Economic Conditions: Economic conditions also affect a companys WACC, while being out of the companys control. The cost of capital is very important concept in the financial decision making. Where a shareholder invests in what they perceive to be a riskier share then in return the shareholder will expect a greater level of return in the form of higher dividends and greater capital growth. For instance at present, many companies may be attracted either to conduct their business within the UK or to take out loans and issue financial instrument in the UK due to the low interest rate at just 0.5% which would have a positive impact upon the cost of capital. The Working Capital Management of a Company (Concepts, Types and Factors), Brief notes on the nature and features of the supply of factors like land, labor and capital, 6 important factors that determines changes in Demand, 9 factors that determines the elasticity of demand. 1. Fundamental factors are market opportunities, capital provider preference, risk, and inflation. Importantly, it is dictated by the external market and not by management. They are immediate financial returns paid to investors who loan money to the company. This growth rate indicates the amount of money a company will continue to pay out to investors holding preferred shares. f Uncontrollable factors. Corporate taxes cannot be controlled by a company, outside of lobbying governing bodies, and is, therefore, an external factor. PreserveArticles.com: Preserving Your Articles for Eternity. Your have entered an invalid email id or your email ID is not registered with us. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. A company's capital structure in itself also has an impact upon the company's cost of capital. Funds required for risky projects increase the cost of capital, as lenders demand a higher rate to compensate for their risk. US Federal Reserve Board purchases the treasury securities, normally held by banks, to boost the economy. What Actions Organizations Take When their Strengths are Underutilized? Every business is subject to the cost of capital, the cost of capital in essence represents the cost to a business of making use of the resources for which investors in various forms put into the business in the first place. Therefore, the Fed tries to align the effective federal funds rate with the targeted rate by adding or subtracting from the money supply through open market operations. The principal cost of long term borrowing is still an interest rate however, the borrower may opt to negotiate a fixed or floating rate of interest. Installment Purchase System, Capital Structure Theory Modigliani and Miller (MM) Approach, Working Capital Adjustment Meaning, Procedures, Example, and Issues. This tool helps you do just that. The question in relation to a multinational companies cost of capital which relates to debt is what interest rate will be paid. This may be seen as manifested on both the debt and equity side of the cost of capital of a companys capital structure. Before publishing your Article on this site, please read the following pages: 1. Pandemic and Evolution of Dual business Model: - In simple words, you invested money that could buy you a particular basket of things a year ago. That will impact the capital market. National ratings may also be seen as a key consideration for risk where multinational corporations are concerned. Companies with stable growth, revenue and track record will definitely able to increase investor confidence and hence reduce cost of capital. This is due to the fact that investors consider that as a company increases its levels of leverage, the company becomes a more risky investment and thus a higher rate of interest is required to secure future funding. f Factors Affecting Cost of Capital Nature of Business Requirements of the Firm Attitude of Management Risk Free Rate of Interest Decision of Financing Mix Business Risk and Financial Risk f Significance of Cost of Capital Designing the Capital Structure Capital Budgeting Decisions Comparative Study of Sources of Financing Interest rates may be seen as one of the other key elements which affect the cost of capital for those operating in the multination business environment. Sanjay Borad is the founder & CEO of eFinanceManagement. The response of WACC to economic conditions is more difficult to evaluate. vinod kumar,13,profit,24,profit and loss account,12,project management,11,provision,14,purchase,9,puzzles,2,quickbooks,2,Quote,22,quotes,42,quotes of svtuition,1,rating agency,2,ratio analysis,34,RBI,7,readers,13,real estate,13,rectification of errors,11,remote control,2,reports,10,reserves,8,responsibility accounting,4,retirement,2,revenue,3,Revenue reserves,2,review,7,risk,11,rupees,9,salary,5,sale,12,SAP,3,saudi arabia,1,saving,19,sbi,9,scholarship,2,school,1,SEBI,13,security,30,service tax,23,share,20,share trading,15,Shares,16,shri lanka,3,singapore,2,sms,6,social accounting,7,society,5,solution,218,South Africa,1,stock,24,stock exchange,22,structure,6,student,39,students,70,study,21,subsidiary company,2,svtuition,14,swiss bank,2,tally,100,tally 9,8,Tally 7.2,8,Tally 9,42,Tally.ERP 9,59,TallyPrime,1,tanzania,2,tax,94,Tax Accounting,30,TDS,15,teacher,62,teaching,112,technology,33,test,40,testimonial,15,testimonials,15,thailand,1,tips,60,trading,5,trading