Ch03 ????

1
Ch03????

• ????
• ????
• ?????????

2
1 ?????

• ????
• ????
• ????

3
primary market

• ????????????,??????????????,??????????????,???????
  ?????????

4
???????

• ????(??????)????,????????,??????????
• ????(????)?????????????
• ???(???????????)

5
??????
6
???????

• ?????????,???????????
• ??(best effort selling)
• ???????????
• ??/????(underwriting)
• ????(standby underwriting)

7
????

• ??????(warrants)????????,???????,????????????
• ????????????????,?????????????,???????????????????
  ???,???????????(standby fee)?
• ??????????????????????????,?????????

8
?????????

• ??????????,??????,??????????
• ??????????????(?????????????),????????????.??????
  ???????.
• ??????????,?????????.
• ???,????????????
• ????????????????????,?????????????????????.

9
??????

• ?
• 1.?????
• 2.??????
• 3.?????????????,?.
• ?
• 1.??????
• 2.?????,?.

10
???????

• ?
• 1.????????,?????,???????
• 2.??????????????,?????????????????
• 3.????????.
• ?
• 1.???????
• 2.??????
• 3.?????????.

11
????????

• 1.?????,??????????
• 2.?????,??????????????????????,?????????.
• ???,??????????,??
• 1.????
• 2.???35?.

12
???????

• ????????????????????.??,???,??????????????????????
  ?????,????????????.
• ???
• ???70??,30??
• ?????20.

13
?????

• 1. ??
• ??????????
• ??????????????
• ???????
• 2. ?????????
• 3. ?????????????
• 4. ????

14
????

• IPO (initial public offering)
• SEO (seasoned equity offering)

15
IPO

• ?????(Under-priced)
• ????(Under-performance)????????????
• ????????????????
• ???(Hot Issue Market)??IPO??????????,??????
• ????????

16
IPO?????

• 1???IPO?????
• ?????????????????
• ?????????????
• 2???????????
• ????????????????
• ????????,????????????
• 3????????????? Prospectus
• 4??? Road show
• 5????????
• 6?????

17
??????
18
????

• ????????????????,??????????
• ??????,?????????????????
• ??????,??????????
• ??????????,????
• ???????????????
• ?????????
• ??2000???????????????

19
Due Diligence Investigation

• ?????????????????????,???????????,??????????????
• ?????????????
• ??????????????
• ???????????????????

20
Prospectus

• ?????????????????????????????????????
• ??
• 1.???????(preliminary prospectus)????(Red
  Herring) ????
• 2.????????????
• ??
• 1.?????
• 2.?????

21
Road Show

• ?????????????????????????,??????????????
• ????vs????
• ?????????????
• ????????????????????
• ??????(?)
• ?????????

22
IPO???

• ??????????
• ??IPO????????3???
• 1st??????
• ???????,????????????
• 2nd??????????
• ?SEC???,????????????
• 3rd????????
• ??????????????

23
?????????

• ???
• ????
• ????
• ????
• ????
• ?????

24
????
25
???????Green shoe

• ???????????,?????????
• 1971?????IPO?????
• ?????????????????????????,????????????????
• ???????????30??,???????,????????????????????15??
  ??????????,????????????????,??????,???????????,??
  ?????????15???,????????

26
????

• ????????,??????? ?? (Gross Spread)?
  ??(Commission,??????????)
• ?????????
• 1. ?????
• 2. ?????
• 3. ?????????????
• 4. ?????????
• 5. ???????????

27
??IPO?????

• ????????1.53
• ????????0.51.5

28
2 ?????

• ????
• ???????
• ??????

29
??????

• ???(??)????v.s. ??????
• ???????v.s.??????
• ???????????????????????,????????????????
• ???????(???????)???(???)????????????????,????????
  ???????????

30
NYSE???????,????????????(?????????)
????SSE???????,?????????????(?????????)
????
31
Secondary market US
?Organized securities exchanges national
NYSE regional Los Angeles, Chicago,
Cincinnati, Philadelphia, San Francisco, Boston
? Over-the-Counter NASDAQ-AMEX Third
Market Fourth Market direct trading between two
parties
32
????????v.s.???

• ???
• 1. ????
• 2. ????,????,???????????????????????
• 3. ???????????????????,??????????????????(????????
  )??????
• 4. ?????????????,???????

• ???
• 1.???????,??????,?????????
• 2.????????????,???????,????????,???????
• 3.??????????,???????????,?????
• 4.???????????,?????????

33
??????

• ???
• ?????
• ???(???,????)
• ???????
• ???(?????)

• ???
• ??(????)
• ?????
• ???
• ????(??)

34
?????????

