學門類別
哈佛
- General Management
- Marketing
- Entrepreneurship
- International Business
- Accounting
- Finance
- Operations Management
- Strategy
- Human Resource Management
- Social Enterprise
- Business Ethics
- Organizational Behavior
- Information Technology
- Negotiation
- Business & Government Relations
- Service Management
- Sales
- Economics
- Teaching & the Case Method
最新個案
- A practical guide to SEC ï¬nancial reporting and disclosures for successful regulatory crowdfunding
- Quality shareholders versus transient investors: The alarming case of product recalls
- The Health Equity Accelerator at Boston Medical Center
- Monosha Biotech: Growth Challenges of a Social Enterprise Brand
- Assessing the Value of Unifying and De-duplicating Customer Data, Spreadsheet Supplement
- Building an AI First Snack Company: A Hands-on Generative AI Exercise, Data Supplement
- Building an AI First Snack Company: A Hands-on Generative AI Exercise
- Board Director Dilemmas: The Tradeoffs of Board Selection
- Barbie: Reviving a Cultural Icon at Mattel (Abridged)
- Happiness Capital: A Hundred-Year-Old Family Business's Quest to Create Happiness
Note on Master Limited Partnerships
內容大綱
Master limited partnerships (MLPs) are limited partnerships that trade on public exchanges in the form of units, similar to common stock. MLPs have several advantages relative to traditional C corporations (C-corps) that have resulted in their frequent use to finance energy-infrastructure assets. The general partners (GPs) retain control of the assets placed in the MLP, can drop down assets to the MLP, often at advantageous prices, and receive incentive distribution rights (IDRs). IDRs increase the GPs' share of the distributions over time, which in turn affects the MLPs' cost of capital. MLPs do not pay taxes at the entity level, which increases the amount of cash that can be paid to GPs and unitholders. MLPs trade on the basis of their yield and the stability and growth of their distributions. This technical note provides a brief history of MLPs, a description of their key features and terms, and several approaches to valuing them.