The difference between a stock and a bond - Corporate Finance Foundations Video Tutorial

<!DOCTYPE html> <html lang="en"> <head> <meta name="pageKey" content="d_learning_course_video_guest">  <meta name="linkedin:pageTag" content="view_video"> <meta name="locale" content="en_US"> <meta id="config" data-app-version="2.0.2217" data-call-tree-id="AAYn3DjkDxdkB3LQ6OszkQ==" data-multiproduct-name="learning-guest-frontend" data-service-name="learning-guest-frontend" data-browser-id="e425483b-ac02-4629-89b0-31eb4e867a32" data-enable-page-view-heartbeat-tracking data-page-instance="urn:li:page:learning_course_video_guest;VkltP+gQSQiRomU5qCBO2A==" data-disable-jsbeacon-pagekey-suffix="false" data-member-id="0"> <link rel="canonical" href="https://www.linkedin.com/learning/corporate-finance-foundations/the-difference-between-a-stock-and-a-bond">     <link rel="manifest" href="/homepage-guest/manifest.json" crossorigin="use-credentials">  <script> function getDfd() {let yFn,nFn;const p=new Promise(function(y, n){yFn=y;nFn=n;});p.resolve=yFn;p.reject=nFn;return p;} window.lazyloader = getDfd(); window.tracking = getDfd(); window.impressionTracking = getDfd(); window.ingraphTracking = getDfd(); window.appDetection = getDfd(); window.pemTracking = getDfd(); </script>  <link rel="icon" href="https://static.licdn.com/aero-v1/sc/h/444zstxv7s91nepfm5et6ofge"> <title>The difference between a stock and a bond - Corporate Finance Foundations Video Tutorial | LinkedIn Learning, formerly Lynda.com</title> <meta name="robots" content="noarchive, max-image-preview:large"> <meta name="description" content="In this video, learn how to articulate the typical forms of external financing and how they are different. Stocks and bonds both raise funds but in different ways."> <meta property="og:site_name" content="LinkedIn"> <meta name="twitter:site" content="@LI_Learning"> <meta name="twitter:card" content="summary"> <meta name="litmsProfileName" content="learning-guest-frontend"> <meta property="og:title" content="The difference between a stock and a bond - Corporate Finance Foundations Video Tutorial | LinkedIn Learning, formerly Lynda.com"> <meta name="twitter:title" content="The difference between a stock and a bond - Corporate Finance Foundations Video Tutorial | LinkedIn Learning, formerly Lynda.com"> <meta property="og:description" content="In this video, learn how to articulate the typical forms of external financing and how they are different. Stocks and bonds both raise funds but in different ways."> <meta name="twitter:description" content="In this video, learn how to articulate the typical forms of external financing and how they are different. Stocks and bonds both raise funds but in different ways."> <meta property="og:image" content="https://media.licdn.com/dms/image/v2/C4E0DAQESgtMISPG4og/learning-public-crop_675_1200/learning-public-crop_675_1200/0/1574184044814?e=2147483647&v=beta&t=6NXHIa8lf8ezDUfLep20M_Aw9Svf9lYY2qXhKxqTBKo"> <meta name="twitter:image" content="https://media.licdn.com/dms/image/v2/C4E0DAQESgtMISPG4og/learning-public-crop_675_1200/learning-public-crop_675_1200/0/1574184044814?e=2147483647&v=beta&t=6NXHIa8lf8ezDUfLep20M_Aw9Svf9lYY2qXhKxqTBKo">  <meta property="og:url" content="https://www.linkedin.com/learning/corporate-finance-foundations/the-difference-between-a-stock-and-a-bond"> <meta property="og:type" content="website"> <meta name="clientSideIngraphs" content="1" data-gauge-metric-endpoint="/learning-guest/api/ingraphs/gauge" data-counter-metric-endpoint="/learning-guest/api/ingraphs/counter"> <link rel="stylesheet" href="https://static.licdn.com/aero-v1/sc/h/b2sn84ibusnmmqygar9zphel"> <script type="application/ld+json"> {"@context":"http://schema.org/","@type":"VideoObject","name":"The difference between a stock and a bond - Corporate Finance Foundations","author":{"@type":"Person","name":"Jim Stice","url":"https://www.linkedin.com/learning/instructors/jim-stice"},"thumbnailUrl":"https://media.licdn.com/dms/image/v2/C4E0DAQESgtMISPG4og/learning-public-crop_675_1200/learning-public-crop_675_1200/0/1574184044814?e=2147483647&v=beta&t=6NXHIa8lf8ezDUfLep20M_Aw9Svf9lYY2qXhKxqTBKo","description":"Learn the basics of corporate finance and its impact on decision-making and growth.","duration":"PT3M23S","datePublished":"2019-11-19","uploadDate":"2019-11-19","requiresSubscription":false,"isAccessibleForFree":true,"contentUrl":"https://www.linkedin.com/learning/corporate-finance-foundations/the-difference-between-a-stock-and-a-bond","interactionCount":217245,"interactionStatistic":[{"@type":"InteractionCounter","interactionType":"http://schema.org/WatchAction","userInteractionCount":217245}],"transcript":" - Before we talk about security markets themselves, let's talk about the two basic types of securities: stocks and bonds. - To illustrate the difference between the two, consider this. From outer space, you're watching through a telescope a transaction between an individual and a company. - [Man In Blue Shirt] You see the individual give the company money. You see the company give the individual a piece of paper. Did the company sell a stock or a bond? - Okay, now from space, the