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Finans II > Föreläsning 11 > Flashcards

Föreläsning 11 Flashcards

1
Q

Vad är long term financing?

A

Implementeringen av kapitalstrukturs-beslut

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2
Q

Vilka är de två huvudsakliga typerna av aktieinvesteringar?

A

Private equity, public equity

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3
Q

What is public equity?

A

Investment in listed companies

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4
Q

What is private equity?

A

Investment in non-listed (private) companies

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5
Q

What are the different kinds of private equity?

A

Business angels, venture capital, institutional investors, buyout firms, corporate investors

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6
Q

Vad är det vanligaste sättet att få det initiala kapitalet i ett företag?

A

personligt sparande samt från vänner och familj

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7
Q

Hur förändras det varifrån kapitalet kommer ifrån?

A

Det förändras med företagets livscykel. När de växer kan de få tillgång till nya typer av investerare.

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8
Q

Vilka typer av käller för kapital är vanligt tidigt i cykeln?

A

Angel investors, venture capital

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9
Q

Vad kommer påverkas av att man tar in kapital utifrån?

A

Kontrollen över företaget.

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10
Q

Vad är en angel investor?

A

Individual investors who will provide the initial capital to start their business in exchange for a share of the business. Often rich successfull entrepreneurs.

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11
Q

Vilka är anledningarna till att startups kan förlita sig på angel investors längre idag?

A

Angelgroups har skapats pga många angel investors.

Kostnaden att starta ett företag har minskat.

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12
Q

Varför får angel investors convertible notes istället för equity?

A

Eftersom det är svårt att värdera företag i ett tidigt skede.

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13
Q

Vad innebär convertible note?

A

They recieve a note which is convertible to equity when they finance with equity for the first time. Their investment with interest is convertesd to equity at a discounted price.

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14
Q

What is a venture ccapital firm?

A

It is a limited partnership that specializes in raising money to invest in the priivare equity of young firms.

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15
Q

Vilja är general partners?

A

De som driver företaget som investerar - venture capitalists.

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16
Q

Vilka är fördelarna att investera genom en venture capital firm som limited partner?

A

Benefit of diverification, the expertise of the general partners.

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17
Q

What is the disadvantage for limited partners?

A

Differenet kinds of large fees.

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18
Q

What is carried interest?

A

General partners take a shar of any positive return they make, usually 20%

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19
Q

What is a corporate investor?

A

A corporation that invests in private companies

20
Q

What is different with corporate investors?

A

Apart from their financial interest and objectives they usually have a strategic goal with the investment.

21
Q

What are private equity firms?

A

They are organised similarly to VC, but target more mature privately held firms.

22
Q

What is a levereged buy out?

A

PE finds listed company and buy the outstanding equity. Frim is taken private. Both debt and equity is used for the purschase.

23
Q

Vad är initial public offering?

A

IPO är processen där man säljer aktier publikt för första gången.

24
Q

Vilka fördelar finns med att bli ett publikt bolag?

A

Bättre likviditet och tillgång till kapital

25
Q

Vilka är nackdelarna med IPO?

A
  • Equity stakes becomes more widely diluted
  • Costs paid to investment bank
  • Public companies face significant regulatory burden
26
Q

Vad är primary offering?

A

New shares available that raise new capital

27
Q

Vadär secondary offering?

A

Shares sold by existing shareholders

28
Q

Vad är en underwriter?

A

Investment bank that manages a security issuance and design its structure.

29
Q

Vad är en lead underwriter?

A

Primary investment bank responsible for managing a security issuance

30
Q

Vad är en syndicate?

A

Group of underwriters who jointly underwrite and distribute a security issuance

31
Q

Vad är best effort underwriting?

A

Underwriter does not guarantee that full issue is placed, instead tries to sell stock for “best possible” price. Allt eller inget.

32
Q

Vad är firm commitment underwriting?

A

Underwriter guarantees that it will sell all of the stock at the offer price

33
Q

Vilka är stegen i IPO-processen?

A
  1. Pre-underwriting preperation
  2. Registration statements
  3. Pricing the issue
  4. Public offering and sale
  5. Market stabilization
34
Q

Vad ingår i preperation?

A

Anställ advisors, PR, business plan och prospectus - godkännande från styrelsen

35
Q

Vad innehåller prospectus?

A

Details of the offering (no shares, use of proceeds, total proceeds, price per share, management & financial condition, business operations, risk and challenges)

36
Q

Vem måste godkänna prospectus?

A

Finansinspektionen/Securities and exchange commosion (SEC)

37
Q

Vilka är de tre vanligaste floatation methods för IPO?

A

Auction, fixed price, book building

38
Q

Vad innebär fixed price?

A

Price set before orders are submitted

39
Q

Vad innebär auction?

A

underwriter takes bids from investors and then sets the price that clears the market

40
Q

Vad innebär book building?

A

Process used by underwriters for setting an offer price based on customers’ expressions of interest

41
Q

Vad är en road show?

A

Company’s senior management and underwriters travel around promoting the company, explaining rationale for offer price to underwriters’ largest customers

42
Q

Vad är greenshoe provision?

A

grants the underwriter the right to sell investors more shares than initially planned by the issuer if the demand for a security issue proves higher than expected.

43
Q

Vad är reverse geenshoe?

A

Option to sell shares back to issuer

44
Q

Vad innebär att undewriters måste “support the price”?

A

Om inte alla aktie säljs kommer de behöva säljas till ett lägre pris och investmentbolaget kommer behöva stå för mellanskillnaden.

45
Q

Vilka är de fyra IPO puzzles?

A

IPO underpricing, cyclicality, cost, long-run performance

Finans II (15 decks)

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