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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...).
Alternativas
Q2243146 Inglês
Maya Angelou, known in literature for her autobiographical works, is the author of:
Alternativas
Q2243143 Inglês

                                       The intrigue behind the Bermuda Triangle


       On a sunny day nearly 80 years ago, five Navy planes took off from their base in Florida on a _________ training mission, known as Flight 19. Neither the planes nor the crew were ever seen again. Thus was a legend born. The Bermuda Triangle is an area roughly bounded by Miami, Bermuda, and Puerto Rico. No one keeps statistics, but in the last century, numerous ships and planes have simply vanished without a trace within the imaginary triangle.

       The disappearances have been attributed to the machinations of enormous sea monsters, giant squid, or extra-terrestrials. Alien abductions, the existence of a mysterious third dimension created by unknown beings, and ocean flatulence—the ocean suddenly spewing great quantities of trapped methane—have all been suggested as culprits.

       The reality, say many, is far more prosaic. They argue that a sometimes treacherous Mother Nature, human error, shoddy __________________ or design, and just plain bad luck can explain the many disappearances.

       "The region is highly traveled and has been a busy crossroads since the early days of European exploration," said John Reilly, a historian with the U.S. Naval Historical Foundation. "To say quite a few ships and airplanes have gone down there is like saying there are an ________ lot of car accidents on the New Jersey Turnpike—surprise, surprise."


(Fonte: National Geographic. — adaptado.)

The underlined word in the 3rd paragraph can be replaced, without loss of meaning, by:
Alternativas
Q2243141 Inglês

                                       The intrigue behind the Bermuda Triangle


       On a sunny day nearly 80 years ago, five Navy planes took off from their base in Florida on a _________ training mission, known as Flight 19. Neither the planes nor the crew were ever seen again. Thus was a legend born. The Bermuda Triangle is an area roughly bounded by Miami, Bermuda, and Puerto Rico. No one keeps statistics, but in the last century, numerous ships and planes have simply vanished without a trace within the imaginary triangle.

       The disappearances have been attributed to the machinations of enormous sea monsters, giant squid, or extra-terrestrials. Alien abductions, the existence of a mysterious third dimension created by unknown beings, and ocean flatulence—the ocean suddenly spewing great quantities of trapped methane—have all been suggested as culprits.

       The reality, say many, is far more prosaic. They argue that a sometimes treacherous Mother Nature, human error, shoddy __________________ or design, and just plain bad luck can explain the many disappearances.

       "The region is highly traveled and has been a busy crossroads since the early days of European exploration," said John Reilly, a historian with the U.S. Naval Historical Foundation. "To say quite a few ships and airplanes have gone down there is like saying there are an ________ lot of car accidents on the New Jersey Turnpike—surprise, surprise."


(Fonte: National Geographic. — adaptado.)

Check the item that CORRECTLY fills the gaps in the text:
Alternativas
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.
Alternativas
Respostas
141: A
142: C
143: A
144: A
145: C