首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking f
New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking f
admin
2012-01-26
70
问题
New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking firm. Underwriting simply means that the investment banker promises to buy the securities. The investment bank helps design the security and the investment banker buys it from the issuer with the intent of selling it to investors as quickly as possible. Usually, the issue is not subscribed to in its entirety by the original investment banker but is syndicated among other institutions as well. Through the syndication process, the original investment banker invites others to subscribe to a part of the issue, receiving a predetermined portion of the fees in return. The original investment banker becomes known as the lead manager of the deal. ff there is more than one lead, the group is referred to as co-lead managers. The firm that deals directly with the company will be responsible for any syndication formation and also for final payment on behalf of the syndicate. It is referred to as the book runner for the issue.
New issues of common stock come into two varieties-primary distributions and secondary distributions. Primaries are sales of stock that have never been issued before. There are two types of primary distributions-initial public offerings (IPOs) and additional floats of companies’ stock that will dilute each shareholder’s existing holding. Of the two, the latter are more common in the new issues market for equities since they involve offerings of shares of larger, more mature companies seeking additional equity capital. Secondary distributions are sales of stock that previously existed in some form or other but are too large to be accommodated on the stock exchanges. Procedures for secondaries often follow those for primaries although the offering period is much shorter and may involve a matter of hours rather than days.
The actual marketing for these issues is done by investment bankers directly to the public. On rare occasions, companies have attempted to sell their shares or bonds directly to the public, avoiding investment banking fees. Unless the company is very well known, such attempts are less than successful. The behavior of investment bankers is key to the reception of new issues and directly affects the cost of capital for a company. As a result, the choice of an investment banker is crucial for a company, and the wrong choice could affect its costs over the near tenrm. This is true for bonds as well as for common stocks.
None of the following statements is true except ______.
选项
A、initial public offerings will dilute each shareholder’s existing holding
B、additional floats of companies stock will dilute each shareholder’s existing holding
C、compared with additional floats, initial public offerings are more common in the new issues market for equities
D、initial public offerings usually involve offerings of shares of larger, more mature companies seeking additional equity capital
答案
B
解析
文章第二段提到初次发行分两类,initial public offerings(首期公开发行)和增发公司股票,增发新股会“稀释”每一个股东现有的持股量,而这种在新发股票市场上更为普遍,因为它们涉及的是成熟的大公司为增加股本金而发行的股票。
转载请注明原文地址:https://kaotiyun.com/show/4Iid777K
本试题收录于:
FECT综合(现代金融业务)题库金融英语(FECT)分类
0
FECT综合(现代金融业务)
金融英语(FECT)
相关试题推荐
Mr.Reeceisinterestingoldman.Mr.Reeceworked【C1】______afarm.Heandhiswife【C2】______alotofthingsandtheyhadsomec
Mr.Reeceisinterestingoldman.Mr.Reeceworked【C1】______afarm.Heandhiswife【C2】______alotofthingsandtheyhadsomec
Americanswithsmallfamiliesownasmallcaroralargeone.Ifbothparentsareworking,theyusuallyhavetwocars.Whenthe
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
In1826,aFrenchmannamedNiepceneededpicturesforhisbusiness.Buthewasnotagoodartist.Soheinventedaverysimplec
A、Thesupermarketisnearhere.B、Youcangoanotherday.C、Youcanasksomebodyforhelp.C
Vacation(休假)timecanbeassimpleasjusttimeawayfromwork.Youmayjustwantto【C1】______homeanddonothing.Thereisnothi
Vacation(休假)timecanbeassimpleasjusttimeawayfromwork.Youmayjustwantto【C1】______homeanddonothing.Thereisnothi
Vacation(休假)timecanbeassimpleasjusttimeawayfromwork.Youmayjustwantto【C1】______homeanddonothing.Thereisnothi
随机试题
简述战略经营领域结构的含义。
在机关之间可以上行、下行、平行使用的文种是()
公文是一种特殊的文体。这种特殊性表现在()。
根据《劳动法》的规定,劳动者连续工作()以上的,享受带薪年休假。
下列属于突发事件处置中公安机关的基础职责的有()。
通过调查发现,如果辽宁队获得出线权,那么江苏队或者安徽队也将获得出线权。江西队不可能获得出线权。如果江苏队和山东队获得出线权,那么江西队将获得出线权。只有江西队和山西队都获得出线权,陕西队才能获得出线权。由此可见()。
“低碳生活”就是指尽量减少日常生活所消耗的能量,从而间接降低二氧化碳排放量的一种生活理念,下列不属于低碳生活理念的一项是:
unilateralism
讨论函数y=-11的单调性及极值。
ComputerprogrammerDavidearns$40,000ayeardesigningnewcomputergames,yethecannotfindabanktolethimhaveacredit
最新回复
(
0
)