Equity/Stocks chp 3
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Questions and Answers

What is the term used for the long-term borrowing of a company?

  • Debentures
  • Ordinary shares
  • Bearer shares
  • Bonds (correct)
  • Which type of shares may involve the investor having their name recorded on the share register?

  • Bearer shares
  • Ordinary shares
  • Debentures
  • Registered shares (correct)
  • What is the alternative to holding shares in registered form?

  • Bearer shares (correct)
  • Preference shares
  • Debentures
  • Ordinary shares
  • What is the electronic record of ownership for shares referred to when issued in a non-certificated basis?

    <p>Share certificate</p> Signup and view all the answers

    How do bearer certificates prevent their use in financial crime?

    <p>By being immobilized in vaults operated by central securities depository</p> Signup and view all the answers

    In what way does ownership of bearer shares pass to a new owner?

    <p>By physical handover of share certificate</p> Signup and view all the answers

    What type of company can issue shares to the public?

    <p>Public companies</p> Signup and view all the answers

    In the UK, how can you differentiate a public limited company (plc) from a private company?

    <p>Plc companies have 'limited' or 'ltd' in their names</p> Signup and view all the answers

    What is the main implication of limited liability for shareholders?

    <p>Shareholders can never lose money invested in shares</p> Signup and view all the answers

    What documents are required to be lodged to form a company in the US?

    <p>Certificate of Incorporation or Articles of Incorporation</p> Signup and view all the answers

    Which term is used interchangeably with ordinary shares or common stock?

    <p>Common shares</p> Signup and view all the answers

    If a shareholder subscribes for 30 ordinary £1 shares in a UK company, how much will they pay?

    <p>$30.50</p> Signup and view all the answers

    What happens if ordinary shares are only partly paid and the company goes bankrupt?

    <p>Shareholders are called on to subscribe the balance to meet the company's debts</p> Signup and view all the answers

    Which characteristic is common to ordinary shares, common shares, and common stock?

    <p>$100% risk and $100% reward</p> Signup and view all the answers

    What is a common indication that a UK company is public rather than private?

    <p>'Plc' in its name</p> Signup and view all the answers

    What is one of the key differences between private and public companies according to the text?

    <p>Only public companies can issue shares to the public.</p> Signup and view all the answers

    In a company, who has the legal priority over ordinary shares in terms of earnings and assets?

    <p>Preference Shares</p> Signup and view all the answers

    What is the term used to describe shares where only part of the nominal value has been paid up?

    <p>Partly Paid Shares</p> Signup and view all the answers

    What happens if dividends cannot be paid in a particular year for cumulative preference shares?

    <p>Dividend entitlement accumulates</p> Signup and view all the answers

    Who are the owners of a company that vote on resolutions at company meetings?

    <p>Shareholders</p> Signup and view all the answers

    What happens if shareholders vote 'no' to a resolution proposed by the company directors?

    <p>The resolution will not be passed</p> Signup and view all the answers

    What is the term used to describe shares with characteristics of both debt and equity?

    <p>Hybrid Shares</p> Signup and view all the answers

    What do liquidators do in relation to the remaining balance of partly paid shares when a company goes into liquidation?

    <p>Call for the remaining balance to settle debts</p> Signup and view all the answers

    'Preference shares have legal priority over ordinary shares.' What does this mean?

    <p>'Preference shares are prioritized in terms of earnings and assets.'</p> Signup and view all the answers

    'Partly Paid Shares' require shareholders to pay the remaining balance when called upon. This is an example of:

    <p>'Shareholder Obligation'</p> Signup and view all the answers

    'Preference shares pay a fixed dividend each year.' Which aspect of preference shares does this statement refer to?

    <p>'Debt-Like Characteristic'</p> Signup and view all the answers

    What is a 'naked or uncovered dividend'?

    <p>A dividend paid when current year's profits are insufficient to cover it</p> Signup and view all the answers

    Why do companies seek to pay steadily growing dividends?

    <p>To maintain shareholder loyalty and confidence</p> Signup and view all the answers

    How is the dividend yield calculated?

    <p>Dividend as a percentage of the current share price</p> Signup and view all the answers

    Why might a company have a higher-than-average dividend yield?

