Preferred stock and Leasing(英文版)(ppt 43页)

Preferred stock and Leasing(英文版)内容提要：
In a lease analysis, what discount rate should cash flows be discounted at?
Since cash flows in a lease analysis are evaluated on an after-tax basis, we should use the after-tax cost of borrowing.  Previously, we were told the cost of debt, kd, was 10%.  Therefore, we should discount cash flows at 6%.
How does preferred stock differ from
common equity and debt?
Preferred dividends are fixed, but they  may be omitted without placing the firm in default.
Most preferred stocks prohibit the  firm from paying common dividends when the preferred is in arrears.
Usually cumulative up to a limit.

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