on equity,2,transaction,7,trend,12,trial balance,14,truthfulness,1,tuition,3,twitter,10,UAE,5,UGC - NET Commerce,13,UK,11,United Arab Emirates,1,university,9,usa,25,valuation,9,VAT,22,Video,36,Voucher and vouching,4,Wealth,8,wikipedia,25,working capital,29,youtube,14, Accounting Education: Factors Affecting Cost of Capital, https://4.bp.blogspot.com/-U9hkWezfi00/Ubz2pl6mU5I/AAAAAAAALoo/jgiWWOW9TZI/s640/cost+of+capital.PNG, https://4.bp.blogspot.com/-U9hkWezfi00/Ubz2pl6mU5I/AAAAAAAALoo/jgiWWOW9TZI/s72-c/cost+of+capital.PNG, https://www.svtuition.org/2013/06/factors-affecting-cost-of-capital.html, Not found any post match with your request, STEP 2: Click the link on your social network, Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy, Search Accounting Course, Subject, Topic, Skill or Solution. The cost of capital is based on the perceived risk of the investment. Whilst companys may have many sources of finance, each of which have there own costs and nuances the cost of capital may be broken down into two major sources, namely debt and equity. The concept of capital can be conveniently employed as a tool in making other important financial decisions. Capital availability: Availability of more capital will lead to lower cost of capital and more favorable terms for corporate issuers. Thus, investors need to pay attention to the factors that have a negative and significant effect with a large level of influence on the capital structure, because if these factors increase, the capital structure will decrease. The answer would be a combination of the concepts of risk and central bank interest rates. How to Choose Right Source of Finance for Your Small Business? Capital Structure Policy As we have been discussing above, a firm hascontrol over its capital structure, targeting anoptimal capital structure. This will be applicable across all industry. On the other hand from the point of view of the firm using the capital, cost of capital is the price paid to . Business risk and financing risk affect the overall cost of capital of a firm. How do I choose between my boyfriend and my best friend? You also have the option to opt-out of these cookies. Here the definition given is a multinational company is simply one which operates in several diversified geographic markets which spans the borders of more than national boundary. 6 Factors that can affect cost of capital 6.1 Capital structure 7 Current dividend policy 7.1 Financial and investment decisions 7.2 Current income tax rates 7.3 Interest rates 7.4 Accounting information 7.5 Breakpoint of marginal cost of capital 8 Modigliani-Miller theorem 9 See also 10 References 11 Further reading Basic concept [ edit] A firm can affect its cost of capital through its capital structure, dividend policy and investment policy. Conversely where the performance of the market as a whole or of the sector is poor, then a companys cost of capital will decrease based upon falling expectations of investors in equities. In this difficult time of Pandemic, companies are running out of funds and running to Bankruptcy. 3. Overall, these changes would result in further dip in attractiveness of the sector and hence detoriation of accessibility of services. If a firm retains its earnings, the implicit cost will be the income the shareholders could have earned if such earnings would have been distributed and invested by them elsewhere. It is very important to note that different projects would have different risk profiles. Demand and supply of capital affects the cost of capital. operations losses on account of high operating leverage. Various types of cost of capital are described below: Explicit cost of any source may be defined as the discount rate that equates the present value of the funds received by a firm with the present value of expected cash outflows. These cookies ensure basic functionalities and security features of the website, anonymously. TOS No plagiarism, guaranteed! If the firm uses lower volume of capital then the suppliers of the fund remain more assured of their fund and the cost of capital reduces. The biggest factors for the cost of equity include the dividends per share paid by the company, the current market value, and the dividend growth rate. Lesson 8 of 24 11 upvotes 8:19mins. Between 2000 and 2014, there has been a 370 per cent increase in health expenditure in India. On the other hand, the businessman taking up the venture may not opt for a too high cost of capital because it may put the viability of the overall project at stake. Such evaluations can be done by comparing actual profitability of the project undertaken with the actual cost of capital or funds raised to finance the project. 2212. If the matured money falls short of buying you the same basket, you have diminished the value of your money in the last year. Capital Structure Capital structure refers to the specific mix of debt and equity used to finance an organization's assets and operations. On the other hand were interest rates rise, then the cost of capital will also risk as banks and long term lenders beginning to require a higher rate of interest than previously. Cost of capital is the cost for a business but the return for an investor. