Note: Some very helpful comments on my most recent post have led me to conclude that I made some factual and logical errors. Fortunately, though, my main message, that stock issuance costs should be recorded as an expense, is not affected; but the path to that conclusion has been altered enough for me to want to start with a clean slate. Hence, I have withdrawn my previous post, and offer this one as a substitute. To my readers who may have already read the earlier post, or receive enough stuff from me via email, I apologize.
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I haven’t written for a few weeks, mainly because traveling and teaching at SMU has taken up a lot of my time. Now that the semester is over (except for finals-related activities), [Read More...]