Subject:
Auction Market Preferred Shares This is a class of the instrument-kind Equity. Holders of preferred shares are usually entitled to receive dividends before dividends are paid to holders of common stock or other classes of shares. In the event of liquidation, preferred shares normally rank above ordinary shares but behind corporate creditors.
Auction rate refers to preferred or preference shares in which the dividend rate is adjusted periodically based on a Dutch auction. [Capital Market Taxonomy]
Post Modern Security Analysis
By John Schroy, on September 12th, 2009 |

The Crash of 2008 suggests that understanding the operational details of capital markets can be as important as traditional Graham & Dodd security analysis.
This article, Part Nine in the series on Post Modern Security Analysis, discusses Capital Market Taxonomy as applied to market operations and the use of a semantic wiki in collaborative research.
The Post Stock Buyback Era
By John Schroy, on April 19th, 2009 |

The Crash of 2008 signaled a turning point in capital markets. The stock buyback era seemed to have ended. The Efficient Market Hypothesis was discredited. The inability of market experts and major institutions to place a fair value on thousands of securities indicated basic problems in security analysis and the handling of freely available information.
This article describes new challenges facing fundamental security analysts in the early 21st century, and the consequent opportunities.
Auction Market Preferred Shares
By John Schroy, on March 30th, 2009 |

Failures of commercial rating services to do an adequate job have been widely recognized, in the wake of the Crash of 2008. Much of the criticism, however, has been directed to the conflicts of interests that are a characteristic of these services.
This article discusses other weaknesses of commercial publishers of investment information, such as the industrial nature of their operations and their marketing focus on traders rather than long-term investors. The case of Auction Market Preferred Shares, which failed in 2008, is covered in detail.
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