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Slide1
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Slide2Using Boundless Presentations
The Appendix
The appendix is for you to use to add depth and breadth to your lectures. You can simply drag and drop slides from the appendix into the main presentation to make for a richer lecture experience.
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Slide3Boundless is an innovative technology company making education more affordable and accessible for students everywhere. The company creates the world’s best open educational content in 20+ subjects that align to more than 1,000 popular college textbooks. Boundless integrates learning technology into all its premium books to help students study more efficiently at a fraction of the cost of traditional textbooks. The company also empowers educators to engage their students more effectively through customizable books and intuitive teaching tools as part of the Boundless Teaching Platform. More than 2 million learners access Boundless free and premium content each month across the company’s wide distribution platforms, including its website,
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About Boundless
Slide4]
Capital Structure
Capital Structure
Introducing Capital Structure
Capital Structure Considerations
Understanding the Bankruptcy Process
Thinking About Operating Leverage
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Thinking About Financial Leverage
Slide5Capital Structure Overview and Theory
Introducing Capital Structure
Capital Structure
>
Introducing Capital Structure
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Slide6Optimal Capital Structure Considerations
Tax Considerations
Cost of Capital Considerations The Marginal Cost of Capital Trade-Off Consideration Signaling Consideration
Constraint on Managers Pecking Order Window of OpportunityBankruptcy Considerations Capital Structure Considerations
Capital Structure
>
Capital Structure Considerations
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Slide7What Happens in Bankruptcy
Financial Management Before and During Bankruptcy
Striking Agreements to Avoid Bankruptcy Understanding the Bankruptcy Process
Capital Structure
>
Understanding the Bankruptcy Process
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Slide8Defining Operating Leverage
Break-Even Analysis
Leverage Models Benefits and Risks of Operating Leverage Thinking About Operating Leverage
Capital Structure
>
Thinking About Operating Leverage
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Slide9Defining Financial Leverage
Impacts of Financial Leverage
Combining Operating Leverage and Financial Leverage Thinking About Financial Leverage
Capital Structure
>
Thinking About Financial Leverage
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Appendix
Slide11Key terms
Agency Dilemma Takes into account the difficulties in motivating one party (the "agent"), to act on behalf of another (the "principal").asymmetric information
State of being regarding decisions on transactions where one party has more or better information than the other.bankruptcy Legal status of an insolvent person or an organisation, that is, one who cannot repay the debts they owe to creditors.break-even point
The point where total costs equal total revenue and the organization neither makes a profit nor suffers a loss.capital gains yield compound rate of return of increases in a stock's pricecapital rationing restrictions on how or how much a company can investcapital structure Capital structure is the way a corporation finances its assets, through a combination of debt, equity, and hybrid securities.Chapter 11 In bankruptcy involves rehabilitation or reorganization and is known as corporate bankruptcy. It is a form of corporate financial reorganization which typically allows companies to continue to function while they follow debt repayment plans.
Chapter 7 In bankruptcy involves basic liquidation for businesses. Also known as straight bankruptcy, it is the simplest and quickest form of bankruptcy available.
cost of capital the rate of return that capital could be expected to earn in an alternative investment of equivalent riskcost of capital
The rate of return that capital could be expected to earn in an alternative investment of equivalent risk.cost of preferred stock the additional premium paid to have an equity security with certain additional features not present in common stock
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Capital Structure
Slide12delinquent
Late or failing to pay a debt or other financial obligation, like a mortgage or loan.dividend A pro rata payment of money by a company to its shareholders, usually made periodically (e.g., quarterly or annually).
Earnings Per Share The amount of earnings per each outstanding share of a company's stock.equity Ownership, especially in terms of net monetary value, of a business.financial distress a term used to indicate a condition when promises to creditors are broken or honored with difficulty.
fixed cost business expenses that are not dependent on the level of goods or services produced by the businessfixed cost business expenses that are not dependent on the level of goods or services produced by the businessgarnishment A judgment that a third party should pay money owed to a debtor directly to a creditor.insolvent Unable to pay one's bills as they fall due.
Interest The price paid for obtaining, or price received for providing, money or goods in a credit transaction, calculated as a fraction of the amount or value of what was borrowed.leverage
The ability to utilize something to gain more of something else.leverage The overall debt divided by shareholder equity. This borrowing allows for the multiplication of gains and losses.
