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Download torrent Corporation Finance Volume 11

Download torrent Corporation Finance Volume 11

Corporation Finance Volume 11. William Homer Walker

Corporation Finance Volume 11
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Author: William Homer Walker
Number of Pages: 82 pages
Published Date: 12 Sep 2013
Publisher: Theclassics.Us
Publication Country: United States
Language: English
ISBN: 9781230455419
File size: 45 Mb
File Name: Corporation.Finance.Volume.11.pdf
Download Link: Corporation Finance Volume 11
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 edition. Excerpt: ...affairs of the corporation. This is particularly so with the convertible bond, as the exercise of the conversion privilege makes possible radical and rapid changes in the capitalization of the company. Both of these privileges also tend to depress capital stock values, since they may eat into profits which would otherwise go to stockholders in dividends. 4. Redeemable bonds.--A redeemable bond is one which may be paid by the corporation before maturity. If the date of payment is optional with the corporation, it is sometimes called an optional bond, or a callable bond. Since the fluctuation in bond prices is not very broad or rapid, speculation in securities is confined mainly to the stock market. The bond market is therefore less active and it is sustained largely by the demands of permanent investors, who desire the greater safety and more steady income of bonds, rather than the risks and uncertain income of stocks. Any element in the bond, therefore, which lends uncertainty to the date of payment, with consequent inconvenience and perhaps loss of interest to the investor while changing investments, detracts from its market value. For this reason redeemable bonds usually carry with the redemption privilege a bonus or premium, which overcomes the investor's objection and adds a speculative value to the bond. It is often provided, for instance, that bonds may be redeemed at 105 on any interest bearing date, after thirty days notice. Now, if this bond were to run until maturity, the owner would receive only par value for it. The extra five per cent represents a bonus paid to him for the redemption privilege. The right to redeem is often quite important to the corporation, and is growing in favor. There is no reason why this feature should...

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