IPO英语词汇集A.docx

IPO英语词汇集A.docx

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IPO英语词汇集A

IPO词汇集A－Z

时间：

2005-3-88:

47:

53 来源：

英语麦当劳EnglishCN.com 阅读2174次

A

Allocation

Thisistheamountofstockinaninitialpublicoffering（IPO）grantedbytheunderwritertoaninvestor.FormostIPOs,theallocationissignificantlylessthantheindicationofinterest.Theallocationsaremetedoutbasedoncommissionvolume,tradinghistoryandtypeofinvestor.

Aftermarket

TradingintheIPOsubsequenttoitsofferingiscalledtheaftermarket.TradingvolumeinIPOsisextremelyhighonthefirstdayduetoflippingandaftermarketpurchases.Tradingvolumecandeclineprecipitouslyinthefollowingdays.

AftermarketOrders

UnderwriterslookfavorablyoninvestorswhobuyIPOsinthedaysaftertheIPOfirstgoespublic.Whileunderwriterscannotsolicitaftermarketorders,someexpectinvestorstopurchasetwoorthreetimestheirIPOallocationintheaftermarket.

AftermarketPerformance

Thepriceappreciation（ordepreciation）inIPOsismeasuredfromtheofferingpricegoingforward.However,toobtainabetterbenchmarkofIPOaftermarketperformance,someinvestorstrackperformancefromthefirstdayclose.

AmericanDepositoryReceipts（ADRs）/AmericanDepositoryShares（ADSs）

Non-U.S.companiesthatwishtolistonaU.S.exchangemustabidebytheregulatoryandreportingstandardsoftheSecuritiesandExchangeCommission（SEC）.Thesesecuritiesarecalledreceiptsbecausetheyrepresentacertainamountofthecompany"sactualshares.ExamplesofADRsareFranceTelecom,BritishSkyBroadcastingandEquant.

B

BeautyContest

WhenacompanyisconsideringdoinganIPO,thecompany"sexecutivestypicallyinterviewanumberofinvestmentbankstodeterminewhichoneswoulddothebestjobofmanagingtheofferingandprovideongoingresearchreportsoncethecompanyispublic.Theparadeofinvestmentbankersthroughacompany"sofficesisknownasthebeautycontest.

Blanked

WhenaninvestorplacesanindicationofinterestforsharesinanIPOandreceivesnoshares.

BlueSky

Thesearestatesecuritieslawsdesignedtoprotectindividualinvestors.Thephrasepurportedlyoriginatedfromastatejudgewhosaidthatthesecuritiesofaparticularcompanyhadallthevalueofapatchofbluesky.Bothcompaniesandmutualfundsareaffectedbystateblueskylaws.However,theSECandCongressareintheprocessofsupersedingtheserules,becausetherulesinsomestatesareobsolete,arbitraryandpoorlyenforced.

BoardofDirectors

ThecompositionoftheBoardofDirectorsisparticularlycriticalforanIPO.Typically,aboardiscomposedofinsideandoutsidedirectors.Insidedirectorscouldbemanagement,significantshareholders,venturecapitalists,vendorsandrelatives.Outsidedirectorshavenounderlyingfinancialorpersonalrelationshipwiththecompanythatcouldcreateaconflictofinterestandareontheboardfortheirexperience,businessjudgmentandcontacts.Outsidedirectorsmayownstock,butarenotlargeshareholders.Investorsshouldlookforaboardthathasatleasttwooutsidedirectors.Typically,IPOsaddtheirfirstoutsidedirectorsatorimmediatelyaftertheoffering.

BookRunningManager

Thebookrunningmangeristheunderwritercontrollingtheoffering.Thisunderwriter"snamealmostalwaysappearsonthetopleftatthebottomofthecoverpageoftheprospectus.Insomecases,however,theunderwriterwhosenameappearsinthispositiondoesnotcontroltheorderbooklistingofbuyordersfromprospectiveinvestors.Thatroleistakenbyoneoftheotherunderwriterslistedonthecoverpage.Thatiswhyinvestorsask,"Whoisthebookrunningmanger?

"

BrokenIPOs

IfanIPOtradesunderitsIPOpriceintheaftermarket,itissaidtobeabrokenIPO.Thisisnotagoodthing.Regardlessoffundamentals,investorsregardbreakingissuepriceasabadomen.IntheolddaysofWallStreet,syndicatesofunderwriterswouldpropuptheIPOpricewithastabilizingbid,oftenfordays.Duetoprofitconsiderations,theleadmanagermaydisbandthesyndicateeveniftheIPOiscratering.

BucketShop

Thesearebrokeragefirmswithdubiousreputations.Manyofthesearefly-by-nightoperations,consistingofmanybrokersmakingcoldcallstoinvestors.Theseshopsspecializeinlowpriced"pennystocks",whichtheyselltoonefoolandthentoagreaterfool.Thebrokersmayhopfromshoptoshop,justaheadoffederalregulators.

C

Calendar

ThisreferstoupcomingIPOsandsecondaryofferings.Brokeragehouseshaveequitycalendars,bondcalendarsandmunicipalcalendars.