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Capital Structure
Slide13leverage
Debt taken on by a firm in order to finance assets.liquidity Availability of cash over short term: ability to service short-term debt.Marginal Cost of Capital
The cost of the last dollar of capital raised or the minimum acceptable rate of return or hurdle rate.marginal tax rate the percent paid out to the government of the last dollar (or applicable currency) earnedoptimal capital structure the amount of debt and equity that maximizes the value of the firm
Pecking Order Theory that states that the cost of financing increases with asymmetric information. When it comes to methods of raising capital, companies prefer financing that comes from internal funds, debt, and issuing new equity, respectively. Raising equity can be considered a last resort.Signaling The idea that one party (termed the agent) credibly conveys some information about itself to another party (the principal).solvency The state of having enough funds or liquid assets to pay all of one's debts; the state of being solvent.structure
A cohesive whole built up of distinct parts.trade credit a form of debt offered from one business to another with which it transactstrade-off
Refers to the idea that a company chooses how much debt finance and how much equity finance to use by balancing the costs and benefits.variable cost a cost that changes with the change in volume of activity experienced by an organization
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Capital Structure
Slide14variable cost
a cost that changes with the change in volume of activity experienced by an organizationWindow of opportunity The idea of a time when an asset or product. which is unattainable, will become available. It can be extended to a time when a certain product will be attainable at a certain price, or from an opposite perspective, the unique time a party will be able to sell a certain product at its highest price point in order to get a maximum return on investment.
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Capital Structure
Slide15Too Much Credit
Debt consolidation is one option for individuals owing large sums on multiple credit cards.
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Fotopedia.
"Too Much Credit by Andres Rueda in Credit card on Fotopedia - Images for Humanity."
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http://www.fotopedia.com/items/flickr-3274955487
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Capital Structure
Slide16Example of Operating Leverage
Factory automation with industrial robots for metal die casting.
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http://upload.wikimedia.org/wikipedia/commons/8/8a/Automation_of_foundry_with_robot.jpg
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Capital Structure
Slide17Variable Costs and Contribution
After filtering out the fixed costs, increases in volume will increase both the overall variable expense and the overall contribution.
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"CVP-Sales-Contrib-VC.svg.png."
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Capital Structure
Slide18Financial Leverage Firm Value Implications
This graph illustrates a theoretical firm value maximizing curve when it comes to a debt-to-equity ratio. All this means is that each organization has the ideal balance between debt and equity, and finding the 'sweet spot' is a useful strategic aspect of financial leverage decisions.
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Wikimedia.
"TradeOff.png."
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https://upload.wikimedia.org/wikipedia/commons/7/79/TradeOff.png
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Capital Structure
Slide19Total Leverage Equation 3
TL = Total Leverage. P = Unit Revenue. V = Unit Variable Cost. X = Units Sold. FC = Fixed Costs. I = Interest Expense.
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Wikipedia.
"Financial leverage."
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http://en.wikipedia.org/wiki/Financial_leverage%23cite_note-13
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Capital Structure
Slide20Chapter 9 Bankruptcy
Jefferson County, Alabama underwent Chapter 9 bankruptcy in 2009.
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Fotopedia.
CC BY
http://www.fotopedia.com/items/flickr-6331925743
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Capital Structure
Slide21Signaling
Education credentials, such as diplomas, can send a positive signal to potential employers regarding a workers talents and motivation.
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Flickr.
"All sizes | Man and diploma | Flickr - Photo Sharing!."
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Capital Structure
Slide22Chapter 9 Bankruptcy
Jefferson County, Alabama underwent Chapter 9 bankruptcy in 2009.
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Fotopedia.
CC BY
http://www.fotopedia.com/items/flickr-6331925743
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Capital Structure
Slide23The expected return on an asset is compared to the cost of capital to invest in the asset.
Cost of capital is an important way of determining whether or not a firm is a worthwhile investment.
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Wikimedia.
"Permanent University Fund Assets."
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Capital Structure
Slide24Taxes
A company's decision makers must take taxes into consideration when determining a firm's capital structure.
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"All sizes | taxes | Flickr - Photo Sharing!."
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Capital Structure
Slide25Fixed and Variable Costs
Fixed costs and variable costs, together, comprise total costs.
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Wikipedia.
"Operating leverage."
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Capital Structure
Slide26Total Leverage Equation 1
Total leverage = DOL x DOF
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Wikipedia.
"Financial leverage."
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Capital Structure
Slide27Structural Considerations
Trade-off considerations are important factors in deciding appropriate capital structure for a firm since they weigh the cost and benefits of extra capital through debt vs. equity.
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"New york skyline | Flickr - Photo Sharing!."
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Capital Structure
Slide28Total Leverage Equation 2
Total leverage = DOL x DOF
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Wikipedia.
"Financial leverage."
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Capital Structure
Slide29Breakeven Example
FC = 1,000. P = 20. VC = 5.
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"Break-even (economics)."