• ??
• ??
• ??
• ????
• ??

35
??

• ????
• cash account
• margin account

36
??????? 1????????????????,???????????????????,??
??????? 2?????????????????????????,???????????
????????????????????
37
Margin account

• ??????????(margin purchase)???(short
  sale)?,????????????????Margin agreement or
  hypothecation agreement
• (1) Street name registration the brokerage is
  the registered owner(owner of record), the
  account holder is the beneficial owner
• (2) Hypothecation Securities bought on margin
  should be held by the brokerage as collateral
  against the loan, the brokerage will often
  re-hypothecate the securities(as collateral for
  brokerage's bank loan ).
• (3) the brokerage can sell the securities or lend
  them to short sellers without consulting you. And
  so on

38
Initial margin requirement

• Or regulation T (Reg T)requirement
• ???(the Fed)??(?1974??????50)?????????????????,?
  Fidelity requires customers to have a minimum
  account equity of 5,000 when placing orders on
  margin.
• ???????????????
• Not all stocks qualify to be bought on margin.
  The Federal Reserve Board regulates which stocks
  are marginable. As a rule of thumb, brokers will
  not allow customers to purchase penny stocks,
  OTCBB (OTC Bulletin Board ) securities or IPOs on
  margin because of the day-to-day risks involved
  with these types of stocks. Individual brokerages
  can also decide not to margin certain stocks.

39
Maintenance margin

• Ongoing margin requirements after the purchase is
  complete
• set by the NYSE, NASD, and/or the brokerage firm.
  The maintenance margin set by the brokerage is
  sometimes called house margin requirement.
• NYSE 25
• ???30,?Fidelity

40

• ??
• ???ABC??(Mar. 9, 2006)????50?,???????????,???????
  ?,?????????50???200???????????????????50,??????30
  ?

41
3?9?????????
Assets
liabilities and account equity


200 shares _at_ 50/share 10,000
Margin loan 5,000

Account equity 5,000

Total
10,000
Total 10,000
42
??1

• 6?9?,?????60?,???????????

Assets
liabilities and account equity


200 shares _at_ 60/share 12,000
Margin loan 5,000

Account equity 7,000

Total
12,000
Total 12,000
43
??2

• 6?9?,?????40?,???????????

Assets
liabilities and account equity


200 shares _at_ 40/share 8,000
Margin loan 5,000

Account equity 3,000

Total
8,000
Total 8,000
44
??3

• ???,6?9?,?????3????????,?????40(30?),????????????
  

Assets
liabilities and account equity


200 shares _at_ 30/share 6,000
Margin loan 5,000

Account equity 1,000

Total
6,000
Total 6,000
45
Margin call

• ??????????????,??????Margin call,???????
• (1)????(??????)????????????????(???????????)
• (2)??????ABC(?????????)
• ???????????????,??????????

46
Margin Borrowing Rates
Debit balance Margin rate Effective rate
500,000 Base-3.075 5.250
100,000499,999 Base 8.325
50,00099,000 Base0.5 8.825
25,00049,999 Base1.0 9.325
10,00024,999 Base1.5 9.825
09,999 Base2.0 10.325
www.fidelity.com
47
short salessell high, buy low????(1)penny
stock????(2)uptick or zero plus tick
48
????ABC??(Mar. 9, 2006)????50?,???????????,?????
???,???50???200???????????????????50,??????30?
49
3?9?????????
Assets
liabilities and account equity


Proceeds from sale 10,000
Short position 10,000 Initial margin
deposit 5,000 Account equity
5,000

Total
15,000 Total
15,000
50
??1

• 6?9?,???????30?,???????????

Assets
liabilities and account equity


Proceeds from sale 10,000
Short position 6,000 Initial
margin deposit 5,000 Account
equity 9,000

Total
15,000 Total
15,000
51
??2

• ?6??,?????55?,???????????

Assets
liabilities and account equity


Proceeds from sale 10,000
Short position 11,000 Initial margin
deposit 5,000 Account equity
4,000

Total
15,000 Total
15,000
52
??3

• ????,?6??,?????????????,?????40(70?),????????????
  

Assets
liabilities and account equity


Proceeds from sale 10,000
Short position 14,000 Initial margin
deposit 5,000 Account equity
1,000

Total
15,000 Total
15,000
53
?????????

• ?
• ????????????(????)???????????200?ABC??????????????
  ?,??????200?ABC?????????????????????4??,ABC??????1
  .0???????

54

• ???

??,?? ???
??,?? ???
55
???
??,?? ???
??,??
??
?? 200 ?? ??
56
??

• ????
• ????
• ???

57
????

• round lot100??100?????
• odd lot1-99?
• ????100????100?????
• ???????????????

