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Which of the following is NOT an example of constructive play?
Flotation Costs
Expenses incurred by a company in issuing new securities, including fees to underwriters, legal fees, and registration fees.
Dividend
A portion of a company's earnings distributed to shareholders, usually in the form of cash or additional stock.
Constant Growth
A model assuming that dividends or any other type of cash flow grow at a constant rate indefinitely.
Debt/Equity Ratio
A measure of a company's financial leverage calculated by dividing its total liabilities by stockholders' equity.
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