Ll III ilililiilllliii ii Iii IiiIiiIL

1925

1935

1945

1955

1965

1975

1985

Year

Redrawn from Stocks, Bonds, Bills and Inflation: 2000 Yearbook,™ annual updates work by Roger G. Ibbotson and Rex A. Sinquefield (Chicago: Ibbotson Associates). All rights reserved.

Ross-Westerfield-Jaffe: I III. Risk I 9. Capital Market Theory: I I © The McGraw-Hill

Corporate Finance, Sixth An Overview Companies, 2002

Edition

Chapter 9 Capital Market Theory: An Overview 227

■ Figure 9.6 Year-by-Year Total Returns on Small-Company Stocks

Total annual returns in percent

14G 12G 1GG 80-6G 4G 2G G

Borrowing Basics

Borrowing Basics

Some small business persons cannot understand why a lending institution refused to lend them money. Others have no trouble getting funds, but they are surprised to find strings attached to their loans.

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