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nrod1120 nrod1120
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A year ago
If a firm uses the after-tax cost of new debt as the discount rate when analyzing a refunding decision, and if the NPV of refunding is positive, then the value of the firm will be maximized if it immediately calls the outstanding debt and replaces it with an issue that has a lower coupon rate.


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Textbook 
Financial Management: Theory and Practice

Financial Management: Theory and Practice


Edition: 4th
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anikamazumderanikamazumder
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A year ago
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nrod1120 Author
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A year ago
This calls for a celebration Person Raising Both Hands in Celebration
kaytee23
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I appreciate what you did here, answered it right Smiling Face with Open Mouth
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This site is awesome
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