transaction looks the same, exchanging money for a piece of paper. - Although the issuance of stocks and bonds looks the same from a distance, they represent fundamentally different transactions. - A stock is evidence that a stockholder is an owner of a portion or a share of a corporation. If you own a share of stock, you are an owner in that corporation. The stockholder receives the stock, typically in exchange for paying cash to the previous owner of the shares. - A bond, on the other hand, is evidence that the bondholder is owed money by the company that issued the bond. In essence, a bond is an IOU. The bondholder receives the bond, typically in exchange for paying cash to the previous owner of the bond. - [Man In Glasses] A share of stock is evidence of ownership. A bond is evidence of a loan. - Bonds are often called debts. Stocks are often called equity. Now we're going to look at the two extremes, pure debt and pure equity, to highlight the difference between the two. - For example, do annual payments have to be made? Well with pure debt, interest payments are mandatory. Whether the company does well or the company does poorly, interest on debt has to be paid. - [Man In Blue Shirt] On the other hand, with equity, with stock, do payments have to be made? Those payments are called dividends. They don't have to be made. I can pay a dividend or not. - So with debt, interest payments have to be made. With dividends, the payments are optional. - Now what about the amount of the payment? Typically with pure debt, the amount of the interest payment is fixed. The person who invested in those bonds can expect a regular fixed interest payment on those bonds. - [Man In Glasses] On the other hand, with pure equity, the dividend amount is not fixed. It could go up, it can go down. - Now another question. Does the initial investment have to be repaid? Well with debt, a loan, the amount has to be repaid in the future. There are maturity dates associated with debt, and a specific amount has to be repaid. - With equity, on the other hand, there is no requirement that any investment amounts be repaid. With equity, you're an owner. Your company, the corporation, does not legally have to pay you back the amount of your initial investment. In other words, your investment amount is at risk. - So with debt, the company is obligated to pay you back. With equity, there's no obligation. - One more difference between stocks and bonds is the order of priority in the case of bankruptcy. Who first gets to extract any remaining assets in bankruptcy? - [Man In Blue Shirt] Well debt holders collect first, and equity holders get what, if anything, is left over. - So there are differences between stocks and bonds in terms of whether regular payments are mandatory, whether the amount of those payments are fixed or variable, whether the initial investment amount has to be repaid, and who collects first in the case of bankruptcy. - Now that we know the basics about the differences between stocks and bonds, let's talk about how these different securities are traded on public exchanges, on stock markets, and on bond markets. 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data-test-live-offline-tab> View Offline </button> </li> </ul>  <div class="tab__panel" tabindex="0" role="tabpanel"> <section class="core-section-container my-3 transcripts">  <h2 class="core-section-container__title section-title"> The difference between a stock and a bond </h2>  <div class="core-section-container__content break-words"> <div class="transcripts__copy"> <span class="transcripts__quotation">“</span> <p> - Before we talk about security markets themselves, let's talk about the two basic types of securities: stocks and bonds. - To illustrate the difference between the two, consider this. From outer space, you're watching through a telescope a transaction between an individual and a company. - [Man In Blue Shirt] You see the individual give the company money. You see the company give the individual a piece of paper. Did the company sell a stock or a bond? - Okay, now from space, the transaction looks the same, exchanging money for a piece of paper. - Although the issuance of stocks and bonds looks the same from a distance, they represent fundamentally different transactions. - A stock is evidence that a stockholder is an owner of a portion or a share of a corporation. If you own a share of stock, you are an owner in that corporation. The stockholder receives the stock, typically in exchange for paying cash to the previous owner of the shares. - A bond, on the other hand, is evidence that the bondholder is owed money by the company that issued the bond. In essence, a bond is an IOU. The bondholder receives the bond, typically in exchange for paying cash to the previous owner of the bond. - [Man In Glasses] A share of stock is evidence of ownership. A bond is evidence of a loan. - Bonds are often called debts. Stocks are often called equity. Now we're going to look at the two extremes, pure debt and pure equity, to highlight the difference between the two. - For example, do annual payments have to be made? Well with pure debt, interest