    <p>Due to government regulation of selling prices</p> Signup and view all the answers

    In terms of shareholder benefits, what are 'perks' that some companies offer?

    <p>Discounted price on the company's products/services</p> Signup and view all the answers

    What happens if a shareholder makes an unrealized capital gain?

    <p>The gain is described as being unrealized until the share is sold</p> Signup and view all the answers

    Why do shares need to be sold to realize capital gains?

    <p>To convert paper gains into actual profits</p> Signup and view all the answers

    What does it mean when preference shares are described as 'non-cumulative'?

    <p>Arrears of unpaid dividends are lost and not carried forward.</p> Signup and view all the answers

    In what circumstances would convertible preference shares typically be converted into ordinary shares?

    <p>At set intervals and on pre-set terms.</p> Signup and view all the answers

    What is the main benefit of owning shares in a company?

    <p>Getting a return on risk capital invested in the business.</p> Signup and view all the answers

    What happens to the dividend of non-cumulative preference shares if the company does not make sufficient profits?

    <p>It is lost and not carried forward.</p> Signup and view all the answers

    What is a characteristic of redeemable preference shares?

    <p>They are not paid out before ordinary shareholders.</p> Signup and view all the answers

    How are dividends paid out for cumulative preferred shares?

    <p>Based on the company's total profits.</p> Signup and view all the answers

    What distinguishes participating preference shares from other types of preference shares?

    <p>They entitle the holder to a larger dividend when profits exceed a certain level.</p> Signup and view all the answers

    What is the main difference between perpetual and redeemable preference shares?

    <p>Perpetual shares are never repaid, while redeemable shares can be repaid on a specific date.</p> Signup and view all the answers

    In what circumstance might directors of a company offer a larger dividend for participating preference shareholders?

    <p>When profits exceed a certain level.</p> Signup and view all the answers

    What is a key characteristic of irredeemable preference shares?

    <p>There is no fixed date for repayment of the nominal value.</p> Signup and view all the answers

    How does owning preference shares differ from owning ordinary shares?

    <p>Preference shareholders get paid out before ordinary shareholders in case of liquidation or winding up.</p> Signup and view all the answers

    What is the purpose of pre-emption rights for existing shareholders in companies?

    <p>To allow existing shareholders to buy new shares before the public</p> Signup and view all the answers

    How does the UK handle pre-emption rights compared to the US?

    <p>The UK imposes strict rules while the US allows management to sell to the highest bidder</p> Signup and view all the answers

    In the example of ABC plc shares, what percentage did the investor hold before the new share issue?

    <p>20%</p> Signup and view all the answers

    What is a rights issue according to the text?

    <p>A method for raising additional capital with pre-emptive rights</p> Signup and view all the answers

    How are votes allocated for ordinary shareholders at company meetings?

    <p>On the basis of one share = one vote</p> Signup and view all the answers

    What is a common way for individual shareholders to vote without attending a company meeting?

    <p>By appointing someone else to vote on their behalf</p> Signup and view all the answers

    How do some companies ensure control by certain shareholders even with a smaller proportion of shares?

    <p>By restricting or removing voting rights for specific share classes</p> Signup and view all the answers

    In what form are most shares held these days?

    <p>In electronic form in stockbrokers' or investment managers' nominee accounts</p> Signup and view all the answers

    What type of shareholder response have approaches such as those used by Alphabet met with?

    <p>Mixed response from investors as demands for environmental and social governance grow.</p> Signup and view all the answers

    What does it mean for a nominee company to be described as 'bankruptcy remote'?

    <p>The nominee company only holds and administers shares, reducing liquidation risks.</p> Signup and view all the answers

    What is the main risk associated with holding shares in general?

    <p>Price risk</p> Signup and view all the answers

    Which event on 19 October 1987 led to a significant decrease in worldwide equities?

    <p>Black Monday</p> Signup and view all the answers

    What is the potential benefit that shares offer when a company is successful?

    <p>Potential for high returns</p> Signup and view all the answers

    Which factor contributes to determining the level of risk associated with holding shares of a company?

    <p>Management team and industry</p> Signup and view all the answers

    What was the significant impact on share prices during 'Black Monday'?

    <p>22.3% fall in Dow Jones index</p> Signup and view all the answers

    What sparked a surge in internet stocks, many of which were quoted on the NASDAQ exchange?

