Presents a description of the international capital markets, including a comparison of American, Japanese and British markets and recent trends toward deregulation of these markets. The decision to focus the case of an initial public offering of the stock of British Telecommunications. The proposal was part of a wider privatization program, launched by the UK government in 1981. The question was proposed simultaneously in four markets: London, New York, Tokyo and Toronto. The case is written from the point of view of Morgan Stanley, the U.S. underwriters, and focuses on the issues of pricing stocks of foreign companies, the differences in the practice of securities underwriting and regulations in the markets, structured installment sale equity and hedge currency risk on the purchase of foreign shares. "Hide
by Scott P. Mason, Sally E. Durdan Source: Harvard Business School 25 pages. Publication Date: March 11, 1986. Prod. #: 286105-PDF-ENG
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