58
????

• ???(market orders)
• ???(limit orders )
• ??? (stop orders)
• ?????(stop limit orders)
• ????????????,???????????????,???????????????,??
  ,??????????????????????

59
???

• 1.????(day order)
• 2.?????(GTCgood-till-canceled orders)
  ???????(open orders)
• 3. ????????????FOK(fill-or-kill orders)
• 4.??????(discretionary orders)???????????????
• ???????????.

60
?????????

• ???1997?3?,????
• 1997?????18??????????????????,2000???????????????
  ??????????
• 2001??????????3578??,??????4.38,??????????332
  ??,??????????10
• ???IT???????,????????????????

61
?????????????
???????
???
???
???????
???
????
????????
??
62
????

• ????
• ???????????????????
• ????
• ?????????????????????????,???????,????????????
• ???????????????????????,?????????????????????
• 1993?8?6?????????????????

63
????

• ??(clearing)
• ?????????????????????????????,????????????????????
  ???.
• ??
• ????????????????,?????????????????.??????,????????
  ?,?????????.

64
??

• ???????
• ?????????????????.

65
???????

• ???????????????,????????,????????????????????.
• ???????????????????????.
• ?????????????????????????????.???????????????????
  ?.
• ?????????
• ????????????????,?????????????????.
• ??????????????????.

66
3 ????
67
??????
issue maturity Bid/ offer yields
1 month 3/25 0.935 0.925 0.951 0.941
3 month 5/27 0.940 0.930 0.958 0.948
6 month 8/26 1.000 1.990 1.022 1.011
2 year 2/2006 99.300 99.30 1.657 1.649
5 year 2/2009 100.070 100.07 2.952 2.949
10 year 2/2014 100.06 100.07 3.975 3.971
68
????

• Treasury bills are issued at discount and the
  bid/offer is expressed at the discount rate. The
  yield column for bills is the "bond yield
  equivalent," .
• Treasury notes and treasury bonds The bid/offer
  and last trade price indicated are dollar
  figures, but in a special notation. Here's how it
  works Take a value such as 101.197 as an
  example. The first two digits after the decimal
  point (1 and 9) represent thirty-seconds of a
  dollar, or 19 thirty-seconds (19/32). The last
  digit (7) represents eigths of a thirty-second,
  or 7/256. In some cases, the last digit will be
  held by a plus sign (), which stands for half of
  a thirty-second (4/256).
• The issues listed here are the "on-the-run"
  issues for the date, meaning they are the most
  recently issued in that maturity.

69
?????

• ???????? ( AI accrued interest )
• ???,??????0.????????,?????????????????,???????????
  ?????????,?????????????
• ???????????/????????
• 2002?3?25?,?????????????

70
?????????????52 weeks
Yld Vol
NetHi Lo stock sym Div
PE 100s Hi Lo close Chg 121 69
GenElec GE 1.40 1.2 40 59569 120 1181/8
120 23/4Yld1.4/1201.2Div1.40.354,???
????0.35
71
(No Transcript)
72
(No Transcript)
73
??

• ??????????????????,??????
• ??,??????????????????????,????????????????????
  ???

74
?

• ????????????????
• ?????????21?,???????18?,???(21-18)/(2118)1008
  .9,????????,???????

????(?) ????(?) ????(?) ????(?)
19.65 5 19.66 7
19.61 8 19.71 7
19.55 8 19.76 4
75
?????

• ???????100?-100?
• ?????????????,????????  
• ?????????????,?????????
• ???-100?100,??????????????????????,?100?-10
  0,???????,????????????

76
??

• ????????????,?????????????????5???????????????????
  ??
• ?????????/(??5??????????????????????)
•  ?????1?,?????????????????5??????,?????5????????1
  ?,????????????5???????

77
?????

• ?????????????,?????????????????????????
• ???????????????
• ?????????,??????,??????????

??? ???? ??? ????
25.07 27 25.17 562
78
?????(?)

• ??,?????????,???????25.17??????,?????25.17??????,?
  ?????????
• ???????????,???????????25.07????,?????25.07??????,
  ???????"??"?

79
??????????????

• ??????,??????????????,?????????
• ??????,???????????????????,?????????
• ???????????,??????????

80
???

• ?????????
• 1.????
• 2.??????,?????,?????
• 3.????????????????,???????.

81
4????

• ???????
• ???????
• ???????

82
?.???????

• ????????????3???A?B?C.?3?9??3???????
• ?3?9????????
• ?3?10???C??(10??2?),3?????????12?15?9,????3???????
  ??.

?? A B C
?? 10 14 21
83
????

• ?3?10????????
• ?????????????.1928??.??????????.

84
??????