FIN4360_Chapter4_Slides

FIN4360_Chapter4_Slides - Investment Analysis and Portfolio...

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Unformatted text preview: Investment Analysis and Portfolio Management by Frank K. Reilly & Keith C. Brown C h a p t e r 4 C h a p t e r 4 Organization and Functioning of Securities Markets – What Is A Market? – Primary Capital Markets – Secondary Financial Markets – Classification of U.S. Secondary Equity Markets – Detailed Analysis of Exchange Markets 4-2 What Is A Market? • Basic Concepts – It brings buyers and sellers together to aid in the transfer of goods and services – It does not need to have a physical location – The market does not necessarily have to own the goods and services – It can deal in any variety of goods and services – Both buyers and sellers benefit from the market 4-3 What Is A Market? • Characteristics of a Good Market – Availability of past transaction information • must be timely and accurate – Liquidity • Marketability • Price continuity • Depth – Low transaction costs: Internal efficiency – Rapid adjustment of prices to new information: External efficiency 4-4...
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FIN4360_Chapter4_Slides - Investment Analysis and Portfolio...

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