payments are mandatory. Whether the company does well or the company does poorly, interest on debt has to be paid. - [Man In Blue Shirt] On the other hand, with equity, with stock, do payments have to be made? Those payments are called dividends. They don't have to be made. I can pay a dividend or not. - So with debt, interest payments have to be made. With dividends, the payments are optional. - Now what about the amount of the payment? Typically with pure debt, the amount of the interest payment is fixed. The person who invested in those bonds can expect a regular fixed interest payment on those bonds. - [Man In Glasses] On the other hand, with pure equity, the dividend amount is not fixed. It could go up, it can go down. - Now another question. Does the initial investment have to be repaid? Well with debt, a loan, the amount has to be repaid in the future. There are maturity dates associated with debt, and a specific amount has to be repaid. - With equity, on the other hand, there is no requirement that any investment amounts be repaid. With equity, you're an owner. Your company, the corporation, does not legally have to pay you back the amount of your initial investment. In other words, your investment amount is at risk. - So with debt, the company is obligated to pay you back. With equity, there's no obligation. - One more difference between stocks and bonds is the order of priority in the case of bankruptcy. Who first gets to extract any remaining assets in bankruptcy? - [Man In Blue Shirt] Well debt holders collect first, and equity holders get what, if anything, is left over. - So there are differences between stocks and bonds in terms of whether regular payments are mandatory, whether the amount of those payments are fixed or variable, whether the initial investment amount has to be repaid, and who collects first in the case of bankruptcy. - Now that we know the basics about the differences between stocks and bonds, let's talk about how these different securities are traded on public exchanges, on stock markets, and on bond markets. </p> </div> </div> </section> </div> <div class="tab__panel" tabindex="0" role="tabpanel" hidden> <section class="core-section-container my-3 exercise-files" data-test-live-files-panel>  <h2 class="core-section-container__title section-title"> Practice while you learn with exercise files </h2>  <div class="core-section-container__content break-words"> <p class="exercise-files__description"> Download the files the instructor uses to teach the course. 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What is Finance <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cyolgscd0imw2ldqppkrb84vo"></icon> </button> <button class="show-more-less__button show-more-less__less-button show-more-less-button show-more-less__button--hide" aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 1. What is Finance <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/4chtt12k98xwnba1nimld2oyg"></icon> </button> <ul data-max-num-to-show="0" class="show-more-less__list show-more-less__list--hide-after-0" data-impression-id="learning-course_toc-section_show-more-less"> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/the-board-of-directors-discusses-finance-23739459?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <icon class="table-of-contents__item-status table-of-contents__item-status--unlocked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/5jwhkytplzxiejvhzfu0t7m8l" data-svg-class-name="table-of-contents__item-status-svg--unlocked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> The board of directors discusses finance </div> <div class="table-of-contents__item-duration"> 2m 42s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/finance-inside-of-companies-23735564?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <icon class="table-of-contents__item-status table-of-contents__item-status--unlocked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/5jwhkytplzxiejvhzfu0t7m8l" data-svg-class-name="table-of-contents__item-status-svg--unlocked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Finance inside of companies </div> <div class="table-of-contents__item-duration"> 3m 13s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/finance-outside-of-companies-23738492?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <icon class="table-of-contents__item-status table-of-contents__item-status--unlocked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/5jwhkytplzxiejvhzfu0t7m8l" data-svg-class-name="table-of-contents__item-status-svg--unlocked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Finance outside of companies </div> <div class="table-of-contents__item-duration"> 2m 44s </div> </div> </a> </li> </ul>  </div> </li> <li class="toc-section"> <div class="show-more-less"> <button class="show-more-less__button show-more-less__more-button show-more-less-button " aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 2. Risk and Return <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cyolgscd0imw2ldqppkrb84vo"></icon> </button> <button class="show-more-less__button show-more-less__less-button show-more-less-button show-more-less__button--hide" aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 2. Risk and Return <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/4chtt12k98xwnba1nimld2oyg"></icon> </button> <ul data-max-num-to-show="0" class="show-more-less__list show-more-less__list--hide-after-0" data-impression-id="learning-course_toc-section_show-more-less"> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/what-is-risk-and-why-don-t-we-like-it-23735559?