    <p>'New economy' suggestions</p> Signup and view all the answers

    What was the percentage decline in the NASDAQ in 2008?

    <p>33.84%</p> Signup and view all the answers

    Which type of shares tends to exhibit more price risk due to global economic trends?

    <p>Volatile shares</p> Signup and view all the answers

    What does the term 'liquidity risk' in equities refer to?

    <p>Difficulty in selling shares at a reasonable price</p> Signup and view all the answers

    What does issuer risk refer to in equity investments?

    <p>Risk of the issuer collapsing and shares becoming worthless</p> Signup and view all the answers

    What is a characteristic of thinly traded companies in relation to liquidity risk?

    <p>They are more likely to face liquidity risk</p> Signup and view all the answers

    In what scenario might an investor have difficulty selling their shares at a reasonable price?

    <p>During a general market downturn</p> Signup and view all the answers

    'Nasdaq index crashed to below 2000' refers to which financial event?

    <p>'Dot-com' bubble burst</p> Signup and view all the answers

    'Enron and Lehman Brothers' collapses highlighted which type of financial risk?

    <p>'Issuer risk'</p> Signup and view all the answers

    'Equity markets worldwide fell due to the coronavirus pandemic' is an example of what type of financial event?

    <p>'General price collapses'</p> Signup and view all the answers

    'Shares in new companies with no reported profits may have substantial issuer risk.' This statement relates to which type of risk?

    <p>'Issuer risk'</p> Signup and view all the answers

    What type of corporate action is a rights issue, as described in the text?

    <p>Mandatory corporate action with options</p> Signup and view all the answers

    In the US, how are corporate actions classified according to the text?

    <p>Mandatory and voluntary</p> Signup and view all the answers

    What does a securities ratio specify in a corporate action according to the text?

    <p>The final number of shares held after the event</p> Signup and view all the answers

    How is a bonus issue expressed in terms of securities ratios in European and Asian markets?

    <p>$1 bonus for every $4 held</p> Signup and view all the answers

    What would be the result of a 5:4 bonus issue by a US company if an investor holds 10,000 shares?

    <p>The investor ends up with 12,500 shares</p> Signup and view all the answers

    What does it mean when a corporate action is classified as 'mandatory with options'?

    <p>Shareholders are required to make a decision</p> Signup and view all the answers

    Which region uses the classification system of 'mandatory with options' for corporate actions?

    <p>Europe and Asia</p> Signup and view all the answers

    What distinguishes a rights issue from other types of corporate actions?

    <p>'Pro rata' distribution to existing shareholders</p> Signup and view all the answers

    '1:5' is an example of expressing which type of corporate action terms?

    <p>Bonus issue terms in European and Asian markets</p> Signup and view all the answers

    What does it mean when a company announces a '5:6' bonus issue according to the text?

    <p>For every 5 shares held, an investor will receive 6 new shares.</p> Signup and view all the answers

    What percentage of shareholders is generally required to vote in favor of a special resolution at a company meeting?

    <p>At least 75%</p> Signup and view all the answers

    What voting threshold is needed for most matters put to shareholders as ordinary resolutions?

    <p>50%</p> Signup and view all the answers

    In what form can shareholders cast their votes without attending a company meeting in person?

    <p>Proxy voting form</p> Signup and view all the answers

    Which term is used in the US to refer to the annual general meetings that public companies must hold?

    <p>Stockholders' meeting</p> Signup and view all the answers

    What is the main purpose of annual general meetings (AGMs) for public companies?

    <p>To give shareholders the opportunity to question directors</p> Signup and view all the answers

    What is the main difference between an ordinary resolution and a special resolution at a company meeting?

    <p>The number of shareholders required for approval</p> Signup and view all the answers

    What is the main difference between a bonus issue and a stock split?

    <p>A bonus issue increases the number of shares held by each shareholder, a stock split decreases the per unit price of each share.</p> Signup and view all the answers

    What distinguishes an open offer from a rights issue?

    <p>An open offer allows existing shareholders to subscribe for additional shares, a rights issue grants existing shareholders transferable rights to buy new shares.</p> Signup and view all the answers

    What motivates a company to do a reverse stock split?

