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Home arrow Economics arrow Equity Market

A short course of lectures
«Equity Market»





Risk and return: the recordResidual valueConvertible bondsEquity market efficiencyFree cash flowStructure of secondary equity marketDividend discount modelExpected rate of returnDiscounted cash flow approachMeasures of returnBook value per shareSource of informationLearning outcomesOrdinary sharesPermanent or semi-permanent capital of the issuersPreference share hybridsMotivation for holding equityWarrantsCertified transfer deedsReplacement costInvestingMarket mechanismRights issue (offer)Ownership distributionKey requirements of a VCM listingAdvantages of preference sharesDisadvantages of being listedPrice / sales ratioRelative valuation approachEconomic function of primary marketUltimate lendersParticipants in secondary market ValuationPreference sharesClearing and settlementDebenturesSpeculators and arbitrageursOther concepts of return Risk predispositionLearning outcomesFund managersKruger randsFinancial intermediariesBibliographyPrice / book value ratioListed products other than shares Alternative exchangeLearning outcomesAcquisition of capital at the best possible priceContext & EssenceShares with par value, shares with no par value, and share premiumAnnualised HPRSecondary marketPressure by public shareholdersCredibility and reliability of the companyEquitiesMembers of the exchange (stockbrokers)Limited liabilityPrice of issue is made at a discount to perceived market valueElastic dividend paymentsUnderwriting a share issueConcluding remarkTypes of companies that listEquity valuation, inflation and interest ratesThe financial system in briefSteps involved in a listingMulti-stage growth modelThe money and bond markets in a nutshellRenounceable offerIssue for cash or acquisitionBalance receiptsThe prospectusCost of dealingPrice / cash flow ratioCalculation of indicesRisks faced in holding financial assetsTrading (secondary market)Measurement of risk in the financial marketsMain boardVoting rightsArithmetic mean returnBibliographyTrading system: automated tradingNegotiable instruments representing equityIncentive for employeesIssue (primary market)Costs after listingLearning outcomesInvestorsMethods of listing Venture capital marketPrimary marketLetters of allocationRelationship between risk and returnCapitalisation issueConstant growth dividend discount modelFTSE / Dow industry classification benchmarkClaw-back offerBibliographyInstrumentsWarrant ExercisingStatutory backdrop to shares and share marketMechanics of dealing (from point of view of client)Standard deviation (one asset)The non-cumulative preference shareOther sources of primary issue of listed equityPrice / earnings ratioTime frame for listingBibliographyStandard deviation (a portfolio of shares)Appointment of professional advisorsPreference shares Pre-application submissionBibliographyBetaPresent value of dividends Development capital marketBalance sheet valuation approachRequired rate of returnA private placingIncentive for ownersShare transfer receiptsLearning outcomesHolding period returnEquity derivativesThe "normal" or "common" preference shareRequired rate of returnGeometric mean returnEquity market indicesThe law, the equity exchange and listingDisclosure of strategic information to competitionEnhanced ability to raise capitalUltimate borrowers: corporate sectorExchange traded fundsSignificance of secondary marketRisk-free rateDefinitionThe participating preference shareEssence of the equity market BibliographyLearning outcomesListing requirements Treasury sharesOther stepsA public offerMonetary costThe convertible preference shareLiquidation valueMotivation for listing (advantages) WarrantsStatutory environment for investors
 
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