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Fiim Session 4 and 5 Equities Markets[1]

Fiim Session 4 and 5 Equities Markets[1]

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Published by kayalandydy
SMU fiim ppt lecture
SMU fiim ppt lecture

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Published by: kayalandydy on Jul 15, 2008
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05/09/2014

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FNCE102 – FINANCIAL INSTRUMENTS,INSTITUTIONS & MARKETS
Term 1 2007/8Ser-Keng ANG
Sessions 4 & 5Euities Markets
 
2
Equities Markets
1.Equity Financing For Corporations2.Investing In Equities3.Valuation4.Primary Markets5.Secondary Markets6.Investing In Foreign Shares – Depositary Receipts7.Final Points On Equities
 
3
1. Recap On Life Cycle Of Financing Choices
Stage 2Rapid ExpansionStage 1Start-upStage 4Mature GrowthStage 5Decline
 ExternalFinancing
RevenuesEarningsOwner’s EquityBank DebtVenture CapitalCommon Stock Debt Retire debtRepurchase stock 
 External fundingneeds
High, butconstrained byinfrastructureHigh, relativeto firm value.Moderate, relativeto firm value.Declining, as apercent of firmvalue
 Internal financing
Low, as projects dryup.Common stock WarrantsConvertiblesStage 3High Growth
 
Negative orlow
 
Negative orlowLow, relative tofunding needsHigh, relative tofunding needsMore than funding needsAccessing private equity Inital Public offering Seasoned equity issue Bond issues
FinancingTransitions
Growth stage$ Revenues/ Earnings
Time

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