Carve-Out

Aspecifictypeofspin-offinwhichthecorporateparentconsolidatesaparticularlineofbusiness（e.g.CantorFitzgerald"scombinationofitselectronicbondtradingunitsintoonesubsidiary）andthensellsthatnewlycreatedsubsidiarytoinvestors.Inessence,thecompanyis"carvingout"apieceofitsbusinesswithaspecificbusinessfocusandsellingittothepublictohighlightthevalueofnichebusinessoperationswithinthelargercompany.Usuallydoneintheformofatruespin-offwithanindependentboardandseparatefinancialstatements,butheavycrossownershipbyparent.Sometimesdoneintheformofatrackingstockstructure（e.g.AT&TWireless）.

ClassActionSuit

Litigationundertakenonbehalfofshareholdersagainstcompanieswhoseshareshavedeclinedinprice,allegingmisstatementsoromissionsintheprospectusorothermaterialcommunicatedtothepubliciscalledaclassaction.Theselawsuits,nowhardertomountduetoFederallegislation,arespearheadedbyahandfuloflawfirmsspecializinginthisareaandarefocusedonrecentIPOsandtechnologycompanies.

ClearingPrice

ThepriceatwhichallsharesofanIPOcanbesoldtoinvestorsinaDutchAuction.Sometimesreferredtoasthe搈arketclearingprice?

Co-Manager

Mostinitialpublicofferingsandsecondaryofferingshavemorethanoneunderwriter.Themanagercontrollingtheofferingiscalledtheleadmanager.Otherunderwritersareco-managers.Thenamesoftheseunderwritersappearonthebottomofthefrontpageoftheprospectus,withthemostimportantmanagerappearingonthetopleft,andtheco-managersarrayedfromlefttorightinorderofimportance.

Commissions

Thecommissionspaidtobrokersforbuyingorsellingstockrangefrom3to5centsashareforinstitutionsto15centsasharefordiscountbrokers.ButwhenyoupurchaseanIPOattheofferprice,youpaynocommission.Instead,theunderwriterchargestheissuingcompanyagrossspread,whichisthedifferencebetweenthepublicofferingpriceandwhattheissuingcompanyreceived.Typically,thisspreadis7%to8%oftheIPO"sofferingprice.TheprofitabilityofdoingIPOsisoneimportantreasonwhyinvestmentbanksfocusondevelopingthisbusiness.

Comparables

WheninvestmentbankersdecidehowtopriceanIPO,theystudythevaluationsofsimilar,alreadypubliccompanies.Thesearecalledcomparables.ThepricingrangeindicatedintheregistrationstatementorintheprospectusreflectstheproposedvaluationoftheIPOrelativetothecomparables.Itiscriticaltoselectgoodcomparables.Bankerssometimesleantowardcomparableswithhighvaluations,butknowledgeableinvestorsdotheirownhomework.Sometimes,anIPOmaybethefirstcompanyinitsindustrytogopublic.Then,therearenocomparables.Inthosecases,investorslooktoanalogouscompaniesonwhichtobaseavaluation.CompaniesthathadnodirectcomparablesatthetimetheywentpublicincludeYahoo!

A,andMFS（nowMCIWorldcom）.

D

DayToDay（DTD）

WhenanIPOislistedasday-to-dayontheofferingcalendar,itmeansthattheleadunderwriterdoesnothavesufficientordersinthebook.IPOslistedasDTDarelikelytobepostponed.

DayTrader

Onceatermusedtodescribeprofessionalinvestorswhoaggressivelytradestocks,bondsandotherfinancialinstrumentstocaptureshort-termswingsinprices,itisnowappliedtoindividualswhofrequentsmallbrokeragefirmsthatofferterminalsandquotestreams.Theseindividualsusetheirowncapital-sometimesborrowed-toestablishanaccountandthentradeonashort-termbasis.Thetermisalsoappliedtoindividualinvestorswhotradeonlineforshort-termgains.RegulatorssuchastheSECarecurrentlyexaminingtheoperationsofday-tradingbrokeragefirms,whomaybereapinghugeprofitsintheformofcommissionsattheexpenseoftheirhigh-volumecustomers.

DeadCatBounce

Thisistheshortreboundastockmakesafterishasdroppedsignificantlyinprice.Itislikelycausedbyshortsellersclosingoutpositionsratherthanrealbuying.

DepositaryTrustCompany（DTC）

TheDTCisessentiallyaclearinghousebetweeninstitutionalbuyersandsellersofsecuritiesandbrokers.Itallowsinstitutionalinvestorstoseamlesslybuyandsellstockusingmultiplebrokers.

DirectPublicOffering（DPO）

Toavoidtheexpenseofhigh-pricedlawyersandinvestmentbankers,somecompaniestrytogoitalonebysellingtheirsharesdirectlytothepublic.Thishasbeenusedbysmallconsumerproductscompanieswithloyalcustomers.Theseofferingsareusuallyextremelysmallandhighlyilliquid.

DueDiligence

Aspartoftheprocessoftakingacompanypublic,theinvestmentbankersandlawyersfortheunderwritersconductanin-depthexaminationoftheproposedIPO.Theyspeakwithmanagementaboutthecompany"sprospects,strategy,competitorsandfinancialstatements.Informationthatismaterialtothecompany"sprospectsmustbedisclosedintheprospectus.

DutchAuction

AnalternativetothetraditionalnegotiatedpricingprocessusedbyunderwriterstosetIPOprices.Thismethodrequirestheunderwritertosolicitbidsfrompotentialinvestors.Investorsindica