In Summary

In choosing the right financing vehicles to use, firms should begin by examining the characteristics of the assets they are financing and try to match the maturity, interest rate and currency mix, and special features of their financing to these characteristics. They can then superimpose tax considerations, the views of analysts and ratings agencies, agency costs and the effects of asymmetric information to modify this financing mix. Figure 9.5 summarizes the discussion on the preceding pages.

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