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1 3 New Yo r k Stock Exchange American Stock E x c h a n g e D o t

2 primary market secondary market I P O (seasoned new issues) I B M u n d e r w r i t i n g S E C p r o s p e c t u s 3-1 A B C D 3-1

3 N e t s c a p e [ 1 ] [1] Lawrence Benveniste and Wilhelm. Intial Public Offerings: Going by the B o o k,journal of Applied Corporate Finance 9 (Spring 1997).

4 ( ) TimLoughran, Jay Ritter, and Kristian Ry d q u i s t,initial Public Offerings: International I n s i g h t s,pacific-basin Finance Journal 2(1994), pp TimLoughran, Jay Ritter, and Kristian Rydquist, The New Issues Puzzle,T h e Journal of Finance 50(March 1995), pp

5 3 61 Spring Street 160 A n d r e w K l e i n Robert Colby M a r q u e t t e U m i v e r s i t y Daniel We a v e r Charles Schwab Corp. J e ffrey Ta y l o r. SEC Says Brewery May Use Internet to Offer Its Stock, T h e Wall Street Journal, March 26, [ ]

6 (1) (2) (3) stock exchange N Y S E [ 1 ] A m e x B o s t o n and Pacific ( ) New York Stock Exchange Fact Book, / 10 / N a s d a q Nasdaq Fact Book and Company Directory, [1] N a s d a q

7 ( ) the New York Stock Exchange Fact Book, Nasdaq, I n t e l Apple Computer S u n M i c r o s y s t e m s M C I MCI Communications o v e r- t h e - c o u n t e r O T C

8 64 O T C O T C O T C 1971 b i d p r i c e asked price Amex Fact Book, 1997, and Nasdaq World Wide Web page, third market

9 fourth market I n s t i n e tp o s i t P o s i t I n s t i n e t (commission broker) (floor brokers) (registered traders) s p e c i a l i s t ( s p e c i a l i s t s

10 66 p o s t ) market orders E x x o n [ 1 ] 1/4 1/8 1/16 (limit orders) / [1] K. Ross,J.Shapiro, K. Smith,Price Improvement of SuperDot Market Orders on the NYSE,N Y S E Working Paper

11 3 67 1/8 (stop-loss orders) 3-4 (stop-buy orders) (open or good-till - canceled orders) 6 (fill or kill orders) [ 1 ] 10 ~ 20 [1]

12 /41/ block transactions British Petroleum /

13 3 69 / the New York Stock Exchange Fact Book, () block houses DOT D o t S u p e r D o t program trades T+ 3 T

14 70 S O E S /8 1/83/85/87/8 1/41/ O AT S 1) 100 2) I N S T I N E T 3)

15 Journal of Finance William Christie Paul Schultz % 1 / % / 16 1 / 8 Rutgers University

16 72 David Whitcomb 6 10 % Why do Nasdaq market makers avoid odd-eight quotes?journal of Finance, May Nasdaq market reform: new evidence that competition from the public lowers trading costs, Michael Barclay,William Christie,Jeffrey HarrisEugene Kandel and Paul Schultz, Journal of F i n a n c e, Forthcoming. : Reprinted from The Economist, January 17, Nasdaq Fact Book and Company Directory, S E A Q T S E 80 s a i t o r i s a i t o r i s a i t o r i

17 3 73 s a i t o r i I n s t i n e tp o s i t s a i t o r i (discretionary account) 3-6 / 3-6 / 0~ ~ ~ ~ ~ = = 0. 48

18 74 10 [ 1 ] bid-asked spread [2] ( b r o k e r s call loans) (buying on marg i n ) m a rg i n [1] 30 [2] T. F. L o e b :Trading Cost: The Critical Link between Investment Information and Results,F i n a n c i a l Analysts Journal. May-June 1983.

19 / / = / / P 100 P 1 00 P P 4 / 100 P P / 100 P0. 3 P ( ) ( ) 3 40 I B M I B M I B M I B M

20 76 9 I B M / = I B M / = I B M / / I B M short sale 3-8 ( u p t i c k )

21 3 77 [ 1 ] ( + ) 0 1 ( ) ( + ) I B M I B M / / I B M I B M I B M PI B M 1 000P P /1 000P P / ( P)/1 000P= ( ) P I B M [1]

22 I B M Securities Act of Securities Exchange Act of C F T S 1970 Securities Investor Protection Act of 1970 S I P C Federal Deposit Insurance Corporation Uniform Securities C FA(Chartered Financial Analysts) Circuit breakers (trading halts) 350

23 ( s i d e c a r s ) D o t ( c o l l a r s ) A

24 The Standards of Professional Conduct of the Association for Investment Management and Research, i n s i d e i n f o r m a t i o n Pillsbury Co. stock 8 0

25 % 63 Ruth Bader Ginsburg b James O Hagan Grand Metropolitan PLC P i l l s b u r y Edward Felsenthal, The Wall Street Journal, June 26, [1] [2] [1] J. Aharony and I. Swary,Quarterly Dividend and Earnings Announcement and Stockholders Return: An Empirical Analysis,Journal of Finance 35 (March 1980). [2] G e o rge Foster, Chris Olsen, and Terry Shevlin,Earnings Releases, Anomalies, and the Behavior of Security Returns,The Accounting Review, October 1984.

26 82 J a ff e [1] [1] J e ffrey F. Jaff e,special Information and Insider Tr a d i n g,journal of Business 47 (July 1974).

27 3 83 Schwartz, Robert A.,ed. Global Equity Markets :Technological, Competitive, and R e g u l a t o ry Challenges. New York: New York University Salomon Center, N a s d a q The Fact Books, 1. FBN a. F B N b F B N 70 a. b M a r r i o t t / 38 M a r r i o t t 371/ 4 381/ / / a. 100 b. c. 8. D o t 9.

28 /( ) / I n t e l 80 / a. I n t e l i8 8 i i8 0 i i i7 2 I n t e l b. 25 c b d i8 8 i i8 0 i i i7 2 I n t e l I n t e e. I n t e l 12. I n t e l a. I n t e l i8 8 i i 80 i i i7 2 I n t e l b. 25 c. I n t e l 2 ab 13. F i n c o r p F i n c o r p / / a / / 2 b. c /8 d /8 14. F i n c o r p a. ab b. d5 5 3 / a. 10

29 3 85 b a. b / 100 a. 50 b Z e n i t h 14 / / 5 0 / a. 100I B M 6 b. 6 I B M a. 50 b. 55c /8 d. 21. X Y Z / /16 a /8 b /16 c /16 d /8 22. a. b. c. d ! 100P P 100P 100P P 60P4 000 P /

30 86 / P P P4 00P P P /

ebookg 38-20

ebookg 38-20 2 0 2 1 2 2 2 3 2 0 (contingent claim) 16 1973 ( C B O E ) 20-1 1973 1987 1987 ( ) 514 20-1 ( ) Chicago Board Options Exchange Annual Report s, 1995 a n d 1997. 20.1 call option ( strike price or exercise