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Capital Structure
Slide30Unit Contribution Margin
Contribution margin (C) is the unit net revenue (P = price) minus unit variable cost (V = variable cost).
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"Contribution margin."
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Capital Structure
Slide31Multiple Break-Even Prices
R1, R2 and R3 = revenues at different chosen prices. TC = total cost curve. FC = fixed cost curve.
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Capital Structure
Slide32Cost of Money
The Marginal Cost of Capital is the cost of the last dollar of capital raised. It is an important consideration the firm must take into account when making corporate decisions.
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"Money."
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Capital Structure
Slide33Return On Equity
The equation used to calculate return on equity.
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"Return on Equity."
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Capital Structure
Slide34Possible Business Risks
This chart represents a list of the possible risks involved in running an organic business. Risks such as these affect sales, which in turn affect the amount of operating leverage a company should utilize.
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"Possible-risks."
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Capital Structure
Slide35Capital Structure.
Capital Structure shows how a company's assets are built out of debt and equity.
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Wikimedia.
"File:(-)-Menthone structure.svg - Wikimedia Commons."
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Capital Structure
Slide36Capital Structure
Captial structure is the assignment of the sources of company assets into equity or debt securities.
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Wikipedia.
"Capital market."
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Capital Structure
Slide37Twitter at the New York Stock Exchange
A Twitter banner hanging over the New York Stock Exchange on the day of its IPO.
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flickr.
"Screen Shot 2016-06-08 at 3.10.20 PM.png."
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Capital Structure
Slide38Attribution
Wikipedia.
"Marginal cost of capital." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Marginal_cost_of_capital
Wikipedia. "Hurdle rate." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Hurdle_rate
Wikipedia.
"Rate of return." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Rate_of_return%23Capital_gains_and_losses
Wikipedia. "marginal tax rate." CC BY-SA 3.0
http://en.wikipedia.org/wiki/marginal%20tax%20rate
Wikipedia.
"Marginal Cost of Capital."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Marginal%20Cost%20of%20Capital
Wikipedia.
"Capital structure." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Capital_structureWiktionary.
"structure." CC BY-SA 3.0
http://en.wiktionary.org/wiki/structureWiktionary.
"equity." CC BY-SA 3.0 http://en.wiktionary.org/wiki/equity
Wikipedia. "Bankruptcy alternatives." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Bankruptcy_alternativesWikipedia. "Altman Z-score." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Altman_Z-score
Wikipedia. "Chapter 11, Title 11, United States Code." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code
Wiktionary.
"garnishment."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/garnishment
Wikipedia.
"Bankruptcy in the United States."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States
Wikipedia.
"Bankruptcy."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Bankruptcy
Wikipedia.
"financial distress."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/financial%20distress
Wikipedia.
"Chapter 11, Title 11, United States Code."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code
Wiktionary.
"insolvent."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/insolvent
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Capital Structure
Slide39Wikipedia.
"Chapter 9, Title 11, United States Code."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Chapter_9,_Title_11,_United_States_Code
Wikipedia. "Contribution margin." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Contribution_margin
Wikipedia.
"fixed cost." CC BY-SA 3.0
http://en.wikipedia.org/wiki/fixed%20cost
Wiktionary. "variable cost." CC BY-SA 3.0 http://en.wiktionary.org/wiki/variable_cost
Wikipedia.
"Break-even (economics)."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Break-even_(economics)
Wikipedia.
"Operating leverage."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Operating_leverageWikipedia. "Financial leverage."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Financial_leverageWiktionary. "break-even point."
CC BY-SA 3.0 http://en.wiktionary.org/wiki/break-even_point
Wikipedia. "Contribution margin." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Contribution_margin
Wikipedia. "fixed cost." CC BY-SA 3.0 http://en.wikipedia.org/wiki/fixed%20cost
Wiktionary. "variable cost." CC BY-SA 3.0
http://en.wiktionary.org/wiki/variable_cost
Wikipedia.
"Break-even (economics)."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Break-even_(economics)
Wikipedia.
"Operating margin."
CC BY-SA 3.0
https://en.wikipedia.org/wiki/Operating_margin
Wikinvest.
"Operating Leverage."
CC BY-SA 3.0
http://www.wikinvest.com/wiki/Operating_Leverage
Wiktionary.
"leverage."
CC BY-SA 3.0
https://en.wiktionary.org/wiki/leverage
Wikipedia.
"Operating leverage."
CC BY-SA 3.0
https://en.wikipedia.org/wiki/Operating_leverage
Wikipedia.
"Leverage (finance)."
CC BY-SA 3.0
https://en.wikipedia.org/wiki/Leverage_(finance)
Wikipedia.