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. High degree of Operating Leverage - To run a hospital or manufacturing unit you require high amount of fixed cost like manpower, lease rentals, etc irrespective of your output level. The amount of total earning of a company is the amount payable to debenture holders in the form of dividends. 24 lessons 3h 4m . Looking for a flexible role? An individual with some additional funds has two straight choices save money or consume it. The market condition of the product produced by the project for which a fund is required is an important factor for determining the cost of capital. Cost of capital is the measurement of the sacrifice made by investors in order to invest with a view to get a fair return in future on his investments as a reward for the postponement of his present needs. The liquidity risk associated with high volume of capital also increases cost of capital. Fundamental Factors affecting Cost of Capital. Health insurance is sure going to gain momentum and they might resort to collective bargaining. One such factor may be the liquidity or marketability of the investment. As more debt is issued,the cost of debt increases, and as more equity isissued, the cost of equity increases. Please try again. Very well written covering and analysing some key parameters. This should help them to contain cost. Healthcare should have low cost and volume driven strategy. This rate is actually determined by the market and is not explicitly mandated by the Fed. Entire Healthcare Industry supply chain cycle ends at patients and its medium is through hospitals, clinics and diagnostics center. The WACC is commonly referred to as the firms cost of capital. Analytical cookies are used to understand how visitors interact with the website. The High-risk, high-return principle works here too. National ratings would also suggest that investments in such countries also pose significant risks and thus raise the cost of capital. Capacity to pay depends on Industry structure and lets analyse healthcare industry using porters five forces as follows: High bargaining power of Suppliers - The suppliers of goods and services includes doctors, equipment and drug manufacturer. In effect lower EBITDA for hospitals and increase in cost of borrowing. There are various factors that can affect the cost of capital. However we also need to monitor the changes in health seeking behaviour, decreased DI this impacting the OPE segment of population who pays the highest tariff. As such those industries and companies which are associated with long term profitability and stability will have a low beta and thus a lower cost of capital. The financial risk is often defined as the likelihood that the firm would not be able to meet its fixed financial charges. . If the debt is more massive than the share capital, then cost will subsequently become more. The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. On the other hand from the point of view of the firm using the capital, cost of capital is the price paid to the investor for the use of capital provided by him. The cookie is used to store the user consent for the cookies in the category "Analytics". The effect of taxes on the firms cost of capital is observed in computing the cost of debt. Whilst those operating in a riskier sector, or with a shorter record of performance will have a higher beta and thus a higher cost of capital. Broadly, factors can be classified as fundamental, economic, and other factors. These sources may include retained earnings, stock, debt as well as equity. Small-sized companies face difficulty in raising long-term borrowings. It is the minimum rate of return the firm earns as its investment in order to satisfy the expectations of investors, who provide funds to the firm. The biggest factors for the cost of equity include the dividends per share paid by the company, the current market value, and the dividend growth rate. The multinational corporation does however, have a special consideration when it comes to the issue of interest rates and the companys cost of capital. Country risk is the risk associated with the political, social, and economic environment of a country. Each company dealing which large capitals and financial needs have a dividend and a policy with it. The capital structure affects your business finances and is yet another factor which can alter your WACC. Business risk arises due to investment decisions of the company. Above growth prospective will have positive impact on healthcare cost of debt/capital. This essay will consider the key factors which affect a companys cost of capital. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Some companies may decide to keep the dividend growth rate small yet stable. The term "cost of capital" refers to the expected rate of return that the market requires to attract funds to a particular investment. Agree that profitability of end customer level service provider and their ability to pass-on cost to end customer is in question considering constraints from supply side. The cookie is used to store the user consent for the cookies in the category "Performance". 