    <p>To increase the share price to make shares more marketable.</p> Signup and view all the answers

    Why might companies choose to offer bonus issues instead of cash dividends?

    <p>To return value to shareholders without using cash reserves.</p> Signup and view all the answers

    How does an open offer differ from a bonus issue?

    <p>An open offer gives existing shareholders the opportunity to buy more shares, a bonus issue provides additional shares without further investment.</p> Signup and view all the answers

    What is the purpose of a stock split?

    <p>To reduce the per unit price of each share.</p> Signup and view all the answers

    Why might a company prefer an open offer over a rights issue?

    <p>To provide an opportunity for oversubscription by existing shareholders.</p> Signup and view all the answers

    'Dividends are an example of a mandatory corporate action.' What does this mean?

    <p>'Mandatory' signifies that companies are required by law to distribute dividends to shareholders.</p> Signup and view all the answers

    'A stock split involves sub-dividing or splitting each share into a number of shares.' Why would a company choose to do this?

    <p>'To increase the marketability of shares by lowering the per unit share price.'</p> Signup and view all the answers

    What is the term used for the lowest price at which existing shareholders can purchase additional shares in a rights issue?

    <p>Discounted price</p> Signup and view all the answers

    If a shareholder chooses to do nothing following a rights issue, what will the company's advisers do with the shareholder's rights?

    <p>Sell them at the best available price</p> Signup and view all the answers

    What term is given to the point at which shares and rights are traded as two separate instruments?

    <p>Theoretical ex-rights price milestone</p> Signup and view all the answers

    What does the premium refer to in the context of a rights issue?

    <p>The difference between the current market price and the rights issue price</p> Signup and view all the answers

    What could be a consequence if a company sets the price of new shares too high in a rights issue?

    <p>Lower demand for new shares</p> Signup and view all the answers

    What might be an outcome if investors view a company's expansion strategy favorably following a rights issue?

    <p>Subsequent increase in share price</p> Signup and view all the answers

    When does the theoretical ex-rights price come into effect in relation to a rights issue?

    <p>At the point where shares and rights separate</p> Signup and view all the answers

    What could be a potential risk for an institution underwriting a share issue that fails to raise necessary funds?

    <p>Having to purchase unsold shares at the offering price</p> Signup and view all the answers

    What happens to dividends of cumulative preference shares if profits are insufficient in any given year?

    <p>They are paid out of future profits if available.</p> Signup and view all the answers

    What is the main difference between a takeover and a merger?

    <p>A merger involves two friendly companies, while a takeover can be hostile.</p> Signup and view all the answers

    What happens to the price of shares on the ex-dividend date?

    <p>It decreases by the amount of the declared dividend.</p> Signup and view all the answers

    Why would problems occur if a trade made on Wednesday did not settle by Friday according to the text?

    <p>The buyer would not receive the dividend.</p> Signup and view all the answers

    What is the significance of the record date in relation to dividends?

    <p>It determines which shareholders are entitled to receive the declared dividend.</p> Signup and view all the answers

    What distinguishes a hostile takeover from a friendly one?

    <p>A hostile takeover requires approval from the target company's board.</p> Signup and view all the answers

    Why do shares go ex-dividend before the dividend payment date?

    <p>To allow for new buyers to acquire shares at a lower price.</p> Signup and view all the answers

    In what way does a merger differ from a takeover when acquiring another company?

    <p>In a merger, two companies merge to form a bigger entity; in a takeover, one company gains control over another.</p> Signup and view all the answers

    'Ex-dividend' means that buyers of shares are not entitled to which benefit?

    <p>$0.08 per share</p> Signup and view all the answers

    'Cum-dividend' shares are those that entitle the purchaser to which benefit?

    <p>$0.08 per share</p> Signup and view all the answers

    What is the process called when the custodian bank issues depositary receipts before the actual deposit of the underlying shares?

    <p>Pre-release</p> Signup and view all the answers

    When GDR holders are not able to take up rights issues, what happens instead?

    <p>Rights are sold and cash is distributed</p> Signup and view all the answers

    What is the percentage of a company's voting share capital that may be converted into depositary receipts?

    <p>20%</p> Signup and view all the answers

    In what currency are GDRs typically settled at on the LSE through Euroclear or DTCC Depository Bank?

