1/23
文档分类:生活休闲

公众股的发行方案探讨专业版.ppt


下载后只包含 1 个 PPT 格式的文档,里面的视频和音频不保证可以播放,查看文件列表

特别说明:文档预览什么样,下载就是什么样。

0/100
您的浏览器不支持进度条
下载所得到的文件列表
公众股的发行方案探讨专业版.ppt
文档介绍:
ChapterOutline19.1ThePublicIssue19.2AlternativeIssueMethods19.3TheCashOffer19.4TheAnnouncementofNewEquityandtheValueoftheFirm19.5TheCostofNewIssues19.6Rights19.7TheRightsPuzzle19.8ShelfRegistration19.9ThePrivateEquityMarket19.10SummaryandConclusions19.1ThePublicIssueTheBasicProcedureManagementgetstheapprovaloftheBoardofDirectors.ThefirmpreparesandfilesaregistrationstatementwiththeSEC.TheSECstudiestheregistrationstatementduringthewaitingperiod.ThefirmpreparesandfilesanamendedregistrationstatementwiththeSEC.IfeverythingiscopaseticwiththeSEC,apriceissetandafull-fledgedsellingeffortgetsunderway.TheProcessofAPublicOfferingStepsinPublicOffering Time1.Pre-underwritingconferences 2.Registrationstatements 3.Pricingtheissue 4.Publicofferingandsale 5.MarketstabilizationSeveralmonths 20-daywaitingperiod Usuallyonthe20thday Afterthe20thday 30daysafterofferingAnExampleofaTombstoneAdvertisement19.2AlternativeIssueMethodsTherearetwokindsofpublicissues:ThegeneralcashofferTherightsofferAlmostalldebtissoldingeneralcashofferings.19.3TheCashOfferTherearetwomethodsforissuingsecuritiesforcash:mitmentunderwriting,theinvestmentbankbuysthesecuritiesoutrightfromtheissuingfirm.Obviously,theyneedtomakeaprofit,sotheybuyat“wholesale”andtrytoresellat“retail”.Tominimizetheirrisk,oformanunderwritingsyndicatetosharetheriskandhelpselltheissuetothepublic.BestEffortsUnderabesteffortsunderwriting,theunderwriterdoesnotbuytheissuefromtheissuingfirm.Instead,theunderwriteractsasanagent,missionforeachsharesold,andusingits“bestefforts”toselltheentireissue.monforinitialpublicofferingsthanforseasonednewissues.19.monstock.ReasonsincludeManagerialInformation Sincethemanagersaretheinsiders,perhapstheyaresellingnewstockbecausetheythinkitisoverpriced.DebtCapacityIfthemarketinfersthatthemanagersareissuingnewequitytoreducetheirdebt-equityratioduetothespecteroffinancialdistressthestockpricewillfall.FallingEarnings19.5TheCostofNewIssuesSpreadorunderwritingdiscountOtherdirectexpensesIndirectexpensesAbnormalreturnsUnderpri 内容来自淘豆网www.taodocs.com转载请标明出处.