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> What is risk and why don't we like it? </div> <div class="table-of-contents__item-duration"> 2m 49s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/reducing-risk-through-diversification-23735563?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Reducing risk through diversification </div> <div class="table-of-contents__item-duration"> 4m 10s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/beta-the-concept-23741446?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Beta: The concept </div> <div class="table-of-contents__item-duration"> 4m 31s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/beta-examples-23741444?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Beta: Examples </div> <div class="table-of-contents__item-duration"> 3m 23s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/risk-free-rate-23738493?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Risk-free rate </div> <div class="table-of-contents__item-duration"> 3m 16s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/equity-risk-premium-23740458?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Equity risk premium </div> <div class="table-of-contents__item-duration"> 2m 18s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/capital-asset-pricing-model-capm-23739460?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Capital asset pricing model (CAPM) </div> <div class="table-of-contents__item-duration"> 3m 54s </div> </div> </a> </li> </ul>  </div> </li> <li class="toc-section"> <div class="show-more-less"> <button class="show-more-less__button show-more-less__more-button show-more-less-button " aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 3. Obtaining Long-Term Financing <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cyolgscd0imw2ldqppkrb84vo"></icon> </button> <button class="show-more-less__button show-more-less__less-button show-more-less-button show-more-less__button--hide" aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 3. Obtaining Long-Term Financing <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/4chtt12k98xwnba1nimld2oyg"></icon> </button> <ul data-max-num-to-show="0" class="show-more-less__list show-more-less__list--hide-after-0" data-impression-id="learning-course_toc-section_show-more-less"> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/introducing-long-term-financing-23735560?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Introducing long-term financing </div> <div class="table-of-contents__item-duration"> 2m 53s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/does-capital-structure-matter-23736533?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Does capital structure matter? </div> <div class="table-of-contents__item-duration"> 4m 9s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/factors-influencing-optimal-capital-structure-23742370?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Factors influencing optimal capital structure </div> <div class="table-of-contents__item-duration"> 3m 35s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/cost-of-capital-all-debt-or-all-equity-financing-23736534?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Cost of capital: All debt or all equity financing </div> <div class="table-of-contents__item-duration"> 4m 23s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/cost-of-capital-split-debt-equity-financing-23737569?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Cost of capital: Split debt-equity financing </div> <div class="table-of-contents__item-duration"> 4m 16s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/weighted-average-cost-of-capital-23738495?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Weighted-average cost of capital </div> <div class="table-of-contents__item-duration"> 3m 2s </div> </div> </a> </li> </ul>  </div> </li> <li class="toc-section"> <div class="show-more-less"> <button class="show-more-less__button show-more-less__more-button show-more-less-button " aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 4. Understanding Securities Markets <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cyolgscd0imw2ldqppkrb84vo"></icon> </button> <button class="show-more-less__button show-more-less__less-button show-more-less-button show-more-less__button--hide" aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 4. Understanding Securities Markets <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/4chtt12k98xwnba1nimld2oyg"></icon> </button> <ul data-max-num-to-show="0" class="show-more-less__list show-more-less__list--hide-after-0" data-impression-id="learning-course_toc-section_show-more-less"> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/the-difference-between-a-stock-and-a-bond-23739458?