    <p>US dollars</p> Signup and view all the answers

    How are voting rights exercised by GDR holders in the context of depositary receipts?

    <p>Indirectly through Depository Bank</p> Signup and view all the answers

    What happens to a pre-release of ADR when the underlying shares are delivered by the depository bank?

    <p>It gets closed out</p> Signup and view all the answers

    What is the process called when a company decides to seek a listing for its shares for the first time?

    <p>Going public</p> Signup and view all the answers

    In which market are new shares in a company marketed to investors for the first time?

    <p>Primary market</p> Signup and view all the answers

    What is the purpose of primary markets in relation to raising capital?

    <p>Matching surplus funds with investment opportunities</p> Signup and view all the answers

    What does the term 'listing' refer to in the context of stock exchanges?

    <p>Becoming a member of the exchange</p> Signup and view all the answers

    What facilitates a two-way trade in issued securities by enabling investors to dispose of acquired shares?

    <p>Trading on the stock exchange</p> Signup and view all the answers

    In what way does a stock exchange contribute to market efficiency based on the text?

    <p>Facilitating a two-way trade in securities</p> Signup and view all the answers

    Which of the following is NOT an advantage of listing a company on a stock exchange?

    <p>Increased possibility of takeovers and mergers</p> Signup and view all the answers

    What distinguishes American Depositary Receipts (ADRs) from Global Depositary Receipts (GDRs)?

    <p>ADRs are traded on the NYSE and NASDAQ, while GDRs are not listed on any exchanges.</p> Signup and view all the answers

    What role does a depository bank play in the issuance of American Depositary Receipts (ADRs)?

    <p>Acting as the registered shareholder for ADR holders</p> Signup and view all the answers

    What is a key benefit of using American Depositary Receipts (ADRs) for non-US companies?

    <p>Avoiding high dealing and settlement costs in the US market</p> Signup and view all the answers

    What does 'bearer form' mean in the context of American Depositary Receipts (ADRs)?

    <p>The shares being represented by physical certificates</p> Signup and view all the answers

    How are dividends paid out to American Depositary Receipt (ADR) holders?

    <p>In US dollars by the depository bank after conversion</p> Signup and view all the answers

    Why do non-US companies issue Global Depositary Receipts (GDRs) instead of American Depositary Receipts (ADRs)?

    <p>To avoid listing on US exchanges like NYSE and NASDAQ</p> Signup and view all the answers

    'Each ADR represents 0.2 individual Volkswagen shares.' What does this imply?

    <p>'Investors can only purchase Volkswagen AG shares in fractions through ADRs.'</p> Signup and view all the answers

    'ADRs give investors a simple, reliable and cost-efficient way to invest in other markets.' What aspect does this highlight?

    <p>'The flexibility of converting ADRs into ordinary shares easily.'</p> Signup and view all the answers

    What does it mean when an American Depositary Receipt (ADR) holder cancels the ADR and becomes the registered owner of the shares?

    <p>The ADR holder gains full voting rights and benefits as a registered shareholder.</p> Signup and view all the answers

    What is the primary role of market makers in quote-driven trading systems?

    <p>Providing continuous two-way prices for specific securities</p> Signup and view all the answers

    How have most stock exchanges evolved in terms of their trading methods?

    <p>By adopting partially electronic or fully electronic systems</p> Signup and view all the answers

    In the context of stock exchanges, what does it mean for a company to be 'listed'?

    <p>Meeting specific criteria set by regulatory bodies</p> Signup and view all the answers

    What distinguishes quote-driven trading systems from order-driven trading systems?

    <p>Quote-driven systems use market makers for pricing securities</p> Signup and view all the answers

    Why is it important for stock exchanges to have their own rules and regulations for companies seeking a listing?

    <p>To enhance market efficiency and transparency</p> Signup and view all the answers

    How do stock exchanges contribute to the overall market efficiency?

    <p>By offering companies unlimited access to capital funds</p> Signup and view all the answers

    Which type of system does NASDAQ exemplify?

    <p>Quote-driven system</p> Signup and view all the answers

    What is the purpose of market timing in equity indices?

    <p>To identify the right point to buy or sell securities</p> Signup and view all the answers

    How are buyers and sellers matched in order-driven systems?

