51.   A recent survey showed the big London firms to be the most expensive in the world.

52.   Corporation tax is not the only tax that a firm may be liable to pay.

53.   This is the case because all firms are in the same risk class and because in equilibrium the rate of return on assets must equal the cost of capital.

54.   Firm B is an unlevered firm with shares valued at V SU and with reported earnings of.

55.   For example, in a major project several design firms are normally involved.

56.   Other law firms may be less conscientious.

57.   Government agencies are not dependent on citizens for resources and revenues in the way that private firms are dependent on their customers.

58.   Nevertheless, some large firms were directly active overseas in the nineteenth century, the names and identities of which were well known.

59.   By identifying surpluses at a early stage in the planning process a firm is in a good position to plan the investment of such funds.

60.   This implies that many European firms are too small.