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> The difference between a stock and a bond </div> <div class="table-of-contents__item-duration"> 3m 23s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/stock-markets-23735561?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Stock markets </div> <div class="table-of-contents__item-duration"> 3m 35s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/bond-markets-23735562?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Bond markets </div> <div class="table-of-contents__item-duration"> 4m 5s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/publicly-traded-shares-what-impacts-the-share-price-23737570?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Publicly-traded shares: What impacts the share price? </div> <div class="table-of-contents__item-duration"> 4m 2s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/initial-public-offering-ipo-microsoft-23736531?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Initial public offering (IPO): Microsoft </div> <div class="table-of-contents__item-duration"> 4m 22s </div> </div> </a> </li> </ul>  </div> </li> <li class="toc-section"> <div class="show-more-less"> <button class="show-more-less__button show-more-less__more-button show-more-less-button " aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 5. Capital Budgeting <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cyolgscd0imw2ldqppkrb84vo"></icon> </button> <button class="show-more-less__button show-more-less__less-button show-more-less-button show-more-less__button--hide" aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> 5. Capital Budgeting <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/4chtt12k98xwnba1nimld2oyg"></icon> </button> <ul data-max-num-to-show="0" class="show-more-less__list show-more-less__list--hide-after-0" data-impression-id="learning-course_toc-section_show-more-less"> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/capital-budgeting-overview-23742371?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Capital budgeting overview </div> <div class="table-of-contents__item-duration"> 1m 58s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/the-importance-of-the-time-value-of-money-23741445?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> The importance of the time value of money </div> <div class="table-of-contents__item-duration"> 3m 33s </div> </div> </a> </li> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/example-buying-light-switches-23736532?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Example: Buying light switches </div> <div class="table-of-contents__item-duration"> 3m 10s </div> </div> </a> </li> </ul>  </div> </li> <li class="toc-section"> <div class="show-more-less"> <button class="show-more-less__button show-more-less__more-button show-more-less-button " aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> Conclusion <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cyolgscd0imw2ldqppkrb84vo"></icon> </button> <button class="show-more-less__button show-more-less__less-button show-more-less-button show-more-less__button--hide" aria-expanded="false" data-tracking-control-name="learning-course_toc-section_show_more"> Conclusion <icon class="show-more-less__button--chevron show-more-less-button-icon" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/4chtt12k98xwnba1nimld2oyg"></icon> </button> <ul data-max-num-to-show="0" class="show-more-less__list show-more-less__list--hide-after-0" data-impression-id="learning-course_toc-section_show-more-less"> <li class="toc-item"> <a data-tracking-control-name="learning-course_tocItem" data-tracking-will-navigate href="https://www.linkedin.com/learning/corporate-finance-foundations/next-steps-23737571?autoplay=true&trk=learning-course_tocItem" class="toc-item__link" aria-current="false"> <span class="a11y-text">(Locked)</span> <icon class="table-of-contents__item-status table-of-contents__item-status--locked" data-delayed-url="https://static.licdn.com/aero-v1/sc/h/cfu0devb5o77ym5x8vv0oilfz" data-svg-class-name="table-of-contents__item-status-svg--locked"></icon> <div class="table-of-contents__item-details"> <div class="table-of-contents__item-title"> Next steps </div> <div class="table-of-contents__item-duration"> 1m 14s </div> </div> </a> </li> </ul>  </div> </li> </ul> </section> </section> </main> <div class="pre-footer "> <section class="core-section-container my-3 price-disclaimer">    <div class="core-section-container__content break-words"> <p class="price-disclaimer__copy"> <sup class="price-disclaimer__copy--sup">*</sup>Price may change based on profile and billing country information entered during Sign In or Registration </p> </div> </section> <section class="tw-linkster bg-cool-gray-20 browse-map" data-impression-id="learning-course_linkster" data-js-module-id="linkster"> <div class="max-w-screen-content-max-w w-full flex justify-between my-0 mx-auto mamabear:px-3 babybear:px-2 babybear:flex-col"> <div class="flex-1 w-1/2 pt-2 pr-4 pb-4 pl-0 babybear:pb-2 babybear:w-full babybear:border-b-1 babybear:border-solid babybear:border-color-border-low-emphasis babybear:last:border-b-0"> <h3 class="text-md font-bold text-color-text leading-open"> Explore Business Topics </h3> <ul class="my-1"> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/business-analysis-and-strategy?