    <p>In strict chronological order by price and quantity</p> Signup and view all the answers

    Which type of indices takes into account the relative market capitalization of each stock in the index?

    <p>Free-float capitalization-weighted indices</p> Signup and view all the answers

    What is the term used to describe a stock with lots of orders waiting to be dealt on either side?

    <p>Deep order book</p> Signup and view all the answers

    What is a key purpose of index tracker funds and exchange-traded funds (ETFs)?

    <p>To replicate the performance of specific indices</p> Signup and view all the answers

    Which trading facility emerged as a competitor to traditional exchanges?

    <p>Multilateral Trading Facilities (MTFs)</p> Signup and view all the answers

    Which type of indices assume an equal investment in each stock?

    <p>Equal-weighted indices</p> Signup and view all the answers

    What do stock market indices provide for investors?

    <p>A benchmark for assessing portfolio performance</p> Signup and view all the answers

    Why are free-float capitalization-weighted indices considered more accurate?

    <p>They exclude shareholdings held by governments</p> Signup and view all the answers

    What distinguishes the DJIA from broader-based indices?

    <p>It is price-weighted without market capitalization consideration</p> Signup and view all the answers

    How is queue priority determined in order-driven systems?

    <p>Based on time and then price</p> Signup and view all the answers

    Why do some equity indices exclude shareholdings held by large investors?

    <p>To calculate free-float capitalization accurately</p> Signup and view all the answers

    What role do multilateral trading facilities (MTFs) play in trading?

    <p>They are powerful competitors to traditional exchanges</p> Signup and view all the answers

    What is the main difference between holding shares in registered form and bearer form?

    <p>Holding registered shares requires recording the investor's name in a share register.</p> Signup and view all the answers

    What is the primary reason bearer shares are regarded unfavorably by regulatory authorities?

    <p>They increase the risk of money laundering.</p> Signup and view all the answers

    What is the key drawback of certificated settlement for share transfers?

    <p>It is inefficient compared to dematerialized settlement systems.</p> Signup and view all the answers

    What does the term 'clearing' refer to in the context of trading securities?

    <p>Defining and formalizing obligations between trade counterparties.</p> Signup and view all the answers

    Why do most markets prefer dematerialized (demat) settlement over certificated settlement for shares?

    <p>Dematerialized settlement simplifies ownership transfer electronically.</p> Signup and view all the answers

    In bilateral settlement, what risk is typically borne by each trading party against their counterparties?

    <p>Credit risk</p> Signup and view all the answers

    What is one key advantage of having a central securities depository in modern markets?

    <p>It simplifies ownership transfer through electronic records.</p> Signup and view all the answers

    Why are bearer shares often immobilized in depositories like Euroclear or local country registries?

    <p>To reduce opportunities for money laundering</p> Signup and view all the answers

    What is the primary function of a central counterparty in clearing and settlement?

    <p>To define and formalize obligations to ensure successful trade settlements</p> Signup and view all the answers

    How does dematerialized (demat) settlement differ from certificated settlement?

    <p>Dematerialized settlement simplifies electronic ownership transfer</p> Signup and view all the answers

    What is the role of a central counterparty (CCP) in trades?

    <p>Act as a mediator between buyers and sellers</p> Signup and view all the answers

    Which process allows buyers and sellers to remain anonymous to each other?

    <p>Novation</p> Signup and view all the answers

    What is the main reason regulators promote the use of central counterparties (CCPs) in trades?

    <p>To spread default risks among participants</p> Signup and view all the answers

    What is the final phase of the trading process according to the text?

    <p>Settlement</p> Signup and view all the answers

    In the delivery versus payment (DvP) method, what is required for the exchange to take place?

    <p>Simultaneous exchange of stock and cash</p> Signup and view all the answers

    What mechanism is used for settlement involving changing electronic records of ownership?

    <p>'Book-entry transfer'</p> Signup and view all the answers

    When does settlement typically occur in European equity trades?

    <p>$2 business days after trade date</p> Signup and view all the answers

    Why is settlement considered a crucial phase in trading?

    <p>To finalize trading contracts</p> Signup and view all the answers

    How does the settlement system help ensure a successful trade settlement?

    <p>'Trade Matching'</p> Signup and view all the answers

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