Professional Documents
Culture Documents
Current
Liabilities
Current
Assets Long-Term
Debt
Fixed Assets
1 Tangible Shareholders’
2 Intangible Equity
Taxes (D)
Stocks and
Investors
Bonds
Firms securities
Money Bob Sue
money
Primary Market
Secondary
Market
Financial Markets
$ Stocks &
Stocks & $
Primary Bonds
Bonds
exchange market
$
ownership
Secondary
market
$130 30%
$100 $100 0%
$90 -10%
$80 -20%
$F $F
Value of the firm (X) Value of the firm (X)
Board of Directors
Debtholders
Shareholders
Management
Debt
Assets
Equity