18新利网址多少 學及財務知識分析(英文版)(PPT 31頁)

18新利网址多少 學及財務知識分析(英文版)簡介：

Why is yield on preferred lower than kd?

Corporations own most preferred stock, because 70% of preferred dividends are nontaxable to corporations.
Therefore, preferred often has a lower B-T yield than the B-T yield on debt.
The A-T yield to an investor, and the A-T cost to the issuer, are higher on preferred than on debt. Consistent with higher risk of preferred.

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