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Chapter 20 Long-Term Debt, Preferred Stock, and Common Stock 20.1 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. After Studying Chapter 20, you should be able to: 1. Understand the terminology and characteristics of bonds, preferred stock, and common stock. 2. Explain how the retirement (repayment) of bonds and preferred stock may be accomplished in a number of different ways. 3. Explain the differences between various types of long-term securities in terms of claims on income and assets, maturities, security holders` rights, and the tax treatment of income from the securities. 4. Discuss the advantages and disadvantages of issuing/buying the three different types of long-term securities from the perspective of both the issuer and investor. 20.2 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. Long-Term Debt, Preferred Stock, and Common Stock • Bonds and Their Features • Types of Long-Term Debt Instruments • Retirement of Bonds • Preferred Stock and Its Features • Rights of Common Shareholders • Dual-Class Common Stock 20.3 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. Bonds and Their Features Bond – A long-term debt instrument with a final maturity generally being 10 years or more. Basic Terms Par Value Coupon Rate Maturity Bond Ratings 20.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. Trustee and Indenture Trustee – A person or institution designated by a bond issuer as the official representative of the bondholders. Typically, a bank serves as trustee. Indenture – The legal agreement, also called the deed of trust, between the corporation issuing bonds and the bondholders, establishing the terms of the bond issue and naming the trustee. 20.5 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. ... - tailieumienphi.vn
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