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Are there flotation costs using retained earnings to finance equity portion of WACC?

Are there flotation costs using retained earnings to finance equity portion of WACC?
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Flotation costs arise only when we try to raise fresh funds from the capital markets either in the form of debt or equity. This is basically the charges that the financial consulting firm or the investment banker charges and the stock exchange charges. If we are using retained earnings, then no such charges needs to be paid for the equity component. And hence flotation costs are not relevant if we are using retained earnings to finance equity portion of WACC

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