Please kindly read each of the following statements carefully and explain briefly why you would agree or disagree with it (using true or false). Give specific reasons for your answers.

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5. If a firm experiences a financial loss for the year, the loss is shared equally by the debt holders and equity holders. 6. A firm that only accepts projects for which the IRR is equal to the firm's required return will, on average, neither create nor destroy wealth for its shareholders. 7. It is the corporation itself that determines its cost of capital. 8. Many companies do not give any dividend. This means that the dividend discount model cannot explain how a stock's price is determined. 9. The investors should expect a higher return on a convertible bond than on a callable bond, 10. Working capital involves the financing of short-term operating assets like inventories, accounts receivable etc. These assets should be funded only with short-term borrowing