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Hello
From looking at the lecture and notes , I don’t understand what exactly is meant by the term “anti-dilutive” and the criteria for its determination. The answer on page 251 mentions that it is greater than the 9.3 and is therefore anti-dilutive. So is it that the larger amount is automatically anti-dilutive? Suppose there were three different loan stock, how is the anti-dilutive determined?
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