CHAPTER 2 - – Regional National – Listing requirements...

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Financial Markets and Institutions Capital Allocation Direct Transfer Investment Banks Financial Intermediary
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Financial Markets Types Physical Assets vs. Financial Assets Spot vs. Future Money vs. Capital Primary vs. Secondary Private vs. Public
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Recent Trends in Financial Markets Technology Deriviative Securities
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Financial Institutions Investment Banks Advise; Sell; Underwrite
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Financial Institutions Commercial Banks Financial Services Corporations Credit Unions
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Financial Institutions Pension Funds Life Insurance Companies Mutual Funds ETF (Exchange Traded Funds) Hedge Funds Private Equity Companies
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Stock Markets OTC Nasdaq Network of dealers/brokers Bid/ask spread Physical Markets (organized exchanges)
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Unformatted text preview: – Regional, National – Listing requirements Stock Market Transactions Primary market Secondary market IPO Stock Market and Returns Reporting – quote for Medtronic Measures: – DJIA – S&P 500 – Nasdaq Composite – Russell 200 FIGURE 2-2 Market Efficiency Market prices vs. Intrinsic Value Equilibrium Price – the price that balances buy/sell orders. Market Efficiency EMH – if markets are efficient, then (market) price = (intrinsic) value, prices are in equilibrium (will be stable until new information is available. Forms of Efficiency (see footnote pg 47) – Weak form – Semi-strong form – Strong form...
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