Controlling shareholders, often referred to as promoters, are allowed to sell themselves securities at a discount to the market price, which most investors would view as a form of insider trading.
The famous word is marketing--that is, sell a car that the market wants at an acceptable price.
Secondary-market liquidity is critical, since it allows investors to buy and sell whenever they want at an observable, market-set price.
Or they can sell them to others at a discount to the mooncakes' market price.
Here is the problem: if RIMM market share drops below 2% in the US market, it may be impossible to sell at any price.
While it is unclear how much of its private equity assets Harvard managed to sell or at what price, it seems to have sold some assets when the market was at its weakest point.
His research suggests that it would make little sense to buy into an IPO unless you can get it at the offering price and sell it soon after it runs up on the secondary market.
This was possible because a protected market allowed Caribbean exporters to sell sugar to Europe at more than three times the world price.
Plus, exercising a put option (a contract to sell a security at a set price within a given time period) subjects you to the risks of market timing.
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However, if it does, shareholders lose out: the cost to the company of buying its shares in the market is higher, sometimes much higher, than the price at which they must sell them to employees.
Rowe Price, or a BlackRock, which will have a transparent cash flow and sell at some price-earnings multiple higher than a bank today and behave according to the way the stock market behaves.
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