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Lecture 10: Corporate Equity, Earnings and Dividends The Corporation [1611] A body corporate legally authorized to act as a single individual, an artificial person created by royal charter, prescription, or act of legislature, and having authority to preserve certain rights in perpetual succession. (OED) Compare publicani of ancient Rome, essentially corporations (though the most prominent were private collecting agencies for taxes) For-Profit vs. Non-Profit For-profit corporation is owned by shareholders, equal claim after debts paid, subject to corporate profits tax. Non-profit is not owned, self-perpetuating directors. Not subject to corporate profits tax. Common vs. Preferred Stock Common stock: dividend is at discretion of firm, subject to legal restrictions Preferred stock: Specified dividend does not have to be paid, but firm cannot pay dividend on common stock unless all past preferred stock dividends are paid. Corporate bonds: Firm is contractually obligated to pay coupons and there is a maturity date when principal must be paid. Limited Liability Even publicani had some form of limited liability sometimes New York State legislature made limited liability standard for all corporations, 1811 Standard copied by other states, finally California, 1931. Other Corporate Obligations Convertible bonds: bondholder has option to convert the bond to stock Employee incentive options Tracking stock Junk bonds Warrants Partnership contracts Voting of Common Shares Usually one share one vote, in person or by proxy, for board of directors and some other essential matters Shareholders meetings usually annual event, and required by law for big events such as merging corporation Shareholder meeting circuses Berle and Means Adolf A. Berle Jr., and Gardiner C. Means, The Modern Corporation and Private Property, 1933 Separation of ownership and control “ownership is so widely scattered that working control can be maintained with but a minority interest.” The “quasi-public
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