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The other (Firm L) is levered: it is financed partly by equity, and partly by debt. The Modigliani–Miller theorem states that the enterprise value of the two firms is the same. Enterprise value encompasses claims by both creditors and shareholders, and is not to be confused with the value of the equity of the firm.
In finance, leverage, also known as gearing, is any technique involving borrowing funds to buy an investment.. Financial leverage is named after a lever in physics, which amplifies a small input force into a greater output force, because successful leverage amplifies the smaller amounts of money needed for borrowing into large amounts of profit.
A transmission (also called a gearbox) is a mechanical device which uses a gear set—two or more gears working together—to change the speed, direction of rotation, or torque multiplication/reduction in a machine. [1] [2] Transmissions can have a single fixed-gear ratio, multiple distinct gear ratios, or continuously variable ratios. Variable ...
The Beier variable-ratio gear or Beier variator is a mechanical drive offering a continuously variable gear ratio between input and output. The gear relies on the inter-meshing of a number of thin disks. By varying their separation, the effective radius of one disk varies, thus changing the overall gear ratio.
A continuously variable transmission (CVT) is an automated transmission that can change through a continuous range of gear ratios, typically resulting in better fuel economy in gasoline applications. [1] This contrasts with other transmissions that provide a limited number of gear ratios in fixed steps.
The larger green drums on the left contain the vacuum mechanism that controls the variable pulleys. The rear wheels are driven by separate belts, eliminating the need for a differential . Variomatic is the continuously variable transmission (CVT) of the Dutch car manufacturer DAF , originally developed by Hub van Doorne . [ 1 ]
Continuously variable transmissions are an automotive transmission fitted in a vehicle, using a continuously variable drive ratio or variator device. The typical "automatic gearbox" is not usually considered to be a continuously-variable transmission, as it relies on shifting between discrete gear ratios.
Floor-mounted gear stick in a Mazda Protege passenger car Common shift pattern for a 5-speed transmission. In most vehicles with a manual transmission, the driver selects gears by manipulating a lever called a gear stick (also called a gearshift, gear lever or shifter). In most automobiles, the gear stick is located on the floor between the ...