耶魯RobertShiller金融市場Lect15投資銀行業(yè)務(wù)和二級市場InvestmentBankingandSecondaryMarkets課件_第1頁
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Lecture15:InvestmentBankingandSecondaryMarketsGlass-SteagallAct1933Themodernconceptof“InvestmentBank”wascreatedintheGlass-Steagallact(BankingActof1933).GlassSteagallseparatedcommercialbanks,investmentbanks,andinsurancecompanies.CarterGlass,SenatorfromVirginia,believedthatcommercialbankssecuritiesoperationshadcontributedtothecrashof1929,thatbanksfailedbecauseoftheirsecuritiesoperations,andthatcommercialbanksusedtheirknowledgeaslenderstodoinsidertradingofsecurities.InvestmentBanksBulgebracketfirms:FirstBoston,GoldmanSachs,MerrillLynch,MorganStanley,SalomonBrothers,LehmanBrothers.Traditionallywereoftenpartnerships,butpartnershipformisdisappearing.Graham-LeachAct1999PresidentClintonNovember1999signsGraham-LeachBillwhichrescindedtheGlass-SteagallActof1933.ConsumergroupsfoughtrepealofGlass-Steagallsayingitwouldreduceprivacy.Graham-LeachcallsforastudyoftheissuesoffinancialprivacyMergersamongCommercialBanks,InvestmentBanks&InsuranceCompaniesTravelers’Group(insurance)andCiticorp(commercialbank)1998toproduceCitigroup,onanticipationthatGlass-Steagallwouldberescinded.BrokerageSmithBarneyChaseManhattanBank(commercialbank)acquiresJPMorgan(investmentbank)(2000)for$34.5billionUBSSwitzerlandbuysPaineWebber(brokerage)2000CreditSuissebuysDonaldsonLufkinJenrette(investmentbank)2000UnderwritingofSecuritiesIssuanceofsharesandcorporatedebtSeasonedissueversusIPOUnderwriterprovidesadviceforissuer,distributionofsecurities,sharingofrisksofissue,andstabilizationofaftermarket.Underwriteralso“certifies”theissuebyputtingitsreputationbehindtheissue.TwoBasicKindsofOfferingsBoughtdeal(synonym:Firmcommitmentoffering):TheunderwriteragreestobuyallsharesthatarenotsoldBestefforts:theunderwritersaysthatiftheissueisnotsold,dealcollapses.TheUnderwritingProcessIPrefilingperiodAdviseissuersabouttheirchoicesAgreementamongunderwriters,designatesmanager,feesFilingofregistrationstatementwithSEC,beginscooling-offperiodCoolingoffperiod–distributepreliminaryprospectus(redherring),nothingelseTheUnderwritingProcessIICallprospectiveclientsforindicationofinterestDuediligencemeetingbetweenunderwriterandcorporationDecideonofferingprice,underwritingagreement,whichunderwritersellswhatDealeragreement,dealerspurchasefromunderwritersatadiscountfrompublicpriceEffectivedateSupportthepriceintheaftermarketFroma1929TextbookonInvestmentBanking“Infloatinganynewissuesofsecurities,therefore,thesellerdesirestohaveconditionssoshapedthatthepriceoftheissuewillremainstable,orperhapsitwillriseslightly,duringtheperiodinwhichthesecuritiesarebeingabsorbedbythemarket...establishingafavorablepsychologicalattitudeofinvestors..Thetermmanipulatedmarketisnotaltogetheramisnomer.”TheTombstoneNewspaperannouncementsofsecurities’issues,listingunderwritingsyndicateWhycalledtombstones?Originoftermforgotten.Resemblance?Theonlykindofadallowedduringcooling-offperiodCrossbetweenbirthannouncementandobituary.Tombstonesappearafterthesecuritieshavealreadybeensold,butofcoursetheyarenowonthemarket.InvestmentbankerslovetoreadthemPrivatePlacementSoldonlyto“sophisticated”investors,exemptfromSECregistration.RegulationD:Privateissuescannotbeadvertised,definessophisticatedinvestorsSEChasprovidedthatprivatelyplacedsecuritiescannotbesoldfortwoyearsafterpurchase.SECRule144aApril1990eliminatestwo-yearholdingperiodforinstitutionswithover$100millioninthesecurityInitialPublicOfferingsPricetendstojumpupimmediatelyafteranIPOisissued.ApparentlyleavemoneyuponthetablePoorLong-RunPerformanceofIPOsJayRitter,JournalofFinance,1991AlthoughaverageIPOearnsa+16%returnonthefirstday,thisreturntendstobeoffsetoverthenextthreeyears.WhyThisPerformanceofIPOs?ImpressarioHypothesis:analogytosellersofticketstoconcertsSurveyofIPOInvestors“DoyouthinkthatinvestorsexpectreputableunderwriterstotakesomeaccountoftrueinvestmentvalueindecidingtheofferingpriceinanIPO,ratherthanjustthepricethemar

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