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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This note was uploaded on 01/19/2012 for the course FIN 4360 taught by Professor Davidbray during the Spring '12 term at Kennesaw.

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FIN4360_Chapter4_Slides - Investment Analysis and Portfolio...

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