CFA一级_微观金融大串讲_Claire3.pdf

CFA Financial Products Claire-Investment Ethics Portfolio Quant Alternative Economics CFA Derivatives Accounting Corporate Fixed Income Finance Equity Equity 4-81 11. Securities Marketss 5-81 Well-functioning securities market 1. Timely and accurate information 2. Liquidity: marketability, and price continuity 3. Internal efficiency: low transaction costs 4. External efficiency: prices adjust rapidly to new information 6-81 Primary capital markets • Definition: where newly issued securities are traded • Underwriter: stocks or bonds are sold with the help of underwriters. An underwriter is usually an investment bank. • An underwriter guarantees the issue price by purchasing the securities first. • New equity issues: – IPO: initial public offerings – Seasoned issues 7-81 Secondary financial markets • Secondary markets are places for previously issued securities. • Secondary markets provide liquidity. • The greater liquidity the securities have, the more willing investors are to buy/sell the securities. 8-81 Stock exchanges • NYSE: The New York Stock Exchange • NASDAQ: National Association of Securities Dealers Automated Quotation • London, Tokyo, Frankfurt Stock Exchanges, the Paris Bourse