国际投资(英文版)【ppt】.ppt

Francis Ibbotson Chapter 5: Primary Securities and Their Issuers * Preferred Stock Has some characteristics of debt and equity Has legal priority over common stockholders with respect to claim on firm’s assets In a junior position relative to bondholders Usually limited in the amount of cash dividend paid Even if firm is prosperous, preferred stockholders only receive stipulated dividend Francis Ibbotson Chapter 5: Primary Securities and Their Issuers * Features of Bond Issues Sinking funds allow issuer to retire bond in an orderly manner Issuer pays a certain amount each year into a sinki