Connecting

...There are also offerings targeted at a small number of specific investors (private placements) and issuance methods that do not involve an offering at all (direct issuances).
[Secondary Market]
Motives for holding securities include investment (pursuit of income), speculation (pursuit of profits from price fluctuations), arbitrage (pursuit of price differences between different markets), and short selling (short selling to preserve the value of held assets). The price of each security is determined at a level that balances the total demand, which is formed by the combination of these various motives, and the total supply, which is represented by the total amount issued and circulated (market equilibrium).

*Some of the terminology explanations that refer to "kaketsunagi" are listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…ほかに特定少数の投資家を対象とする募集(私募)および，そもそも募集行為を伴わない発行方法(直接発行)もある。
［流通市場］
　証券保有の動機には，投資(果実所得の追求)，投機(価格変動差益の追求)，さや取り(異市場価格差の追求)，かけつなぎ(保有資産価値保全のための空売)などがある。これらの諸動機の複合により形成される総需要と発行･流通総量で表される総供給を均衡させる高さに，各証券の価格が決定される(市場均衡)。…

※「かけつなぎ」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報