BU473 Lecture Notes - Lecture 3: Initial Coin Offering, Underwriting, Cryptocurrency

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14 Dec 2019
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Private markets: public securities are available for trading, either over the counter or on an exchange. In some countries, securities in private markets can only be traded by certain types of investors, often referred to as accredited investors. Private markets: becoming a public company is costly and requires public disclosures, however, there are costs to remain private, raising money is difficult, liquidity issues. Public markets: public companies go public through ipos, and issue new shares through secondary offerings. Ipos are the process of private firms becoming public: the process is conducted by underwriters, investment banks, they help with advising the firm on pricing and sizing, prospectus preparation, and marketing the securities. Ipo alternatives: remaining private, direct listing: allow initial investors to sell their shares directly, crowdfunding. Trading process: market type, order type, settlement process. Market type: otc vs. exchange-traded: depending on the security being traded, investors may or may not be able to trade them on an exchange.

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