1. Fill in the blanks (type your answers only, no need to type the questions) a. Securities with maturity less than one year are traded in the ___________ market, while securities with maturity more than one year are trade in the __________ market. Securities traded in ___________ market usually offer a higher return. b. Among treasury bills, stock, and bond, _______ is the most risky one. c. A(n) ____________ is any security whose value is derived from the value of some other underlying assets d. Firms raise capital by selling newly issued securities in the ___________ markets, If a publicly traded company sell additional commons stock to raise funds, it is called an ________________ offering. e. Existing, already outstanding securities are traded in the ______________ markets which main function is to provide __________. f. Co. As IPO has a first day return of 10% while Co. Bs IPO has a first day return of 5%, The IPO of company _____ is more underpriced than that of Company ____. g. The two problems of the conventional IPO processes are: i) investment banks only allocate shares to __________ investors; ii) IPOs are usually price too ________. h. An institution that issues its financial claims and then use the proceeds to purchase securities issued by borrowers is called a financial ______________. i. ______________ are highly regulated corporations that accept money from savers, pool these funds to reduce risks by diversification, and use the funds to buy stocks, long-term bonds, or short-term debt instruments issued by business or government units j. One major difference between exchange traded funds and mutual funds is that _____________ are traded throughout the trading day, like stocks, while ______________ are traded only at the end of the day. The market crash on August 14, 2015 has a bigger impact on _____________ funds. k. A REIT that invests in mortgage loans and mortgage securities is called ____________REIT. A REIT that buys, owns, and manages properties is call _________REIT. l. If you buy stocks from a dealer, you pay the ______ price. If you sell stocks to a dealer, you receive the _______ price m. ___________ are cooperative associations whose members are supposed to have a common bond. n. A right to buy or sell an underlying asset sometimes in the future at a price determined to day is called ____________. o. Forward and futures contract perform the same economic function, _________are standardized products while ___________are tailor-made products