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Ano: 2003 Banca: FCC Órgão: CVM Prova: FCC - 2003 - CVM - Inspetor |
Q2244805 Inglês
From the IPO to the First Trade: Is Underpricing Related to the Trading Mechanism?

Sonia Falconieri, Albert Murphy and Daniel Weaver

      As documented by a vast empirical literature, IPOs are characterized by underpricing. Most of the theoretical literature has linked the size of underpricing to the IPO procedure used on the primary market. In this paper, by using a matched sample of NYSE and Nasdaq IPOs, we show that the size of underpricing also depends on the trading method used in the IPO aftermarket.
        There are two major methods of opening trading of initial public offerings (IPOs) in the U.S. The NYSE is an order-driven market ...56... a call auction allows supply and demand to be aggregated (at one location) prior to the start of trading. ...57... , Nasdaq is a quote-driven market. Dealers can only specify their best quotes, and participants have ...58... idea of supply and demand away from the inside quotes.
         We propose a new proxy for ex ante uncertainty of firm value and test it. Our results show that there is a larger level of uncertainty at the beginning of trading on Nasdaq than on the NYSE. This in turn is associated with larger levels of underpricing for Nasdaq IPOs. We suggest that this may be due to the different informational efficiency of the two trading systems.


(http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=%
2Fmarketinfo%2Fmarketinfo.html)
 O texto acima é
Alternativas
Q2243762 Inglês
      Michael R. Bloomberg is the 108th Mayor of the City of New York. He was born on February 14, 1942 to middle class parents in Medford, Massachusetts, where his father was the bookkeeper at a local dairy. Mayor Bloomberg's thirst for information and fascination with technology was evident at an early age, and led him to Johns Hopkins University, where he parked cars and took out loans to finance his education. After his college graduation, he gained an MBA from Harvard and in the summer of 1966, he was hired by Salomon Brothers to work on Wall Street.

    He quickly advanced through the ranks, and became a partner in 1972. Soon after, he was supervising all of Salomon's stock trading, sales and later, its information systems. He was fired in 1981 after another company acquired Salomon. Michael Bloomberg used his stake from the Salomon sale to start his ...39... company, an endeavor that would revolutionize the way that Wall Street ....40.... business. As a young trader, he had been amazed at the archaic nature in which information was stored. When he needed to see how a stock had been trading three weeks earlier, he had to find a copy of the Wall Street Journal from the date in question, and the records system consisted of clerks penciling trades in oversize ledgers. ...41... , he created a financial information computer that would collect and analyze different combinations of past and present securities data and deliver it immediately to the user.

       In 1982, Bloomberg LP sold 20 subscriptions to its service; 20 years ....42... , Bloomberg LP has over 165,000 subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the media business, launching a news service, and then radio, television, Internet, and publishing operations.
   
         Nearly 20 years after its founding, Bloomberg LP now employs more than 8,000 people − including 2,500 in New York City − in more than 100 offices worldwide. As the company enjoyed tremendous growth, Michael Bloomberg dedicated more of his time and energy to philanthropy and civic affairs. His desire to improve education, advance medical research and increase access to the arts, has provided the motivation for much of his philanthropy.

         The Mayor served as the Chairman of the Board of Trustees of Johns Hopkins University until May 2002. Recently, he was honored by Johns Hopkins University, when its School of Hygiene and Public Health was renamed "The Bloomberg School of Public Health," a tribute to his leadership and use of philanthropy to improve the human ....43... .

     In 1997, Michael Bloomberg published his autobiography, Bloomberg by Bloomberg. All of the royalties from sales of the book are donated to the Committee to Protect Journalists.

(Adapted from http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119 4&cc=unused1196&rc=1194&ndi=-1)
 Segundo o texto, quando Michael Bloomberg começou a atuar em Wall Street 
Alternativas
Q2243757 Inglês
      Michael R. Bloomberg is the 108th Mayor of the City of New York. He was born on February 14, 1942 to middle class parents in Medford, Massachusetts, where his father was the bookkeeper at a local dairy. Mayor Bloomberg's thirst for information and fascination with technology was evident at an early age, and led him to Johns Hopkins University, where he parked cars and took out loans to finance his education. After his college graduation, he gained an MBA from Harvard and in the summer of 1966, he was hired by Salomon Brothers to work on Wall Street.

    He quickly advanced through the ranks, and became a partner in 1972. Soon after, he was supervising all of Salomon's stock trading, sales and later, its information systems. He was fired in 1981 after another company acquired Salomon. Michael Bloomberg used his stake from the Salomon sale to start his ...39... company, an endeavor that would revolutionize the way that Wall Street ....40.... business. As a young trader, he had been amazed at the archaic nature in which information was stored. When he needed to see how a stock had been trading three weeks earlier, he had to find a copy of the Wall Street Journal from the date in question, and the records system consisted of clerks penciling trades in oversize ledgers. ...41... , he created a financial information computer that would collect and analyze different combinations of past and present securities data and deliver it immediately to the user.

       In 1982, Bloomberg LP sold 20 subscriptions to its service; 20 years ....42... , Bloomberg LP has over 165,000 subscribers worldwide. As the business proved its viability, the company branched out and in 1990 Bloomberg LP entered the media business, launching a news service, and then radio, television, Internet, and publishing operations.
   
         Nearly 20 years after its founding, Bloomberg LP now employs more than 8,000 people − including 2,500 in New York City − in more than 100 offices worldwide. As the company enjoyed tremendous growth, Michael Bloomberg dedicated more of his time and energy to philanthropy and civic affairs. His desire to improve education, advance medical research and increase access to the arts, has provided the motivation for much of his philanthropy.

         The Mayor served as the Chairman of the Board of Trustees of Johns Hopkins University until May 2002. Recently, he was honored by Johns Hopkins University, when its School of Hygiene and Public Health was renamed "The Bloomberg School of Public Health," a tribute to his leadership and use of philanthropy to improve the human ....43... .

     In 1997, Michael Bloomberg published his autobiography, Bloomberg by Bloomberg. All of the royalties from sales of the book are donated to the Committee to Protect Journalists.

(Adapted from http://home.nyc.gov/portal/index.jsp?pageID=nyc_mayor_bio&catID=119 4&cc=unused1196&rc=1194&ndi=-1)
Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preencha corretamente a lacuna do texto apresentado (...42...). 
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Q2243147 Inglês
Poet Sylvia Plath is known for her deeply personal works regarding themes such as depression, death, love, nature and more. Which item best describes the style of her poems?
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Q2243146 Inglês
Maya Angelou, known in literature for her autobiographical works, is the author of:
Alternativas
Respostas
496: B
497: B
498: D
499: C
500: C