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Financial Management - Chapter 14

Public Offering – Firm issues securities, which are made available to both individual and institutional investors. • Private Placement – Securities are offered and sold to a limited number of investors. Primary Market –Market in which new issues of a security are sold to initial buyers. • Secondary Market –Market in which previously issued securities are traded. | Ch. 14 - Rising Capital in The Financial Markets 2002, Prentice Hall, Inc. Q: What are SECURITIES? A: Financial Assets that Investors purchase hoping to earn a high rate of return. Types of Securities Treasury Bills and Treasury Bonds Municipal Bonds Corporate Bonds Preferred Stocks Common Stocks Which of these are RISKY? Which promise HIGH RETURNS? Is there a relationship between RISK and RETURN? Corporate Financing Sources In 1999, over $400 billion in external corporate financing was raised. From 1996 through 1999, capital has been raised through the following sources: Corporate Bonds and Notes 75.3% Equities 24.7% Movement of Savings Direct Transfer of Funds Movement of Savings Direct Transfer of Funds saver Movement of Savings Direct Transfer of Funds saver firm Movement of Savings Direct Transfer of Funds cash saver firm Movement of Savings Direct Transfer of Funds cash securities saver firm Movement of Savings Indirect Transfer using Investment Banker Movement of Savings Indirect Transfer using Investment Banker investment banker Movement of Savings Indirect Transfer using Investment Banker investment banker firm Movement of Savings Indirect Transfer using Investment Banker funds investment banker firm Movement of Savings Indirect Transfer using Investment Banker funds securities investment banker firm Movement of Savings Indirect Transfer using Investment Banker funds securities saver investment banker firm Movement of Savings Indirect Transfer using Investment Banker funds funds securities saver investment banker firm Movement of Savings Indirect Transfer using Investment Banker securities funds funds securities saver investment banker firm Movement of Savings Indirect Transfer using a Financial Intermediary Movement of Savings Indirect Transfer using a Financial Intermediary financial intermediary Movement of Savings Indirect Transfer using a Financial Intermediary financial intermediary firm Movement of Savings Indirect Transfer using a Financial . | Ch. 14 - Rising Capital in The Financial Markets 2002, Prentice Hall, Inc. Q: What are SECURITIES? A: Financial Assets that Investors purchase hoping to earn a high rate of return. Types of Securities Treasury Bills and Treasury Bonds Municipal Bonds Corporate Bonds Preferred Stocks Common Stocks Which of these are RISKY? Which promise HIGH RETURNS? Is there a relationship between RISK and RETURN? Corporate Financing Sources In 1999, over $400 billion in external corporate financing was raised. From 1996 through 1999, capital has been raised through the following sources: Corporate Bonds and Notes 75.3% Equities 24.7% Movement of Savings Direct Transfer of Funds Movement of Savings Direct Transfer of Funds saver Movement of Savings Direct Transfer of Funds saver firm Movement of Savings Direct Transfer of Funds cash saver firm Movement of Savings Direct Transfer of Funds cash securities saver firm Movement of Savings Indirect Transfer using Investment Banker Movement of Savings .