invesments 第三章 上

1. How firms issue securities: 公司如何发行股票

A.       primary market: 新的股票，债券和其他的证券第一次发行的market

B.       secondary market: Trading ofalready-issued securities among investors occurs in the  secondary market. 已发行证券交易的地方

C.       两类新股票：1. IPO(Initial publicofferings)新上市公司第一次发行的股票 2.Seasoned equity offerings：股权再融资，已经上市的公司再次发行新增股票

D.       Investment Banking：投资银行，例如高盛公司、美林公司、所罗门兄弟公司、摩根·斯坦利公司

E.        underwriters(承销商): Publicofferings of both stocks and bonds typically are marketed by investment bankerswho in this role are called underwriters.

F.        SEC: Securities and Exchange Commission: 美国证券交易委员会

G.       prospectus：招股书，需要SEC审核的申请材料

H.       当发行股票的申请被SEC通过之后，就可以发行股票了。一般承销银行先自己将公司要发行的股票买下，然后在卖给投资者。

I.         Shelf Registration：暂搁注册：美国证监会第415条条款，容许一家企业在实行公开发行前最多两年进行注册手续。有关企业必须向美国证监会提交规定的年度及季度报告。就是注册了并不立即发行股票

J.         Private Placement：所谓的私募。股票不对外销售，只对一些机构或者大额投资者开放。

K.        Initial Public Offerings：传说中的IPO，当申请被SEC批准之后，需要举行路演(roadshows), 一来告知公众股票即将发行，为上市做宣传；二是公布公司信息和承销银行已经IPO股票售价，拉拢潜在投资者

图一: 公司-投资银行-个人投资者的关系

表一：投资银行和商业银行的区别

项目	投资银行	商业银行
本源业务	证券承销	存贷款
功能	直接融资，并侧重长期融资	间接融资，并侧重短期融资
业务概貌	无法用资产负债反映	表内与表外业务
主要利润来源	佣金	存贷款利差
经营方针与原则	在控制风险前提下更注重开拓	追求收益性、安全性、流动性三者结合，坚持稳健原则
监管部门	主要是证券管理机构	中央银行
风险特征	一般情况下，投资人面临的风险较大，投资银行风险较小。	一般情况下，存款人面临的风险较小，商业银行风险较大

2. How securities are traded: 股票如何交易

2.1 Types of Markets

We can differentiate four types of markets: directsearch markets, brokered markets, dealer

markets, and auction markets.

1)        direct search markets：A directsearch market is the least organized market. Buyers and sellers must seek eachother out directly. 比如在赶集上卖二手车

2)        Brokered Markets 代理市场: 例如 estatemarket (房地产市场)，房屋中介就是brokers

3)        Dealer Markets： 交易商市场：交易双方不会 直接聚到一起，他们的买卖指令由做市商执行。 例子：Nasdaq市场和柜台交易市场。OTC(over-the-counter) 场外交易市场也是一个例子。

4)        Auction Markets 拍卖市场： Themost integrated market is an  auctionmarket,  in which all traders converge atone place (either physically or “electronically”) to buy or sell an asset.例子：纽约证券交易所NewYork Stock Exchange (NYSE) is an example of an auction market.

5)        第三市场（third market ）是指证券在交易所上市却在场外市场进行交易的市场。

2.2 Types of orders

1)        Marker Orders 委托指令: Marketorders are buy or sell orders that are to be executed immediately at currentmarket prices. 第二章将的bid price、ask price如果符合条件就会执行买卖交易。

2)        Price-Contingent Orders：特定价格指令。包括各种limitorders

A limit buy order may instruct the broker to buy some number of shares if andwhen IBM may be obtained at or below a stipulated price.

Conversely, a limit sellinstructs the broker to sell if and when the stock price rises above aspecified limit.

Stop orders are similar to limit orders in that the trade is not to be executedunless the stock hits a price limit.

For stop-loss orders, thestock is to be sold if its price falls below a stipulated level. As the namesuggests, the order lets the stock be sold to stop further losses fromaccumulating.

Similarly, stop-buy ordersspecify that a stock should be bought when its price rises above a limit.

limit buy: 价格低于limit时买入

limit sell: 价格高于limit是卖出

stop loss: 价格低于limit是卖出，为了防止亏损扩大

stop-buy: 在高于limit是买入

用投资学书本上的图来表示

2.3 Trading Mechanisms

三种交易系统类型:

1)        OTC(over-the-counter)场外交易市场

2)        ECN(electronic communicationnetworks)电子交易网络

3)        formal exchange

像NYSE和NASDAQ包含多种交易系统

DealerMarkets （OTC）：Roughly 35,000 securities trade on the over-the-counter or OTCmarket. Thousands of brokers register with the SEC as security dealers. Dealersquote prices at

which they are willing to buy or sell securities.A broker then executes a trade by contacting

a dealer listing an attractive quote.

ElectronicCommunication Networks (ECNs)    Electronic communication networks

allow participants to post market and limit ordersover computer networks.

SpecialistMarkets 专业市场  In formal exchanges such as the New YorkStock Exchange, trading in each security is managed by a specialist assignedresponsibility for that security.

3. U.S.Securities Market 美国证券市场

 

1)        NASDAQ 纳斯达克

2)        The New York Stock Exchange 纽交所

3)        Electronic CommunicationNetworks

ECNs are private computer networks that directly linkbuyers with sellers. As an order is received, the system determines whetherthere is a matching order, and if so, the trade is executed immediately.

4)        The National Market System

The Securities Act Amendments of 1975 directed theSecurities and Exchange Commission to implement a national competitivesecurities market.

BondTrading： 债券交易

大部分都是在OTC场外交易的，但是NYSE也提供债券交易功能。

4. 其他国家的证券交易市场

1)        London Stock Exchange

2)        Euronext： 由好几家欧洲证券交易所合并而来，2007年和NYSE合并。

3)        Tokyo Stock Exchange

5. TradingCosts

一是显式的付给broker的佣金，即服务费。如果用电子交易系统，这部分费用就会非常便宜。

二是隐式的交易者的买卖报价价差（bid-asked spread ）

总交易成本包括佣金、买卖报价价差与可能数额很大的价格让步。