Read e-book online A Guide to the Financial Markets PDF

By Charles R. Geisst (auth.)

ISBN-10: 0333376536

ISBN-13: 9780333376539

ISBN-10: 1061071111

ISBN-13: 9781061071116

ISBN-10: 1349075698

ISBN-13: 9781349075690

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Extra resources for A Guide to the Financial Markets

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New issues of Government stocks are offered to the public by the Government broker on behalf of the Treasury. This is normally done at the beginning of a specified subscription period. Initially, stock may be subscribed to on a partly paid basis, with the balance due at the end of the period. This has enabled many investors, dubbed stags, to purchase new offerings on a partly paid basis (perhaps 25 per cent of face value) and sell them before final payment is due, hoping for a highly leveraged profit.

Banks are the usual underwriters of new issues. At the same time, the actual number of stockbroking firms declined in the 1970s as most institutional investors tend to have their portfolios managed by bankers. Germany provides similar statistics for foreign listings. Between 1948 and 1963 only I 0 new listings were applied for on the exchanges. In 1965, 625 issues were in existence; by 1975 they had dwindled to only 470. But this did not dissuade foreign issuers. Over 150 foreign companies are listed in Frankfurt and over 50 per cent of them are American and Japanese.

However, a process of intermediation is occurring in both the United 38 A Guide to the Financial Markets States and Britain which, while not necessarily diminishing the role of shares in either economy, is nevertheless creating a situation whereby the anglophone and continental markets are moving closer together in actual function by allowing institutions to assume more and more of the risk process once shouldered to a greater extent by the individual. NOTES There is a difference between authorised and issued shares.

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A Guide to the Financial Markets by Charles R. Geisst (auth.)


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