pasar modal a.c nugroho. pasar modal real or abstract markets that bring together those who offer...
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PASAR MODAL
• Real or abstract markets that bring together those who offer and who require long-term funds, ie a period of one year to the top
• Activities related to public offerings and securities trading, public companies relating to the issuance of securities, as well as the institutions and professions related to securities trading
MANFAAT PASAR MODAL
• Capital Markets is an instrument for efficient allocation of funds.
• Capital Markets as an alternative way to invest.• Allows investors to have a healthy and good
prospects company. • Corporate management becomes more
professional and transparent.• Increased the national economy activity.
Perbandingan antara saham, obligasi, dan reksadana
Charteristic Stock Bond Mutual FundTraits Equity investments Debt Management of joint
capital
Issuer Company Company/Goverment Securities Companies
Benefit Dividends and or capital gains
Coupon dan atau capital gain
Small capital and managed by investment managers
Risk Not getting dividends, capital loss, and company liqudity
Default and capital loss Decrease in NAV and liquidity risk
Type Common and Prefered Stock
Government bonds and corporate bonds
Fixed-income, stocks, money markets, and mix mutual funds
Mechanism of trading in the secondary market
Traded on stock exchanges
Over the Counter Holders to sell back to the issuer (redemption)
Primary Market
• Primary Market: A market that issues new securities on an exchange. Companies, governments and other groups obtain financing through debt or equity based securities.
• Primary markets are facilitated by underwriting groups, which consist of investment banks that will set a beginning price range for a given security and then oversee its sale directly to investors
Secondary Market
• A market where investors purchase securities or assets from other investors, rather than from issuing companies themselves.
• Secondary markets exist for other securities as well, such as when funds or investment banks. In any secondary market trade, the cash proceeds go to an investor rather than to the underlying company/entity directly
The difference between the primary market and secondary market
Primary Market Secondary Market
Fix Stock Price Stock prices fluctuate depending on supply and demand
No subject to commision Subject to Commision
Only for stock purchase Purchase/selling
Ordering through selling agent Ordering through a stock exchange member (broker)
Limited period of time Unlimited time
STOCK• A type of security that signifies ownership in a corporation and
represents a claim on part of the corporation's assets and earnings– common stocks– Preferred stocks
• here are two main types of stock: common and preferred. – Common stock usually entitles the owner to vote at shareholders‘
meetings and to receive dividends. – Preferred stock generally does not have voting rights, but has a higher
claim on assets and earnings than the common shares. • Owners of preferred stock receive dividends before common
shareholders and have priority in the event that a company goes bankrupt and is liquidated
Type of Stock• Blue Chip; large company, strong financial performance• Growth stocks; sales, profitability, and market share experienced
a very rapid development of the industry average• Emerging growth stocks; possess a strong resistance despite the
unfavorable economic conditions• Income stocks; pay a dividend exceeding the average amount of
revenue• Cyclical stocks; profits fluctuate and are strongly influenced by
business cycles• Defensive stocks; can survive and remain stable over a period or a
condition of uncertainty and recession• Speculative stocks; In principle, all common shares are traded on
the Stock Exchange
RIGHTS
• A security giving stockholders entitlement to purchase new shares issued by the corporation at a predetermined price (normally less than the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire
• Rights are often transferable, allowing the holder to sell them on the open market
• Ex Rights: Shares of stock that are trading but no longer have rights attached because they have either expired
Perhitungan Harga Teoritis dalam Penggunaan Rights Issue
• Stock prices before the rights emissions are: Rp. 5.000,-
• Every two old shares entitled to buy one new shares being offered through the rights emission at an exercise price of Rp. 3,000,-
(OSRx Cum Date End Currency) + (NSR x EP) Theoretical price = _______________________________________ (OSR + NSR)
• Theoretical price???OSR = 2NSR = 1EP = 3.000Cum Date End Currency = 5.000
BOND
• A debt investment in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate.
• Bonds are used to finance a variety of projects and activities.
• Bonds are commonly referred to as fixed-income securities
Type Of Bond
• Straight Bond Rate; Bonds that provide interest based on fixed interest until repayment maturity date.
• Floating Rate Bond; Interest payments are not fixed and adjusted to market rates at regular intervals.
• Perpetual Bond; no maturity date, interest payments made periodically as long the company (issuer) remain operational.
• Convertible Bond; accompanied by the right to exchange the bond with the issuing firm share (usually common stock) in a certain period accordance with the terms of the loan.
• Bond With Warrants; accompanied by a warrant which entitles the owner to purchase a specific number of shares of the issuer at a price that has been determined