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EQUITY MARKETBy: Elson
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Equity Market
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Introduction to Equity Market
- General Characteristics of Equity- Represents Ownership Interest- Permanent Source of Long-Term Capital
- No Maturity Date- Ownership Risk- Investment Returns Depends on Stock
Market Prices
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Introduction to Equity Market- Shareholders Entitlement
- Residual Interest- Limited Liability- Control Via Voting Rights
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Introduction to Equity Market
- Definition of Market
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Introduction to Equity Market- Characteristics of a Good Market
1) Information is TIMELY and ACCURATE2) Transaction cost should be LOW3) Information Efficiency4) High Degree of Liquidity
a) Marketability (Breadth)b) Price Continuity (Depth)
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Organisation of Equity Market
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Organisation of Equity Market
- Primary Market- Purpose: For companies to raise capital- Method of raising new Equity Capital
1) IPO2) Private Placement3) Rights Issue4) Bonus Issue
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Organisation of Equity Market
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Organisation of Equity Market
- Method of Offering1) Fixed Price Method2) Private Placement3) Book Building4) Preferential Allotment
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Organisation of Equity Market- Secondary Market
- Purpose: Trading, Provides Liquidity to Shareholders- In Singapore
- SGX Main Board- SGX Catalist
- Differences between Exchange-Traded Market and OTC Market
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Applying for IPO Shares1) Application forms with Cashier’s Order2) ESA3) Online application through Internet
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ANY QUESTIONS?