大摩如何从Facebook股价下跌中赚钱

    对于非华尔街人士，整个安排看来就像是一场巨大的利益冲突。IPO前几天，摩根士丹利同意Facebook扩大发行规模，敲定的IPO发行价也高于最初预期。这在一定程度上导致Facebook上市后股价走低，为摩根士丹利带来了交易收益。当然，华尔街不这么看。Facebook的招股说明书就已列明：“根据承销协议，承销商出售的股票数量可能超出他们有义务买入的股票数量，产生空头头寸。”

    同样，监管机构看来也不是特别担心这种做法。SNR Denton律师事务所的合伙人沃尔特•凡•道恩曾在美国证券交易委员会（Securities and Exchange Commission）任职7年，部分职责就是监管IPO。他表示，IPO超额配售是众所周知的，“美国证券交易委员会不认为这其中存在利益冲突”。实际上，不太可能出现摩根士丹利支持Facebook股价下跌这种情况。对于曾为摩根士丹利创造巨大利润的科技投行团队，这可能对其声誉构成重大打击。

    不过，显然还是有很多人并不是很理解华尔街向公众出售股票的方式。即便是在华尔街业内人士中间，承销商能够从IPO股价下跌中获利的事实也并不广为人知。但是，Facebook交易开始让人们关注到这一做法，或许还能破除一个神话，即“IPO是华尔街最后一条赚快钱的可靠途径”。其实早该如此了。

    译者：老榆木

    To anyone outside of Wall Street, this whole arrangement seems like a giant conflict of interest. Just days before the IPO, Morgan agreed to allow Facebook to sell more shares than it originally proposed. Morgan also set the IPO price higher than originally expected. That, in part, set the stock up for the fall, creating the trading gains for Morgan. Wall Street, of course, doesn't see it that way. In fact, Facebook's own prospectus says that the underwriters "may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position."

    Regulators don't seem particularly concerned with the practice either. Walter Van Dorn, a partner at law firm SNR Denton who spent seven years at the Securities and Exchange Commission in part monitoring IPOs, says that the practice of over allotment in IPOs was well-known. "The SEC doesn't see it as a conflict of interest," says Van Dorn. Indeed, it's unlikely that Morgan was rooting for Facebook's stock to drop. The deal has likely been a big hit to the reputation of its tech banking team, which had generated huge fees for the firm.

    Still, what's clear is that there is a lot that's not understood about the way Wall Street sells shares to the public. Even among Wall Streeters, the fact that underwriters can profit from IPO stock drops is not widely known. The Facebook deal is shedding some light on the process, and hopefully dispelling the myth that IPOs are the last guaranteed way to make a quick buck on Wall Street. That's long overdue.