当前在线人数14758
首页 - 分类讨论区 - 学术学科 - 经济版 -阅读文章
未名交友
[更多]
[更多]
文章阅读:Re: common stock and preferred stock
[同主题阅读] [版面: 经济] [作者:qili] , 1999年10月15日08:41:21
qili
进入未名形象秀
我的博客
[上篇] [下篇] [同主题上篇] [同主题下篇]

发信人: qili (qili), 信区: Economics
标  题: Re: common stock and preferred stock
发信站: The unknown SPACE (Fri Oct 15 08:48:18 1999), 转信

【 在 qili (qili) 的大作中提到: 】
: in a nut shell, a prefered stock is more like debt, only
: the dividends aren't taxable for the stock holder (under
: certain conditions), and aren't tax deductible for the
: stock issuer (it's the opposite for interest payments
: on a debt.
: I will follow up later.

other differences:
a) prefered stock holders don't usually own a piece of
the company. a straight PS usually has maturity date by
which the PS is to be redeemed by the issuer (the company).
b) in a liquidation scenario, the PS holders are ahead
of the common stock holders. However, in reality, both
are so deeply subordinated that none is expected to
get anything;
c) PS is usually used in combination of warrants or
convertion options; In the 80s, the Japanese issued
a lot of convertible PS and made lots of money with
it (the conversion became useless in the late
80s and early 90s); the same thing is happening in
the internet arena today: internet start-ups are using
zero-coupon (or pay-in-kind) convertible PS or convertible
debt in the private placement market.
d) PS can also be used as a way to transfer one's income
to a lower tax bracket (an effective tax shielter). IRS
has tightened its rules there significantly to make it
more difficult;
e) today, the most likely reason to use PS is to manage
income. Instituition investors (like a mutual fund) likes
to have some income (for dressing purposes), and yet
have high returns. PS does that well for them.

--
※ 来源:.The unknown SPACE bbs.mit.edu.[FROM: 209.246.80.45]

[上篇] [下篇] [同主题上篇] [同主题下篇]
[转寄] [转贴] [回信给作者] [修改文章] [删除文章] [同主题阅读] [从此处展开] [返回版面] [快速返回] [收藏] [举报]
 
回复文章
标题:
内 容:

未名交友
将您的链接放在这儿

友情链接


 

Site Map - Contact Us - Terms and Conditions - Privacy Policy

版权所有,未名空间(mitbbs.com),since 1996