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equity review 2 - Coggle Diagram
equity review 2
overview of equity securities (R39)
characteristics of common share
statutory voting system
cumulative voting
putable common shares
callable common shares
characteristics of preferred share
cumulative preference share
participating preference share
convertible preference share
优先于CS拿到分红
risk of equity securities
PS<CS
putable stock < callable stock
cumulative PS< non-cumulative PS
non-domestic investment
direct investing
global registered shares (GRS)
depository receipts (DR)
sponsored DR
unsponsored DR
SEC regualtion of DR
三级DR
high listing cost
no liquidity risk
no default risk
investors focus on currency risk
chance for arbitrage
permit fundraising in US
一级&二级
low listing cost
less liquidity
not permitted to fundraising in 本地市场
RULE 144A
私下发行的DR无需在SEC注册
low listing cost
一般是private equity 去买
market efficiency (R38)
efficient market
market value = intrinsic value
informationally efficient
efficient market hypothesis
weak form efficiency
past data
price
volume
fundamental analysis
inefficient
semi-strong efficiency
fundamental past and public data
passive investment
insider information
strong form efficiency
past
public
private
no abnormal return
market anomalies
anomalies in time series data
calendar anomalies
January effect
momentum anomalies
代表technical analysis有效
anomalies in cross-sectional data
size effect
value effect
代表fundametal analysis 有效
other anomalies
closed end investment funds
earnings announcement
initial public offering
economic fundamentals
behaviour finance
loss aversion bias
disposition effect
overconfidence bias
representativeness
gambler's fallacy
mental accounting
conservatism
narrow framing
从众心理
herding
information cascades