Bloomberg: Introduction & Equity. Finance Topic: Share Repurchases

Transcription

1 Financial Databases FMB 552E Fall (2nd) 2016 Bloomberg: Introduction & Equity Finance Topic: Share Repurchases Note 4 Inmoo Lee Inmoo Lee 1

2 Introduction to Bloomberg Coverage Global real-time and historical financial market data Global economic data Global financial, political, and business news Analytics Company financials Customizable charting. Inmoo Lee 2

3 Where to find Bloomberg terminals? Bloomberg terminals are available in KOSCOM Data Center on the 3rd floor. Inmoo Lee 3

4 Create Your Own Login ID (Bloomberg Account) HEiNk You have to have your own login to get credits for any assignments related to Bloomberg. Inmoo Lee 4

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7 Keyboard Key function identified by color. Yellow =Market Sector Green=Action (execute) Red=log on/off Inmoo Lee 7

8 Log On/Off Log On (Red Key) Press <DFLT> Enter Username and Password. Press <GO> Log off of Bloomberg using the following: Press <DFLT> <CANCEL> To reset a screen or cancel a current command Inmoo Lee 8

9 GREEN Action Keys KEY FUNCTIONS <GO> Activates all commands <MENU> Return to previous menu <MESSAGE> Send and retrieve messages <NEWS> Access global online news service <PRINT> Print any screen. For a multiple-page (e.g., 5) report, press 5<PRINT>. Type 9<GO> to print the whole report <PAGE UP>/<PAGE DOWN> Navigate between pages <PANEL> Switch screens <CMND> See previous keywords you entered <HELP> From whatever screen you are on (twice to chat with LIVE customer service) Type: GRAB <GO> your graph or chart Type: LAST <GO> Your command history Inmoo Lee 9

10 KEY FUNCTIONS YELLOW Market Sector Keys <CMDTY> Commodities, futures, options, spot rates <CORP> Corporate Debt <CRNCY> Spots, futures, options on over 100 currencies <EQUITY> Stocks, options, ADRs, mutual funds, warrants <GOVT> Worldwide sovereign and agency securities <INDEX> World financial markets, economic indices. <M-MKT> Continuously issued and short-term dated paper <MTGE> Mortgage-backed security pass-throughs <MUNI> U.S. municipality issued debt <PFD> Preferred stock of public companies Inmoo Lee 10

11 Data Items Company (Equities and Bonds) Financial Market Perspectives (Indices, Commodities, Currencies, Government securities, Economic statistics, etc.) News Inmoo Lee 11

12 Ways To Get Help Bloomberg Search: SEAR <GO> For general help HELP <GO> Help menu ###<HELP> Help about the keyword ### Use Live Help for instant reply (available only for non-academic accounts) Inmoo Lee 12

13 Useful resources resources.asp?n=real-timeapplications&i=bloomberg cgee Inmoo Lee 13

14 Equities

15 Equities Main Equities Menu: <EQUITY> <GO> Choose 1) Securities & Help Try 5) HELP EQTY Current Markets/Monitors Most Active Up/Down: MOST <GO> World Equity Indices: WEI <GO> Finding and Creating Securities Ticker Symbol Look Up: TK (****) <GO> Example: to find tickers for Samsung, TK SAMSUNG <GO> Type company name at cursor and press <HELP> SEAR<GO> and enter company name Inmoo Lee 15

16 Single Equity Inmoo Lee 16

17 Other Useful Corporate Finance Related Functions WACC Weighted Average Cost of Capital and EVA CAST Capital Structure Analysis SPLC FA Supply Chain Management Financial Analysis ESG is under FA (8) Inmoo Lee 17

18 How to find calculations for all available fields? Enter FLDS <Go> Search for the one you want: e.g., WACC Click the one you would like to check Inmoo Lee 18

19 CACT: Corporate Action Calendar CACT <GO> Can find a list of firms that have taken a certain type of corporate actions such as equity offerings, buyback, M&A and so forth Inmoo Lee 19

20 News search NI <GO>: List of news categories NI BBK <GO>: Scrolling News: Buybacks NI BBKNEW <GO>: Scrolling News: New Buyback Programs Inmoo Lee 20

21 Total returns TRA <GO> Total return analysis COMP <GO> Comparative returns Inmoo Lee 21

22 Getting Useful Documents BPS <GO> Inmoo Lee 22

23 Single Equity Insider Trading Insider Filings History (Example using Intel (INTC)) Get company news about insider trading INTC <EQUITY> CN WSA <GO> WSA stands for The Washington Service which is a vender providing insider trading data ( Insider Transactions INTC <EQUITY> GPTR<GO> GPTR: Insider/Major shareholder transactions Other insider trading related functions INSD <GO> (Insider trading monitor) OWN <GO> (Ownership summary) NI IBS <GO> (Scrolling news: Insider buying and selling) Inmoo Lee 23

24 Single Equity Options Monitor INTC <EQUITY> OMON <GO> Description Click on the specific option you want and type DES < GO> Historical options Click on the specific option you want and type: HP <GO> Inmoo Lee 24

25 Equity Comparative Analysis Compare an Equity to an Index Intel compared to 2 major indexes INTC <EQUITY> COMP <GO> Compare an Equity to an Equity FDX <EQUITY> UPS <EQUITY><GO> Choose one out of various options Inmoo Lee 25

26 Equities M&A Bloomberg M&A Analysis MA <GO> Mergers and Acquisitions Search M&A League Table Search Mergers and Acquisitions Statistics Mergers and Acquisitions News Top Stories Corporate Finance Inmoo Lee 26

27 Earnings analysis and equity screening Earnings Analysis BBEA <GO> Equity screening EQS <GO> Inmoo Lee 27

28 Screening criteria (Browse fields) Inmoo Lee 28

29 Share repurchases The stock market positively reacts to the announcement of a share repurchase. Repurchasing firms outperform in the longrun. Inmoo Lee 29

30 Chan, Ikenberry and Lee (2004) Inmoo Lee 30

31 Chan, Ikenberry and Lee (2004) DIFF represents the difference in BHR returns between repurchasing and matching firms (in Panel A, the BHR of repurchasing firms is reported on the left and that of matching firms is reported on the right inside the parentheses). Inmoo Lee 31