A(n) ________ is the most common way that firms repurchase shares.
A、targeted repurchase
B、Dutch auction share repurchase
C、tender offer
D、open market share repurchases
A、targeted repurchase
B、Dutch auction share repurchase
C、tender offer
D、open market share repurchases
A、tangibleassets有形资产
B、identifiableintangibleassets可识别的无形资产
C、anewgoodwillaccount新的商誉账户
D、allowanceaccount备抵金账户
A、South Africa
B、Canada
C、Australia
D、the United States and Britain
A、$4.50
B、$5.00
C、$4.00
D、$9.00
A、When we relax the assumption of a constant debt-equity ratio, the FTE method is relatively straightforward to use and is therefore the preferred method with alternative leverage policies.
B、When debt levels are set according to a fixed schedule, we can discount the predetermined interest tax shields using the debt cost of capital, rD.
C、With a constant interest coverage policy, the value of the interest tax shield is proportional to the project's unlevered value.
D、When the firm keeps its interest payments to a target fraction of its FCF, we say it has a constant interest coverage ratio.
A、When a firm pays a dividend, shareholders are taxed according to the dividend tax rate. If the firm repurchases shares instead, and shareholders sell shares to create a homemade dividend, the homemade dividend will be taxed according to the capital gains tax rate.
B、When the tax rate on dividends exceeds the tax rate on capital gains, shareholders will pay lower taxes if a firm uses share repurchases for all payouts rather than dividends.
C、Firms that use dividends will have to pay a lower after-tax return to offer their investors the same pre-tax return as firms that use share repurchases.
D、The optimal dividend policy when the dividend tax rate exceeds the capital gain tax rate is to pay no dividends at all.
A、Tax rates vary by income, by jurisdiction, and by whether the stock is held in a retirement account. Because of these differences, firms may attract different groups of investors depending on their dividend policy.
B、While many investors have a tax preference for share repurchases rather than dividends, the strength of that preference depends on the difference between the dividend tax rate and the capital gains tax rate that they face.
C、Long-term investors are more heavily taxed on capital gains, so they would prefer dividend payments to share repurchases.
D、One-year investors, pension funds, and other non-taxed investors have no tax preference for share repurchases over dividends, they would prefer a payout policy that most closely matches their cash needs.
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