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Lecture Financial institutions, instruments and markets (6/e): Chapter 4 - Christopher Viney

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Chapter 4 - The share market and the corporation. In this chapter, the learning objectives are: Understand the nature of corporations and reasons for public listing, consider the origins and purpose of a stock exchange, discuss the role of primary and secondary markets in equity financing,...

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Chapter 4 The Share Market and the Corporation Websites: www.asic.gov.au www.asx.com.au www.nyse.com Copyright ª 2009 McGraw­Hill Australia Pty Ltd 4­ 1 Learning Objectives • Understand the nature of corporations and reasons for public listing • Discuss the role of primary and secondary markets in equity financing • Explain the derivatives and interest rate roles of a stock exchange • Understand the electronic trading and settlement systems for share market transactions • Explain the importance of information flows for share market efficiency • Identify the main regulators of the share market • Explain the role of the private equity market Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 4-2 Chapter Organisation 4.1 The Nature of a Corporation 4.2 The Stock Exchange 4.3 The Private Equity Market 4.4 Summary Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 4-3 4.1 The Nature of a Corporation • Share market – Aformal exchange facilitating the issue, buying and selling of equity securities • Publicly listed corporation – Acompany whose shares are quoted and traded on a formal stock exchange • Ordinary share – The principal form of equity issued by a corporation, which bestows a claim to residual cash flows and ownership and voting rights Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 4-4 4.1 The Nature of a Corporation (cont.) • The corporation differs from other business forms – Ownership claims are widespread and easily transferable – Owners (shareholders) do not affect the day-to-day affairs of the company – Shareholders’ liability is limited to: the issue price of shares of a limited liability company any partly paid portion of shares of a no-liability company Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 4-5 ... - tailieumienphi.vn 1084979

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