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1、3.FINANCIALMARKETSANDINSTRUMENTS,Financialmarketssyndicatebearsriskassociatedwithunsoldshares,whichtheycannotsellabovetheofferprice.,32,Shelfregistration,Shelfregistrationisageneralpurposeregistrationgivingbroadtermsofthesecuritiestobeissued,gooduptotwoyears,thatallowsthefirmtogetquickapprovalAsingl
2、eunderwriteroftenbuystheentireissue.CutsthetimelagfromseveralmonthstoafewdaysCompetitivebidslowertheissuecosts.,33,PrivatePlacement,CorporationscanavoidregisteringwithSECbyplacingthesecuritiesprivatelywithinstitutionalinvestors.Theprivateplacementmarketisabouthalfthesizeofthepublicmarket,excludingba
3、nkloans.Attractiveoptionifpublicinvestorsnotespeciallyreceptiveforreasonsofcomplexity.Advantagestocompanyarequickerandeasiertonegotiate,canbecustomtailoredtospecificneedsDisadvantageisthatasunregisteredsecuritiestheycannotbetradedonfinancialmarkets–lessliquidRule144Anowallowsfortradingofprivatelypla
4、cedsecuritiesamonginstitutionalinvestors.,34,IssueCosts,Forprivatelynegotiatedtransactions,issuecostamountstotheinvestmentbankingfee.Forpublicissues,therearealsolegal,accounting,andprintingfees.Costcomparisons2.2%forstraightdebt.3.8%forconvertiblebonds.7.1%forsecondaryofferings.11%forIPOs.,35,Compar
5、ison,36,EfficientMarkets,IssuesinraisingnewcapitalTimingPricingMarketefficiencyiswithreferencetohowquicklypricesincompetitivemarketsrespondtonewinformationEfficientmarketisonewherepricesadjustrapidlytonewinformationandcurrentpricesfullyreflectavailableinformation,37,EfficiencyinDegrees,Amarketisweak
6、-formefficientwhenpricesfullyreflectallinformationaboutpastpricesSemi-strongformefficientwhenpricesfullyreflectallpubliclyavailableinformationstrongformefficientwhenpricesfullyreflectallinformation,publicorprivate.,38,Empiricalevidence-implication,Marketsarenotstrongformefficient.Withlimitedexceptio
7、ns,marketsaresemi-strongformefficientandhencePubliclyavailableinformationhasnopredictivepowerinrespecttomarketprices.Typicalinvestorsshouldnotexpecttoearnabnormalreturnstradingonpubliclyavailableinformation.Itispointlesstotimethepurchaseorsaleofthefirm’ssecurities.,39,ConclusionstoDraw,Apartfrommark
8、etsentiment,managerscanuseprivateinformationabouttheirowncompaniesinmakingtimingdecisions.PricingdecisionsinpracticearebasedonMarketvalueFairvaluePricediscoverythrobookbuilding,40,ManagingRisk,RiskisdefinedasthevariabilityofreturnsfromtheexpectedvaluesInfinancialmarketsvolatilityresultsinriskCompani
9、esusederivativestomanageriskandincentivizemanagers.Derivativesincludeforwards,futures,optionsSocalledastheirvalueisderivedfromthatoftheunderlyingassetswhichcouldbeshares/currency/commodities,41,Forwardcontracts,Youcanbuyinspotmarkettodayforimmediatedelivery–spotcontract.Youcancontracttodayatapredete
10、rminedpriceforfuturedelivery–forwardcontract.Bylockinginapricetoday,youcanavoidpriceriskAnexporterwith€1millionreceivablein90days,cansell€(animporterwithapayablecanbuy€)atapredeterminedrateintheforwardmarketFuturescontractsaresimilartoforwardsexceptthattheyareexchangetraded(whileforwardsarebilateral
11、),42,Optioncontracts,Forwardcontractsareobligationstodeliver/acceptdeliveryatapre-specifiedprice.Optionsarerights,butnotobligationstoeithertakedeliveryortodeliver,atapre-specified(exerciseorstrike)price.CalloptionsconfertherighttobuytheunderlyingsharesatthestrikepricePutoptionsconfertherighttosellth
12、eunderlyingsharesatthestrikepriceTheoptionbuyerpaysapremiumtotheoptionseller(writer)forthisright,43,Optioncontracts,ForacalloptionInthemoney:WhenthespotexceedsthestrikeAtthemoney:Whenthespot=strikeOutofthemoney:WhenspotislessthanstrikeForaputoptionInthemoney:WhenthespotislessthanstrikeAtthemoney:Whe
13、nthespot=StrikeOutofthemoney:Whenthespotexceedsstrike,44,ValuingOptions,Intheory,thevalueofanoptiondependsupon(Black–Scholesmodel):ThecurrentpriceoftheunderlyingassetTheoption’stimetomaturityTheoption’sstrikepriceTheinterestrateTheexpectedvolatilityontheunderlyingassetButnottheexpectedfuturevalueoftheunderlyingasset,45,
Financialinstruments金融工具.ppt
