon

NASDAQ

Markets17INVESTMENTS

|

BODIE,

KANE,

MARCUSNew

York

Stock

ExchangeINVESTMENTS

|

BODIE,

KANE,

MARCUSLists

about

2,800

firmsAutomatic

electronic

trading

runs

side-by-side

withtraditionalbroker/specialist

systemSuperDot

:

electronic

order-routingsystemDirectPlus:

fully

automated

execution

forsmall

ordersSpecialists:

Handle

large

orders

andmaintain

orderly

trading18Table

3.2

Some

Initial

ListingRequirements

for

the

NYSE19INVESTMENTS

|

BODIE,

KANE,

MARCUSElectronic

Communication

NetworksINVESTMENTS

|

BODIE,

KANE,

MARCUSECNs:

Private

computer

networksthatdirectly

link

buyers

with

sellers

forautomated

order

executionMajor

ECNs

include

NASDAQ’s

MarketCenter,

ArcaEx,

Direct

Edge,

BATS,

andLavaFlow.“Flash

Trading”:

Computer

programs

lookforeven

the

smallest

mispricing

opportunity

andexecute

trades

in

tiny

fractions

of

a

second.20Bond

TradingINVESTMENTS

|

BODIE,

KANE,

MARCUSMost

bond

trading

takes

place

in

the

OTCmarket

among

bond

dealers.Market

for

many

bond

issues

is“thin”.NYSE

is

expanding

its

bond-tradingsystem.–

NYSE

Bonds

is

the

largest

centralized

bondmarket

of

any

U.S.exchange21Market

Structure

in

Other

CountriesINVESTMENTS

|

BODIE,

KANE,

MARCUSLondon

-

predominately

electronictradingEuronext

–

market

formed

bycombination

of

the

Paris,

Amsterdamand

Brussels

exchanges,

then

mergedwithNYSETokyo

Stock

Exchange22Globalization

and

Consolidation

ofStock

MarketsINVESTMENTS

|

BODIE,

KANE,

MARCUSNYSE

mergers

andacquisitions:Archipelago

(ECN)American

Stock

ExchangeEuronextNASDAQ

mergers

and

acquisitions:Instinet/INET

(ECN)Boston

Stock

Exchange23Globalization

and

Consolidation

of

StockMarketsINVESTMENTS

|

BODIE,

KANE,

MARCUSChicago

Mercantile

Exchangeacquired:–Chicago

Board

of

Trade–New

York

MercantileExchange24Figure

3.6

Market

Capitalization

of

MajorWorld

Stock

Exchanges,

2007INVESTMENTS

|

BODIE,

KANE,

MARCUS25Trading

CostsINVESTMENTS

|

BODIE,

KANE,

MARCUSBrokerage

Commission:

fee

paid

to

brokerfor

making

thetransactionExplicit

cost

of

tradingFull

Service

vs.

Discount

brokerageSpread:

Difference

between

the

bidandasked

pricesImplicit

cost

of

trading26Buying

on

MarginINVESTMENTS

|

BODIE,

KANE,

MARCUSBorrowing

part

of

the

total

purchaseprice

of

a

position

using

a

loan

from

abroker.Investor

contributes

the

remainingportion.Margin

refers

to

the

percentage

oramount

contributed

by

the

investor.You

profit

when

the

stock

appreciates.27Buying

on

Margin

(Ctd.)INVESTMENTS

|

BODIE,

KANE,

MARCUSInitial

margin

is

set

by

the

FedCurrently

50%Maintenance

marginMinimum

equity

that

must

be

kept

in

themargin

accountMargin

call

if

value

of

securities

falls

too

much28Margin

Trading:Initial

Conditions

Example

3.1INVESTMENTS

|

BODIE,

KANE,

MARCUS$100Initial

MarginMaintenance

MarginShares

PurchasedShare

price60%40%100Initial

PositionStock$10,000

BorrowedEquity$4,000$6,00029Maintenance

Margin

Example

3.1INVESTMENTS

|

BODIE,

KANE,

MARCUSStock

price

falls

to

$70

per

shareNew

PositionStock$7,000Borrowed$4,000Equity$3,000Margin%

=

$3,000/$7,000

=43%30Margin

Call

Example3.2INVESTMENTS

|

BODIE,

KANE,

MARCUSHow

far

can

the

stock

price

fall

before

amargin

call?

Let

maintenance

margin

=

30%Equity

=

100P

-

$4000Percentage

margin

=

(100P

-

$4,000)

/

100P(100P

-$4,000)

/100P

=

0.30Solve

to

find:P

=$57.1431Table

3.4

Illustration

of

Buying

Stockon

Margin32INVESTMENTS

|

BODIE,

KANE,

MARCUSShort

SalesINVESTMENTS

|

BODIE,

KANE,

MARCUSPurpose: to

profit

from

a

decline

in

theprice

of

a

stock

orsecurityMechanicsBorrow

stock

through

a

dealerSell

it

and

deposit

proceeds

andmargin

in

an

accountClosing

out

the

position: buy

the

stockand

return

to

the

party

from

which

itwas

borrowed33Short

Sale:Initial

Conditions

Example

3.3INVESTMENTS

|

BODIE,

KANE,

MARCUSDot

Bomb50%30%$1001000

SharesInitial

MarginMaintenance

MarginInitial

PriceSale

ProceedsMargin

&EquityStock

Owed$100,000$50,0001000

shares34Example

3.3

(Ctd.)Dot

Bomb

falls

to

$70

per

shareINVESTMENTS

|

BODIE,

KANE,

MARCUSAssets$100,000

(sale

proceeds)$50,000

(initial

margin)Liabilities$70,000

(buy

shares)Equity$80,000Profit

=

ending

equity

–

beginning

equity=

$80,000

-

$50,000

=

$30,000=

decline

in

share

price

x

number

of

shares

soldshort35Short

Sale

-

MarginCallINVESTMENTS

|

BODIE,

KANE,

MARCUSHow

much

can

the

stock

price

rise

before

amargin

call?($150,000*

-

1000P)

/

(1000P)

=

30%P

=$115.38*