A pure investment bank is not a depository institution and it's also--a pure investment bank is not a broker- dealer either.
一个真正的投行不是一个储蓄机构,当然一个真正的投行也不是证券公司-,或者发行公司。
in order to be able to distribute it on a mass scale. You needed a company of, with a lot of capital,
为了能够大规模发行。你需要一个有很多资金的公司,
I think Lee identified a small number, but definitely some of them, that were lying about the date.
我想李指的只是一小部分公司,但是在期权发行日上做手脚,这种事情是绝对存在的
I talked about a company as having only shares outstanding, but they also have debt outstanding.
我曾提过只发行股票的公司,他们还会有负债
It's mine if I own one thousand shares and there are one thousand outstanding.
公司是我的,我有一千股,而公司总共也就发行了一千股
It's changing the number of shares outstanding, so the value of the company declines by the same amount; it has to, as if they had just paid a dividend.
它改变了发行股数,所以公司价值减少了相同的数量,必须如此,就好像支出了股利一样
Now, the critical thing to understand about a corporation is that in order to value a share in a corporation you absolutely have to know the number of shares outstanding.
理解这类公司的关键在于,要衡量一家公司股票的价值,你必须清楚总共发行的股票数量
One is that -there's a literature in finance about options and stock price performance, which goes back ten years, that shows that something is not quite right with the way companies issue options.
其中之一是,有一部关于期权与股票价格表现,的金融文献,讲述的是十年前,关于公司发行期权的,一些不太正确的做法
The debt irrelevance theory says that it matters for the price of a share what a company issues-- how much debt it takes on-- but it doesn't matter for the value of the company.
负债不相关理论说明它和,公司发行股票的每股价格,和总负债有关,但和公司的价值无关
If stock price option -if stock options tend to be issued as announced by the company later, just before stock prices go up, there's no way that that can be right because nobody can know exactly when the stock price is going to go up.
如果股票期权价格...,如果就像公司事后宣称的一样,公司恰好是在股价上涨之前,发行的股票期权,这是不可能做到的,因为没有人可以确切知道,股票价格何时会上涨
People don't usually know how many shares are outstanding in the company that they invest in.
人们通常不知道,他们所投资的公司到底发行了多少股票
They would announce in December that we issued back in August these options to our executives.
他们会在十二月的时候通告说,我们已经在八月的时候,向公司经营管理者发行股票期权了
The immediate suspicion that this raised, and I think it's more than a suspicion, is that companies will time announcement of good news until after they issue the options.
这引起了一些人的猜疑,我想不止是猜疑,公司会在发行股票期权之后,算计发布利好消息的时间
The idea, of course, is that we have a legal entity--a corporation-- that issues shares that are either given to people or purchased by people and the idea is that shares represent contributions.
最初的做法是,一个法人实体即公司,发行股票,然后发放或卖给人们,理念就是,股票象征着贡献
That is, share repurchase can change the units of measurement in a security and companies have to decide how leveraged the stock will be, which changes the stock price--leverage, meaning how much debt the company takes on.
即 股票的购回会改变,已发行股票的单位数量,公司需要决定,股票的杠杆效用是多少,杠杆会改变股价,杠杆指的是公司举债的多少
When you pay out stock dividends you would think that now there are more shares, everyone divides by the larger number of shares, and the value of the company goes down; it's not going to work to pay a stock dividend.
当你发放股票股利时,就会意识到,股票总数增加了,每个人的股数除以增加后的总股数,每人拥有的公司价值减少,发行股票股利无法达成目的
An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.
IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织
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