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Lecture Investments – Chapter 3: How securities are traded

Chapter 3 "How securities are traded" presents the following content: Primary vs. secondary security sales, public offerings, private placements, organization of secondary markets, organized exchanges, OTC market, third market, international market structures. | CHAPTER 3 HOW SECURITIES ARE TRADED 1 HOW SECURITIES ARE TRADED How Firms Issue Securities Where Securities Are Traded Trading on Exchange Trading on the OTC Market 2 How Securities Are Traded Trading Cost Buying on Margin Short Sales Insider Trading 3 HOW FIRMS ISSUE SECURITIES When firms need to raise capital, they may choose to sell (or float) new securities. The new issues of stocks, bonds, or other securities typically are marketed to the public by investment bankers in what is called the primary market (初級市場). Trading of already-issued securities among private investors takes place in the secondary market (次級市場). 4 HOW FIRMS ISSUE SECURITIES There are two types of primary market issues of common stock: Initial public offerings (IPOs) (初次公開 發行) Seasoned new issues .