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Sources of Finance (Financial Markets (Capital market (Raising long-term…
Sources of Finance
Financial Markets
Money market
Raising short-term finance
Banks
Capital market
Raising long-term finance
JSE
Period > 3y
Primary market
New issue of finance
Formal market
Narrow range of instruments
Accessible to small investors
OTC Market
Debt vs Equity
Return
Specified interest
Tax-deductibility
Cost
Risk
Committment
Capital repayment
Capital structure
Signalling effects
Control
Dilution
Levels of control