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The Feasibility of Small Denomination Consumer Note Issues as a Source of Funds for Non-Financial Borrowers
James F. Gatti, John R. Mills and Peter J. McTague
Vol. 10, No. 4 (Autumn, 1981), pp. 41-53
Stable URL: http://www.jstor.org/stable/3665218
Page Count: 13
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Dramatic increases in interest rates have caused businesses to explore less traditional forms of financing in an effort to minimize capital costs. Early in 1976, a Vermont utility started to examine the possibility of raising short-term capital through the direct sale of securities to the household sector. This article reports on the planning and issue of the 360-day small denomination securities to consumers in 1979. Results show savings in interest expenses and the possibility of a greater market for the notes than had been anticipated.
Financial Management © 1981 Financial Management Association International