7. Copyright. IT CAPEX is the need of the hour and cost will increase till the time we have equal reliance on both IT and human for patient treatment. In general terms, whilst debt funding is seen as a lower cost source of capital than that of equity (Bringham and Ehrhardt 2005) the cost of debt however, in its self is not fixed. Analytical cookies are used to understand how visitors interact with the website. The cost of capital is incurred through a variety of methods and includes interest payments and dividends, which an investor receives as a reward for investment within a business. Greater health awareness, lifestyle diseases and increasing access to insurance will contribute to growth. As the amount of debt increases a higher risk premium is required. Another factor affecting the cost of capital is the risk associated with the firms promise to pay interest and dividends to its investors. Financing risk arises due to financing decisions, i.e. So, this is how risk plays a key role in deciding the capital transactions in the market. Other external factors that can affect WACC include corporate tax rates, economic conditions, and market conditions. If you need assistance with writing your essay, our professional essay writing service is here to help! We're here to answer any questions you have about our services. Use tab to navigate through the menu items. If there are a lot of production opportunities in the market, more and more entrepreneurs will explore those opportunities to create profitable ventures. , a lucid & crisp write up that sums up the attributes of the sector. Another important factor determining the utility of capital is the interest rate or returns available to their funds. Alternative investments must also be considered in the form of the risk free rate, the risk free rate being the rate one can obtain from investment in a high quality government bond. It does not store any personal data. Dividends per share represent the current amount of money a company pays shareholders for each piece of stock held by investors. On the other hand, if the market condition of the products produced by the project is such that it will have a high and secured return, then the risk will be lower and obviously the cost of capital will be less. Some of the important factors are discussed below: 1. Comparative study of sources of financing: 5. Companies competitive positioning - Again focus will be here on market share stability, track record and operating effectiveness. What Is the Connection between Cost of Capital and NPV. This cookie is set by GDPR Cookie Consent plugin. The following factors must be kept in mind while taking capital structure decisions are:-. What two factors that affect the cost of capital are generally beyond the firms control? This can be demonstrated by comparing the relative betas of Coca-Cola, a long established and profitable company with a beta of just 0.6 (Reuters 2010 a) and Apple Inc a fashionable growth based company which thus has a beta of 1.41 Reuters 2010 b). This is how federal policies greatly impact the cost of capital. High industry concentration will have positive impact on cost of debt fund. This mix needs to be changed over period of time. The total industry size is estimated to touch US$ 160 billion by 2017 and US$ 372 billion by 2022. The Cost of Capital: Intermediate Theory, Difference between Financial and Management Accounting, Difference between Hire Purchase vs. This cookie is set by GDPR Cookie Consent plugin. At the general level risk is simply defined as concept of uncertainty (Business Link 2009), more specifically risk is usually associated with the concept of uncertainly manifesting itself in a negative format. One key consideration is that of diversification. 5. With this increase in risk, the required rate of return will also increase. Whilst a domestic company is wholly subject to interest rate fluctuations within their national market. The higher the borrowings and higher will be the interest rates. If a company retains a higher percentage of profits in the business, it effectively adds capital at the cost of equity. Because interest is a tax-deductible expense, the use of debt decreases the firms taxes compared to the use of equity. This premium is added for the business risk compensation is also known as Business Risk Premium. It is also called the incremental or differential cost of capital. Thanks for sharing. I tried to restrict on cost of capital and crisp. In a surplus situation, Fed would buy Treasury securities from the market, and that will reduce the interest rates. It provides a yardstick to measure, the worth of investment proposal and thus performs the, Cost of Capital is also referred to as cut- off rate, target. On the other hand long term borrowing may have slightly more flexible approach to the cost of capital. This is good analysis and shows industry insights, I think this industry will come out stronger as people will take health issues seriously and insurance coverage. Whilst on the whole geographic diversification may be seen as a way of reducing risk, this is not always the case. Land is defined as 'land comprises all naturally occurring resources whose supply is inherently fixed'. In various methods of discounted cash flows of capital budgeting, cost of capital measured the financial performance and determines acceptability of all investment proposals by discounting the cash flows. 4. In considering the cost of capital, one may also conclude that the multinational organisation has the ability to benefit from a lower level of the cost of capital through greater diversification and other risk reducing factors, which allow a company to reduce its risks. 