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Ano: 2003 Banca: FCC Órgão: CVM Prova: FCC - 2003 - CVM - Inspetor |
Q2244803 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)
Para responder à questão, assinale, na folha de resposta, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado (...58...).
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Q2243146 Inglês
Maya Angelou, known in literature for her autobiographical works, is the author of:
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Q2242131 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 KK 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)
Instruções: Para responder à questão, assinale, na folha de respostas, a letra correspondente à alternativa que preenche corretamente a lacuna do texto apresentado.
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Q2239810 Inglês
Text 2A7

       Artificial intelligence (AI) is arguably the most rapidly advancing technology humans have ever developed. A year ago, you wouldn’t often hear AI come up in a regular conversation, but today it seems there’s constant talk about how generative AI tools like ChatGPT and DALL-E will affect the future of work, the spread of information, and more. A major question that has thus far been almost entirely unexamined is how this AI-dominated future will affect people’s minds.

         There’s been some research into how using AI in their jobs will affect people mentally, but there isn’t yet an understanding of how simply living amongst so much AI-generated content and systems will affect people’s sense of the world. How is AI going to change individuals and society in the not-too-distant future?

          AI will obviously make it easier to produce disinformation. That will affect people’s sense of trust as they’re scrolling on social media. AI can also allow someone to imitate your loved ones, which further erodes people’s general ability to trust what was once unquestionable.


Internet: < wired,com > (adapted).  
In the context of the first sentence of the second paragraph of text 2A7, the word “ understanding ” is grammatically classified as 
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Q2238992 Inglês
Text 2A7

         Artificial intelligence (AI) is arguably the most rapidly advancing technology humans have ever developed. A year ago, you wouldn’t often hear AI come up in a regular conversation, but today it seems there’s constant talk about how generative AI tools like ChatGPT and DALL-E will affect the future of work, the spread of information, and more. A major question that has thus far been almost entirely unexamined is how this AI-dominated future will affect people’s minds.
           
           There’s been some research into how using AI in their jobs will affect people mentally, but there isn’t yet an understanding of how simply living amongst so much AI-generated content and systems will affect people’s sense of the world. How is AI going to change individuals and society in the not-too-distant future?

            AI will obviously make it easier to produce disinformation. That will affect people’s sense of trust as they’re scrolling on social media. AI can also allow someone to imitate your loved ones, which further erodes people’s general ability to trust what was once unquestionable.

Internet: <wired.com> (adapted). 
In the context of the first sentence of the second paragraph of text 2A7, the word “understanding” is grammatically classified as 
Alternativas
Respostas
116: A
117: C
118: C
119: D
120: C