Financial Management - Chapter 14

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Public Offering – Firm issues securities, which are made available to both individual and institutional investors. • Private Placement – Securities are offered and sold to a limited number of investors. Primary Market –Market in which new issues of a security are sold to initial buyers. • Secondary Market –Market in which previously issued securities are traded.

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Nội dung Text: Financial Management - Chapter 14

Ch. 14 - Rising Capital in The Financial Markets © 2002, Prentice Hall, Inc.
Q: What are SECURITIES? A: Financial Assets that Investors purchase hoping to earn a high rate of return.
Types of Securities • Treasury Bills and Treasury Bonds • Municipal Bonds • Corporate Bonds • Preferred Stocks • Common Stocks Which of these are RISKY? Which promise HIGH RETURNS? Is there a relationship between RISK and RETURN?
Corporate Financing Sources • In 1999, over $400 billion in external corporate financing was raised. • From 1996 through 1999, capital has been raised through the following sources: • Corporate Bonds and Notes 75.3% • Equities 24.7%
Movement of Savings • Direct Transfer of Funds
Movement of Savings • Direct Transfer of Funds saver
Movement of Savings • Direct Transfer of Funds firm saver
Movement of Savings • Direct Transfer of Funds cash firm saver
Movement of Savings • Direct Transfer of Funds cash firm saver securities
Movement of Savings • Indirect Transfer using Investment Banker
Movement of Savings • Indirect Transfer using Investment Banker investment banker
Movement of Savings • Indirect Transfer using Investment Banker investment banker firm
Movement of Savings • Indirect Transfer using Investment Banker funds investment banker firm
Movement of Savings • Indirect Transfer using Investment Banker funds investment banker firm securities
Movement of Savings • Indirect Transfer using Investment Banker funds saver investment banker firm securities
Movement of Savings • Indirect Transfer using Investment Banker funds funds saver investment banker firm securities
Movement of Savings • Indirect Transfer using Investment Banker funds funds saver investment banker firm securities securities
Movement of Savings • Indirect Transfer using a Financial Intermediary
Movement of Savings • Indirect Transfer using a Financial Intermediary financial intermediary
Movement of Savings • Indirect Transfer using a Financial Intermediary financial intermediary firm