Chapter 2 Markets and Transactions T Outline Learning Goals I. Securities Markets A) Types of Securities Markets 1. The Primary Market a. Going Public: The IPO Process b. The Investment Banker’s Role 2. Secondary Markets B) Organized Securities Exchanges 1. The New York Stock Exchange a. Trading Activity b. Listing Policies 2. The American Stock Exchange 3. Regional Stock Exchanges 4. Options Exchanges 5. Futures Exchanges C) The Over-the-Counter Market 1. New Issues and Secondary Distributions 2
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Introduction Mobile One (M1) is a telecommunications company based in Singapore. Launched in 1997‚ it was Singapore’s second largest mobile operator after Singapore Telecommunications. However‚ due to competition with the entry of StarHub in the mobile market‚ it is now the third largest mobile operator in Singapore in terms of number of subscribers. However‚ during its launch it gained tremendous support and managed to hold more than 35000 customers within few weeks. It offered variety of new
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INVESTMENT BANKING: AN OVERVIEW INVESTMENT BANKING WHAT DO THEY REALLY DO? WHAT DO THESE PROJECTS HAVE IN COMMON? Affordable housing Small businesses ISAW Bridges Big corporations SM GE GS ISAW BIG OR SMALL‚ THEY ALL NEED CAPITAL. WHAT DO INVESTMENT BANKERS DO? Traditional role: assisting clients client WHAT DO INVESTMENT BANKERS DO? Traditional role A) Raising Capital: “Underwriting” B) Buying or merging with other businesses: “Financial Advisory” WHAT DO INVESTMENT BANKERS
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BKM CHAPTER 5 1. The Fisher equation tells us that the real interest rate approximately equals the nominal rate minus the inflation rate. Suppose the (expected or realized) inflation rate increases from 3% to 5%. Does the Fisher equation imply that this increase will result in a fall in the real rate of interest? Explain. The Fisher equation relates nominal rates required by investors to real rates required by investors and inflation. You can think about this from two perspectives: i. Ex-ante
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INVESTMENT APPRAISAL One of the key areas of long-term decision-making that firms must tackle is that of investment - the need to commit funds by purchasing land‚ buildings‚ machinery and so on‚ in anticipation of being able to earn an income greater than the funds committed. In order to handle these decisions‚ firms have to make an assessment of the size of the outflows and inflows of funds‚ the lifespan of the investment‚ the degree of risk attached and the cost of obtaining funds. The main stages
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Investment Behavior‚ Observable Expectations‚ and Internal Funds Jason G. Cummins ∗ Assistant Professor New York University 269 Mercer Street New York‚ NY 10003 jcummins@econ.nyu.edu Kevin A. Hassett Resident Scholar American Enterprise Institute 1150 17th Street NW Washington‚ DC 20036 khassett@aei.org Stephen D. Oliner Asst. Dir. of Research Federal Reserve Board Mail Stop 93 Washington‚ DC 20551 soliner@frb.gov First Draft: September 8‚ 1997 Second Draft: July 6‚ 1998 Third Draft: March 31
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CRM AT THE TIP OF SPEAR [pic] By Fahad Malik CRM - AT THE TIP OF THE SPEAR Introduction Military flying differs considerably from commercial aviation due to the special circumstances and restrictions involved. Military discipline revolves around utter obedience whereas CRM aims to foster a culture with encouraging the freedom to respectfully question authority. The primary goal of CRM is enhanced situational awareness‚ self awareness‚ leadership‚ assertiveness‚ decision
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= 26.69%. CV = [pic] = 2.34. 6-2 Investment Beta $35‚000 0.8 40‚000 1.4 Total $75‚000 bp = ($35‚000/$75‚000)(0.8) + ($40‚000/$75‚000)(1.4) = 1.12. 6-3 kRF = 5%; RPM = 6%; kM = ? kM = 5% + (6%)1 = 11%. ks when b = 1.2 = ? ks = 5% + 6%(1.2) = 12.2%. 6-4 kRF = 6%; kM = 13%; b = 0.7; ks = ? ks = kRF + (kM - kRF)b = 6% + (13% - 6%)0.7 = 10.9%. 6-5 a. [pic]
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Virgin Mobile Paper A Case Study Analysis Presented to: 1 I. CASE SUMMARY Virgin‚ a U.K. based company led by Sir Richard Branson‚ has had a history of brand extension resulting to 200 different corporate entities. One of which is Virgin Mobile which has decided to expand to USA based on their success in the U.K. market. Dan Schulman‚ Virgin Mobile USA CEO‚ is tasked to lead the expansion to the U.S. and has decided to focus on consumers aged 15-29 given that there is low penetration
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The hand held mobile phones came into existence somewhere during 70’s‚ and in India during 90’s. India is the second largest‚ in mobile telecommunication system. As the number of service providers increased‚ the rates had to decrease. The main service providers are "Airtel‚ Reliance‚ Vodafone‚ Idea cellular and BSNL. With the emergence of more and more mobile service providers‚ the monopoly of land line service provider (BSNL) seems to be in threat and forced them to be more efficient in the quality
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