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Definition of Winners's
curse Problem faced by uninformed bidders. For example, in an initial public offering uninformed
Conflicts of interest among stockholders, bondholders, and managers.
Conflicts of interest between the firm’s owners and managers.
Arises when the stockholders substitute riskier assets for the firm's existing
Also called on-the-run or current coupon issues or bellwether issues. In the secondary
the minimum set of knowledge needed by a person to function effectively in a particular field
An offering of securities through competitive bidding.
Related: Benchmark issues
"Don't know the trade." A Street expression used whenever one party lacks
Eurobonds that pay coupon interest in one currency but pay the principal in a different
An international equity placement where the offering is split into two
A special committee of the Financial Accounting Standards Board established to reach consensus of how to account for new and unusual financial transactions that have the potential for creating differing financial reporting practices.
A separate committee within the Financial Accounting Standards Board composed of 13 members representing CPA firms and preparers of financial statements
Securities sold in the Euromarket. That is, securities initially sold to investors
The process of offering a company’s shares for sale to the public through an
Initial margin requirement
When buying securities on margin, the proportion of the total market value of
Initial Public Offering
A firms first offering of its shares to the investment public, after registration requirements of the various securities regulators have been met.
Initial public offering (IPO)
A company's first sale of stock to the public. Securities offered in an IPO are
initial public offering (IPO)
First offering of stock to the general public.
An offering of securities for which the terms, including underwriters' compensation,
The market in which a new issue of securities is first sold to investors.
A document that outlines the terms of securities to be offered in a private placement.
A "prosperous-like" document providing detailed descriptions of a company's past, present, and prospective business operations. It is normally prepared for the use of potential purchasers of securities offered under the seed capital or private placement prospectus exemptions.
A firm selling some of its own newly issued shares to investors.
See national debt.
The sale of registered securities by the issuer (or the underwriters acting in the interests of the
The sale of new securities to the investing public.
Public Oversight Board
An independent private-sector body that oversees the audit practices
Public Securities Administration (PSA)
The trade association for primary dealers in U.S. government
Warehouse operated by an independent warehouse company on its own premises.
Publicly Held National Debt
See national debt.
Publicly traded assets
Assets that can be traded in a public market, such as the stock market.
Realizable Revenue A revenue transaction where assets received in exchange for goods and
services are readily convertible into known amounts of cash or claims to cash.
A bankruptcy practitioner appointed by secured creditors in the United Kingdom to oversee the
In a purchase and sale, the yield to maturity at which the underwriter offers to sell the bonds
Idea that future replacement decisions must be taken into account in selecting
Issuance of "rights" to current shareholders allowing them to purchase additional shares,
Sale of securities by a firm that is already publicly traded.
Security deposit (initial)
Synonymous with the term margin. A cash amount of funds that must be deposited
Small issues exemption
Securities issues that involve less than $1.5 million are not required to file a
Specific issues market
The market in which dealers reverse in securities they wish to short.
The mirror image of the asset substitution Problem, wherein stockholders refuse
Walsh-Healey Public Contracts Act of 1936
A federal Act that forces government contractors to comply with the government’s minimum wage and hour rules.
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