"Return on Equity."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Return_on_Equity
Wikipedia.
"Financial leverage."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Financial_leverage
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Capital Structure
Slide40Wiktionary.
"liquidity."
CC BY-SA 3.0 http://en.wiktionary.org/wiki/liquidity
Wiktionary. "solvency." CC BY-SA 3.0 http://en.wiktionary.org/wiki/solvency
Wikipedia. "Financial leverage."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Financial_leverageBoundless Learning.
"Boundless." CC BY-SA 3.0 http://www.boundless.com//finance/definition/earnings-per-share
Wikipedia.
"Debt-equity ratio."
CC BY-SA 3.0
https://en.wikipedia.org/wiki/Debt-to-equity_ratio
Wikinvest.
"Financial Leverage Ratio."
CC BY-SA 3.0 http://www.wikinvest.com/metric/Financial_Leverage_RatioWiktionary. "leverage."
CC BY-SA 3.0
https://en.wiktionary.org/wiki/leverageWikipedia. "Capital structure - substitution theory."
CC BY-SA 3.0 https://en.wikipedia.org/wiki/Capital_structure_substitution_theory
Wikipedia. "Trade-off theory of capital structure." CC BY-SA 3.0 https://en.wikipedia.org/wiki/Trade-off_theory_of_capital_structure
Wikipedia. "Capital structure." CC BY-SA 3.0 https://en.wikipedia.org/wiki/Capital_structure
Wikipedia. "Leverage (finance)." CC BY-SA 3.0
https://en.wikipedia.org/wiki/Leverage_(finance)
Wikipedia.
"IPO."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/IPO
Wikipedia.
"Window of opportunity."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Window%20of%20opportunity
Wikipedia.
"Managerial finance."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Managerial_finance
Wikipedia.
"Agency Dilemma."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Agency%20Dilemma
Wikipedia.
"Principal–agent problem."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Principal%E2%80%93agent_problem
Wikipedia.
"Trade credit."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Trade_credit
Wikipedia.
"Trade-off theory of capital structure."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Trade-off_theory_of_capital_structure
Wikipedia.
"trade-off."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/trade-off
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Capital Structure
Slide41Wikipedia.
"Bankruptcy alternatives."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Bankruptcy_alternatives
Wikipedia. "Debt restructuring." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Debt_restructuring
Wiktionary.
"delinquent." CC BY-SA 3.0
http://en.wiktionary.org/wiki/delinquent
Wikipedia. "cost of capital." CC BY-SA 3.0 http://en.wikipedia.org/wiki/cost%20of%20capital
Wikipedia.
"Cost of capital."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Cost_of_capital
Wikipedia.
"capital structure."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/capital%20structureWikipedia. "Optimal capital structure."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Optimal_capital_structureWikipedia. "Optimal capital structure."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Optimal_capital_structure
Wikipedia. "Optimal capital structure." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Optimal_capital_structure
Wiktionary. "leverage." CC BY-SA 3.0 http://en.wiktionary.org/wiki/leverage
Wikipedia. "Signalling (economics)." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Signalling_(economics)
Wikipedia.
"asymmetric information."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/asymmetric%20information
Wikipedia.
"Signaling."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Signaling
Wikipedia.
"Chapter 11."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Chapter%2011
Wikipedia.
"Bankruptcy."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Bankruptcy
Wikipedia.
"Chapter 7."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Chapter%207
Wiktionary.
"bankruptcy."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/bankruptcy
Wikipedia.
"Capital structure."
CC BY-SA 3.0
http://en.wikipedia.org/wiki/Capital_structure%23Agency_Costs
Wiktionary.
"Interest."
CC BY-SA 3.0
http://en.wiktionary.org/wiki/Interest
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Capital Structure
Slide42Wiktionary.
"dividend."
CC BY-SA 3.0 http://en.wiktionary.org/wiki/dividend
Wikipedia. "Optimal capital structure." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Optimal_capital_structure
Wikipedia.
"Preferred stock." CC BY-SA 3.0
http://en.wikipedia.org/wiki/Preferred_stockWikipedia.
"cost of capital." CC BY-SA 3.0 http://en.wikipedia.org/wiki/cost%20of%20capital
Wikipedia.
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CC BY-SA 3.0
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CC BY-SA 3.0 http://en.wikipedia.org/wiki/Cost_of_capitalWikipedia. "Pecking Order Theory."
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http://en.wikipedia.org/wiki/Pecking_Order_TheoryWikipedia. "Pecking Order."
CC BY-SA 3.0 http://en.wikipedia.org/wiki/Pecking%20Order
Wikipedia. "Capital structure." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Capital_structure
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Capital Structure