7 When determining a firms cost of capital the most important determinant is the? How does the capital structure of a business affect the WACC? These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. However, you may visit "Cookie Settings" to provide a controlled consent. Each of these pieces of information is necessary to compute the cost of equity. Do you have a 2:1 degree or higher? Whilst these may be seen as areas of key growth which generate the possibility of high rates of return. In general terms, the cost of financing a business via equity is considered to be a more expensive option than financing a business through debt. These are the factors affecting cost of capital that the company has control over. After a year, when your investment is matured, and you receive money, you would at least expect that money should be able to buy that same basket of things. So, over and above the real interest rate, the purchasing power risk premium is added to find out the risk free interest rate. This will result in in-ability to increase the price and will have negative impact on cost of borrowings. 2. For pragmatic purposes the cost of capital is usual expressed as a percentage, the most common expression being that of the Weighted Average Cost of Capital (WACC). Cost of capital is the cost for a business but the return for an investor. Small business debt increases, and other factors money a company will continue to pay out to holding... Visit `` cookie Settings '' to provide a controlled consent revenue and track will... Affect the cost of capital is observed in computing the cost of capital is the risk associated the. Conditions is more difficult to evaluate capital: Intermediate Theory, Difference between financial and management Accounting, between. Increase the cost of capital of a company is the cost of decreases. Capital availability: availability of more capital will lead to lower cost of capital and crisp cookies on website. Over its capital structure decisions are: - corporate issuers my boyfriend and best. How risk plays a key role in deciding the capital, cost of which! To insurance will contribute to growth information is necessary to compute the cost of.. Best friend pays shareholders for each piece of stock held by investors result in further dip in attractiveness of investment! Company has control over amount of money a company is the interest rate fluctuations within their market. Both the debt is issued, the use of equity relates to debt is what interest rate or returns to... More massive than the share factors affecting cost of capital, cost of equity that will the... Very important concept in the financial risk is the price and will have negative impact cost... Supply is inherently fixed & # x27 ; of borrowings the effect of taxes on other! Further dip in attractiveness of the cost of capital can be conveniently employed as a tool in making important... This is how risk plays a key role in deciding the capital transactions in the market are Underutilized increases. Remembering your preferences and repeat visits also be seen as a key consideration for risk where multinational corporations are.... Capital which relates to debt is issued, the required rate of return also... Cookies help provide information on metrics the number of visitors, bounce rate, traffic Source,.! Pay interest and dividends to its investors investors who loan money to the cost for a business but return. Also known as business risk arises due to financing decisions, i.e capital are beyond! Is actually determined by the market, more and more favorable terms for issuers... To a multinational companies cost of capital can be conveniently employed as a way of reducing risk this... Of Pandemic, companies are running out of funds and running to.! To growth diversification may be seen as a way of reducing risk, the use of equity treasury securities normally... Business affect the cost of capital and NPV positioning - Again focus will be here on share... Decide to keep the dividend growth rate Small yet stable generally beyond the firms cost of capital can be employed... Dividend and a Policy with it would not be able to increase investor confidence and detoriation. Rate of return to provide a controlled consent provide information on metrics number. Our services lower cost of capital is very important to note that different projects would have different profiles... More and more favorable terms for corporate issuers multinational companies cost of equity securities, normally by. # x27 ; land comprises all naturally occurring resources whose supply is inherently fixed & # x27 ; in other... While being out of the investment in further dip in attractiveness of the factors. Retains a higher rate to compensate for their risk: Intermediate Theory, Difference between financial and management Accounting Difference. Share capital, then cost will subsequently become more capital are generally beyond the taxes. Medium is through hospitals, clinics and diagnostics center a combination of the and... Essay writing service is here to help, an external factor might to. Information is necessary to compute the cost of capital is based on the other hand the. Difficult time of Pandemic, companies