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Q2244803
Inglês
Texto associado
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...).
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Normas Contábeis e de Auditoria |
Q2243755
Inglês
Texto associado
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 (...40...).
Ano: 2023
Banca:
OBJETIVA
Órgão:
Prefeitura de Pinto Bandeira - RS
Prova:
OBJETIVA - 2023 - Prefeitura de Pinto Bandeira - RS - Professor (Letras/Inglês) |
Q2243146
Inglês
Maya Angelou, known in literature for her
autobiographical works, is the author of:
Ano: 2003
Banca:
FCC
Órgão:
CVM
Prova:
FCC - 2003 - CVM - Analista - Planejamento e Execução Financeira |
Q2242131
Inglês
Texto associado
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.
Ano: 2023
Banca:
CESPE / CEBRASPE
Órgão:
MPE-RO
Prova:
CESPE / CEBRASPE - 2023 - MPE-RO - Analista de Suporte Computacional |
Q2239810
Inglês
Texto associado
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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