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Chapter Twenty One

Chapter Twenty One. SECURITIES MARKETS AND FIRMS. Underwriting Stocks and Bonds. Giving Advice When to offer? At what price? Filing Documents SEC Registration statement Prospectus Underwriting Syndicate Marketing Outcomes Fully subscribed Undersubscribed Oversubscribed

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Chapter Twenty One

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  1. Chapter Twenty One SECURITIES MARKETS AND FIRMS

  2. Underwriting Stocks and Bonds • Giving Advice • When to offer? • At what price? • Filing Documents • SEC • Registration statement • Prospectus • Underwriting • Syndicate • Marketing Outcomes • Fully subscribed • Undersubscribed • Oversubscribed • Best Efforts

  3. Ten Largest Underwriters in the U.S.

  4. Securities Brokers and Dealers • Brokerage Service • Securities Orders • Market Order • Limit Order • Other Services • Margin Credit • Full-Service Brokers • Discount Brokers • Securities Dealers • Market Makers

  5. Types of Investment Funds • Balanced Funds • Bond Funds • Value Funds • Growth Funds • Growth and Income Funds • Index Funds • Money Market Mutual Funds

  6. Mutual Funds on the Rise

  7. Distribution of Mutual Fund Net Assets by Type of Fund

  8. Household Ownership of Mutual Funds

  9. Fee Structure of Investment Funds • Open-End Fund • Closed-End Fund • Load Funds • No-Load Funds

  10. Calculating a Mutual Fund’s Net Asset Value • Net Asset Value (NAV) • Definition: Total value of the mutual fund’s stocks, bonds, cash, and other assets minus any liabilities such as accrued fees, divided by the number of shares outstanding. • Stocks $35,000,000 • Bonds $15,000,000 • Cash $3,000,000 • Total value of assets $53,000,000 • Liabilities -$800,000 • Net worth $52,200,000 • Outstanding shares 15 million • NAV = $52,200,000/15,000,000 = $3.48

  11. Hedge Funds • 1. Take advantage of unusual spreads between security prices • 2. Often highly leveraged 3. Relatively unregulated

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