leverage notes pdf

15 0 obj An hour < an hour in terms of results 3. Exhibit 13-3: Sensitivity Analysis of Effect of Leverage on Risk in Equity Return Components, as Measured by Percentage Range in Possible Return Outcomes. Academia.edu is a platform for academics to share research papers. An hour < an hour in terms of results 3. endstream endobj startxref Questions principle 2. Capital structure and taxes 4. Capital structure and financial leverage 3. DX����V}�)hY���v��v;CY/�3:�J�S{��w��/�u�5��;�s�p�4%�Ѕ0/�����&ˤ�'K'�Iyg���Q�>�ulo���F����.m��k��F{�0�Ø9\�sf�+�J��\�=�y&%��6�vvcy��np�L���q�fCxr��M���V���U��*��wtNH2Ȼ~�����`�Y���ű�D�=U&��꠴�9��LQ\;�k��A+��.��G�@6�-��n��z�5q���߳e`�+©��ǥdǷ /Length 1476 /Filter /FlateDecode

6 0 obj 1 Leverage.This is a measure of how unusual the X value of a point is, relative to the X observations as a whole. %���� 16 0 obj %%EOF Advanced Corporate Finance LECTURE NOTES 2: CAPITAL STRUCTURE h�b```f``�e`e`X� Ā B@1V�@����F5"W�l�\Xn3�9t/:b�W��ɭQ�C�r�[%/(��lɌ���8׷OpinA���̀�X+y�S%k� �_T��yi���CFs��[��J ����%�|� �00@e\�ʄ!�U�VW�2̒�@Z���.�b`(`����h��G�c>� �e^Cv�^vnva��\V Summary 1. >> h�b```f``re`a`�c`@ �+s|dt`d�c��g`�����Q�r}����=U�;gV��2 $�萒�Q�:�yp�Д�l�e O����J��%@����57��4��K4k5�༗)%�S�*$�=4��lo.�T*D�g��G�K����*`gfVX����U�� �SRN[>'x_�ZB����Bl�����t���t8ZF�d0!sj�R� kd[ ��y�m� �zT?�S���>�[��X|�!��e������ ����� ��� ~����b,M~�Z �R��`Xj �J:�`rk§eM���>�#�`�FUĈ��6ͭ1��@D��a�"���U�[u��v!�> �]}Ԥ¾Ң�Jh��U�:E;�t���|�z ]�]��t5���0��~V�? To increase financial leverage, a firm may borrow capital through issuing fixed-income securities or by borrowing money directly from a lender. i��lx�w#��I[ӴR�����i��!�� Npx�mS�N��NS�-��Q��j�,9��Q"B���ͮ��ĵS2^B��z���ԠL_�E~ݴ�w��P�C�y��W-`�t�vw�QB#eE��L�0���x/�H�7�^׏!�tp�&{���@�(c�9(�+ -I)S�&���X��I�. �Q�J�D�*�;f5��&��љ�޻�|�u��]\&����''ir}~~������>a��)��S�_g���I9��''��t��Ok���g�oy��\����"�M=�tr9Ξ��a�gg�Kړ��=A�{!p����2��׃a1���&���,'��0��d�< -�����:��a��U^?>'7e5�ơ�>:%��hz:}��T2���?İc#�ib��*fuY%��f�k�6���:},G��)�/���y�,_ռ>�*"��87n����`���C�. 100 0 obj <>stream h޼�[O�8ǿ�A����4B�20�LM��J��@���Ҍ���c�%m����Է������]� �XI���*�,�4�C$�,�A�cRG�T)�a�X�8�TB*����I•;E��j"�d�"���!���a� �R",7�aDR���H�,d��p�H"5��>i��Kr^��j0�s,�5N���''�ח�jPg56\ N+6\���C���:� @9k{I]�.�cܪek1AW��j��. An hour > an hour in terms of results 87 0 obj <>/Filter/FlateDecode/ID[<4B383D714ED5340D7FE977968E4CEF2C><46D8E94A82C7564BB40665D85EACA761>]/Index[67 34]/Info 66 0 R/Length 97/Prev 185407/Root 68 0 R/Size 101/Type/XRef/W[1 2 1]>>stream stream Q�� Œ�@�zGT�)����@;U��C���������S��'.G��&9��[~i/��,#����l��N���c��@����A>� @� �> endobj 69 0 obj <> endobj 70 0 obj <>stream Academia.edu is a platform for academics to share research papers.

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Capital structure and financial distress 5. • In general, 0 1≤ ≤hii and ∑h pii = • Large leverage values indicate the ith case is distant from the center of all X obs. 5 0 obj

Leveraged Index Return Notes® TS-4 Leveraged Index Return Notes ® Linked to the Dow Jones Industrial AverageSM, due July , 2019 Hypothetical Payout Profile The below graph is based on hypothetical numbers and values. 62 0 obj <<

k�3H�930H�d�1�ds:� �#�p���_Yfi; ��]@������g�0 CZ3 �C}��CӸ��;�DMD��]�ăၭBʜ��a��(P&�R0b{�q����'����g���'�Ř�j��C��ОDQ\���� '�� qh{�[�(r/!�sA�@��1stc��#}�5� endobj 1 Leverage.This is a measure of how unusual the X value of a point is, relative to the X observations as a whole. Measuring Financial Leverage n Two variants of debt ratio • Debt to Capital Ratio = Debt / (Debt + Equity) • Debt to Equity Ratio = Debt / Equity n The debt can be measured in gross terms or in net terms. 67 0 obj <> endobj Leverage 1. 82 0 obj <>/Filter/FlateDecode/ID[<8B58BDEC1F27799105589A67AF304699>]/Index[51 56]/Info 50 0 R/Length 140/Prev 208273/Root 52 0 R/Size 107/Type/XRef/W[1 3 1]>>stream 106 0 obj <>stream h��V�n�J~����. Leverage of a point has an absolute minimum of 1=n, and we can see that the red point is right in the middle of the points on the X axis, and has a residual of 0.05.

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