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Chapter 7 Summary.docx

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Chapter 7 Equity Valuation71 Equity SecuritiesEquity Securities ownership interests in an underlying entity usually a corporationUsually have no fixed maturity dateEquities pay dividends from atertax earnings so unlike interest payments they do not provide the issuer with a taxdeductible expenseCommon Shares a certificate of ownership in a corporation the most common type of equity securityPreferred Shares the other major type of equity security which gives the owner a claim to a fixed dividend rate that is established when the shares are first issuedValuation of Equity SecuritiesWe estimate the expected future cash flows associated with the security and then determine the discounted present value of those future cash flows based on an appropriate di
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