The Riddle of the Limited Liability Corporation
The Riddle of the Limited Liability Corporation
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In our eReader you can find the full English version of the book. Read The Riddle of the Limited Liability Corporation Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Riddle of the Limited Liability Corporation
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Because of the limited liability character of the corporation the equity owners cannot be required to make up the difference. The creditors do not share in the upside risk of the firm but do share in a portion of the downside risk Absent the debt obligations the shareholders would bear the full risk of the firm's operations. When, however, the firm has large debt obligations outstanding, a portion of the downside risk assumed by the firm is borne by the creditors. Since the shareholders do not ...fully bear the additional risk that will follow from the choice of a particular investment strategy, they may find it in their interest to choose this riskier strategy although the additional return to the firm as a whole is not sufficient to warrant the additional risk.
The second category of conflicts arises for similar reasons. Any new projects that the firm assumes will necessarily change the risk and return characteristics of the firm's entire portfolio of projects. A new project These cases are presented in most modern corporate finance textbooks: see for example, Brealey and Myers (1988, pp.
What to read after The Riddle of the Limited Liability Corporation?
You can find similar books in the "Read Also" column, or choose other free books by John E Parsons to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Because of the limited liability character of the corporation the equity owners cannot be required to make up the difference. The creditors do not share in the upside risk of the firm but do share in a portion of the downside risk Absent the debt obligations the shareholders would bear the full risk of the firm's operations. When, however, the firm has large debt obligations outstanding, a portion of the downside risk assumed by the firm is borne by the creditors. Since the shareholders do not ...fully bear the additional risk that will follow from the choice of a particular investment strategy, they may find it in their interest to choose this riskier strategy although the additional return to the firm as a whole is not sufficient to warrant the additional risk.
The second category of conflicts arises for similar reasons. Any new projects that the firm assumes will necessarily change the risk and return characteristics of the firm's entire portfolio of projects. A new project These cases are presented in most modern corporate finance textbooks: see for example, Brealey and Myers (1988, pp.
What to read after The Riddle of the Limited Liability Corporation?
You can find similar books in the "Read Also" column, or choose other free books by John E Parsons to read onlineMoreLess
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