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zbird2134

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tT
发表于 2011-7-13 16:30 | 只看该作者

Research Obj Stds - IPO

interest, conflict, disclosed, question
When CFAi says that the firm participated in the selling group, but was not an underwriter, for XYZ stocks IPO what exactly is the firm doing? Selling in the primary market for someone else? More importantly, what aspect of this arrangment implys that the firm doesnt have a conflict of interest that would need to be disclosed to investors?

CFAi Vol 1 Reading 4 pg 177 question #4 as it pertains to the second paragraph on the opposing page.
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Swanand

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发表于 2011-7-13 16:30 | 只看该作者
In every IB deal, there is usually a lead underwriter and a bunch of other investment banks that will act as underwriter. The reason I believe this is done is to distribute the risk. I'm sure MS, JPM, or GS wouldn't want to be the only IB in town holding Visa common stock during their IPO. It is common practice.

NO EXCUSES

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Houjichasan

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发表于 2011-7-13 16:30 | 只看该作者
but they are pointing out that being part of the selling group is different than being an underwriter, I thought one implied the other which you seem to imply in your responce... did the CFAi make a error?

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