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Business Analysis and Strategy </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/business-software-and-tools?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Business Software and Tools </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/career-development-5?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Career Development </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/customer-service-3?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Customer Service </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/diversity-equity-and-inclusion-dei?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Diversity, Equity, and Inclusion (DEI) </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/finance-and-accounting?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Finance and Accounting </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/human-resources-3?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Human Resources </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/leadership-and-management?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Leadership and Management </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/marketing-2?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Marketing </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/professional-development?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Professional Development </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/project-management?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Project Management </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/sales-3?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Sales </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/small-business-and-entrepreneurship?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Small Business and Entrepreneurship </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/training-and-education?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Training and Education </a> </li> </ul> <a class="link tw-linkster-general-link" aria-label="See all business courses" href="https://www.linkedin.com/learning/topics/business?trk=learning-course_browsemap_general-link" data-tracking-control-name="learning-course_browsemap_general-link" data-tracking-will-navigate> See all </a> </div> <div class="flex-1 w-1/2 pt-2 pr-4 pb-4 pl-0 babybear:pb-2 babybear:w-full babybear:border-b-1 babybear:border-solid babybear:border-color-border-low-emphasis babybear:last:border-b-0"> <h3 class="text-md font-bold text-color-text leading-open"> Explore Creative Topics </h3> <ul class="my-1"> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/aec?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> AEC </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/animation-and-illustration?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Animation and Illustration </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/audio-and-music?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Audio and Music </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/graphic-design?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Graphic Design </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/motion-graphics-and-vfx?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Motion Graphics and VFX </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/photography-2?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Photography </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/product-and-manufacturing?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Product and Manufacturing </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/user-experience?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> User Experience </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/2015-54?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Video </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/visualization-and-real-time?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Visualization and Real-Time </a> </li> <li class="tw-link-column-item"> <a class="link tw-linkster-link" href="https://www.linkedin.com/learning/topics/web-design?trk=learning-course_browsemap_link" data-js-module-id="link-column-link" data-tracking-control-name="learning-course_browsemap_link" data-tracking-will-navigate> Web Design </a> </li> </ul> <a class="link tw-linkster-general-link" aria-label="See all creative courses" href="https://www.linkedin.com/learning/topics/creative?trk=learning-course_browsemap_general-link" data-tracking-control-name="learning-course_browsemap_general-link" data-tracking-will-navigate> See all </a> </div> <div class="flex-1 w-1/2 pt-2 pr-4 pb-4 pl-0 babybear:pb-2 babybear:w-full babybear:border-b-1 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