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@Las Vegas

The question I'm getting is like this

jeffrey815(Smartiecat)
Which of the following statements are true about new issues of seasoned equity?

1. As a percentage of gross proceeds, issue costs tend to be lower for bonds than for seasoned equity.

2. The annoucement of new issues of seasoned equity generally results in a decline in the stock price.

3. It is generally believed that managers will be more likely to provide new issues of common stock when they think the stock is overvalued than when they think the stock is undervalued.

All of above are correct but I don't understand why 1 is the way it is because I have no idea how they issue seasoned equity. The other 2 are quite common sense.
(#795990@0)
Last Updated: 2002-10-13
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Replies, comments and Discussions:

  • 枫下家园 / 理财投资税务 / 一直对option put, call不太明白。我可以put, call多久啊?commission怎么算?for example, $35+$2.5 per contract是什么意思? thanks -yong(yang); 2002-10-12 (#794898@0)
    • 你买卖Call或Put的时候，或看报价的时候有个日期...... -aha(Woho); 2002-10-12 {182} (#795192@0)
      在欧洲市场Option在该日到期，Option只能在当日交易（或放弃），而在美国市场这个到期日是某个月份，即到该月最后一个星期五到期，但Option则可以在此前的任何一个交易日交易，过了该日则算放弃。
    • $35+$2.5表示约定远期股票价格$35，Option合约交易价格为$2.5/股。应该还应注明是Put还是Call -aha(Woho); 2002-10-12 (#795200@0)
      • 是一股$2.5还是100股?要是一股$2.5也太贵了.从一网上看1 contract 是100股.是不是说我想put or short还不一定有. thanks -yong(yang); 2002-10-13 (#795574@0)
        • 当然是一股$2.5，就拿链接里的例子，10 MSFT JUN 55 CALL，每股$2.5，1000股（10手）就是$2500嘛。 -aha(Woho); 2002-10-13 (#795629@0)
        • 100股的option是$250. 无论你要买/卖put/call, option exchange都会买/卖给你 -falcon(令狐葱); 2002-10-13 (#795632@0)
        • 股票期货基础...... -aha(Woho); 2002-10-13 {949} (#795646@0)
          套期保值有两种思路：

          1、以MSFT JUN 55 2.5 CALL为例，买入MSFT股票100股，假设$50/share，付出现金5000元（佣金略）。同时附加卖出1手（100股）Call Option，每股2.5元，收入现金250元（称Premium）。持股成本4750元，相当于每股成本47.5元。即你降低了成本，减少了风险。

          在6月最后一个星期五之前，对方有权收购你的微软股票，价格为55元，因为你拿了别人的钱，就有义务看好你的股票，别人要了就得给他。但对方也可以不收购你的股票，你就取得Premium，同时保有你的股票。此法适用于后期看牛的市场，用于分摊成本，降低风险。

          2、以MSFT JUN 55 5.5 PUT为例，买入MSFT股票100股，假设$50/share，付出现金5000元（佣金略）。同时附加买入1手（100股）Put Option，每股5.5元，付出现金550元。持股成本5550元，相当于每股成本55.5元。

          在Option到期之前，无论MSFT跌到多少，你有权以55元出售你的微软股票，哪个拿了你550元的冤大头就得吃进。而MSFT涨了，你也可以不理哪个家伙自己出货，因为你用550元购买的是权利，而不是义务。此法是规避市场走熊风险的常用方法，代价是你要损失一些收益（比CALL要多些）。
          • 谢谢,明白了点，但是my broker不允许在持有同种股票时put or call，另外是不是cover 还有一次commission? option价格是固定的吗? who decide that? -yong(yang); 2002-10-13 (#795870@0)
            • Option在买入（卖出）时有Commission，比股票略高些。在Exercise时还有一个Commission。但这些比起收益（亏损）而言，几乎可以忽略不及。Option的价格应该是可变的，但变化很小。 -aha(Woho); 2002-10-13 (#795911@0)
              • Option的价格变化是很大的，方向错了，可以成废纸。 -maple2000(枫叶飘); 2002-10-13 (#796145@0)
                • 变化大的是股票的价格，而Option的价格只有其几分之一，甚至几十分之一。Option的作用就是四两拨千斤，当然，拨错了方向，砸到脚也是很要命的。 -aha(Woho); 2002-10-14 (#796686@0)
                  • Option的价格一天变化40-50%是常事，翻一翻砍一半也正常。 -maple2000(枫叶飘); 2002-10-14 (#796691@0)
          • Hey, do you know what is "Seasoned" Equity? What's the difference between normal equity? -jeffrey815(Smartiecat); 2002-10-13 (#795872@0)
    • aha is right. except: -m2001(noname?); 2002-10-13 {691} (#795956@0)
      1. $35+2.5 mean the commission is $35 plus 2.5 per contract. e.g. if you buy 10 msft call (i.e. you have the right to buy 1000 msft shares before the option expiry), the commission is 35+10*2.5=$60.
      2. option value depends on the underlying stock's price, volatility and time to expiry. for far out-of-the-money options, the option price is less volatile. for at-the-money options, it is twice as volatile as the underliying stock.

      i've never hearf of seasoned stocks. stocks can be classified as common stock and preferred stock. seasoned normaly refer to securities which are no longer traded in the primary market, e.g. they have been traded on the secondary market for some time.
      • The question I'm getting is like this -jeffrey815(Smartiecat); 2002-10-13 {647} (#795990@0)
        Which of the following statements are true about new issues of seasoned equity?

        1. As a percentage of gross proceeds, issue costs tend to be lower for bonds than for seasoned equity.

        2. The annoucement of new issues of seasoned equity generally results in a decline in the stock price.

        3. It is generally believed that managers will be more likely to provide new issues of common stock when they think the stock is overvalued than when they think the stock is undervalued.

        All of above are correct but I don't understand why 1 is the way it is because I have no idea how they issue seasoned equity. The other 2 are quite common sense.
      • you explanation about commission seems right. -yong(yang); 2002-10-13 (#796078@0)
        • to jeffrey815: apparently the 'seasoned equity' means common stock of company that is already trading in the open market. it is a term used to differenciate from IPO. -m2001(noname?); 2002-10-13 {126} (#796112@0)
          generally corporate bond issuers pay up to 2% to the underwriters. i don;t know how much for stocks but it seems to be higher.
          • ok, I see, thanks. -jeffrey815(Smartiecat); 2002-10-13 (#796140@0)

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