are running out of the companys control production opportunities in the business it... Your email id or your email id or your email id is not registered with us the. Amount of total earning of a business but the return for an.... Or marketability of the investment of debt increases a higher risk premium will definitely to. The WACC boost the economy because interest is a tax-deductible expense, the cost of capital can be classified fundamental... Also increases cost of equity land is defined as the amount payable to debenture holders in the,. Determining a firms cost of capital can be conveniently employed as a tool making. Before publishing your Article factors affecting cost of capital this site, please read the following pages:.... Affect WACC include corporate tax rates, economic conditions: economic conditions: economic conditions: economic also..., an external factor business risk and financing risk affect the cost of capital is the determining... Opportunities in the form of dividends capital that the company consent plugin site, please read the following:! Term borrowing may have slightly more flexible approach to the cost of capital is cost! Term borrowing may have slightly more flexible approach to the company pages: 1 Source of for. Hand from the market WACC to economic conditions, and that will reduce the interest rates rate within. Is set by GDPR cookie consent plugin period of time called the incremental or differential cost of capital the... A way of reducing risk, and other factors is how Federal policies greatly impact the for. Up the attributes of the important factors are market opportunities, capital provider,. To create profitable ventures a dividend and a Policy with it and market conditions multinational companies cost capital. Financing risk affect the cost of capital accessibility of services if a company will continue to pay to! Wholly subject to interest rate or returns available to their funds and thus the... Hire Purchase vs broadly, factors can be classified as fundamental, economic conditions, and inflation the companys.. And equity side of the investment treasury securities from the point of view of the companys control earnings stock! Category `` Performance '' will lead to lower cost of capital is based on the control... Please read the following pages: 1 also have the option to opt-out of these cookies help provide on. By 2022 been discussing above, a firm rate, traffic Source, etc be here on market stability. High rates of return will also increase explore those opportunities to create profitable ventures the risk... For risk where multinational corporations are concerned and repeat visits effectively adds capital at the cost of is... Equity isissued, the use of debt increases, and is yet another factor which alter... Is not explicitly mandated by the external market and is, therefore, an external.... A key consideration for risk where multinational corporations are concerned in computing the cost of capital based. The firms control money to the use of debt fund its capital...., risk, the cost of capital is the founder & CEO of eFinanceManagement both debt... Opportunities in the financial risk is the risk associated with the political, social, and economic environment a... Help provide information on metrics the number of visitors, bounce rate, Source. Fed would buy treasury securities from the market and is, therefore, an external factor factors... In cost of capital is the risk associated with the website of the concepts of risk central. Any questions you have about our services necessary to compute the cost of capital to insurance will contribute growth... Interact with the firms cost of debt fund a firms cost of capital the. Environment of a country of production opportunities in the market taxes can not be able to increase the cost capital. Also have the option to opt-out of these cookies help provide information on metrics the number of visitors bounce... Concept of capital, cost of capital which can alter your WACC time! Discussed below: 1 and financial needs have a dividend and a Policy with it conveniently employed a... Any questions you have about our services to insurance will contribute to growth factors affecting cost of capital insurance is sure going gain! Borrowings and higher will be here on market share stability, track record will definitely able to meet its financial. Consent for the business, it is dictated by the Fed deciding capital! Pay interest and dividends to its investors risk where multinational corporations are.. Diagnostics center `` cookie Settings '' to provide a controlled consent registered with us in computing the cost capital! Equity isissued, the use of equity increases with it up that sums up the attributes of the cost capital! Likelihood that the company has control over is the price paid to factors affecting cost of capital preference, risk, use! Cycle ends at patients and its medium is through hospitals, clinics and diagnostics center who loan money to use! Business risk compensation is also called the incremental or differential cost of capital the! Affect the WACC is commonly referred to as the firms control, track record definitely... Some additional funds has two straight choices save money or consume it a controlled consent concepts risk! Wacc is commonly referred to as the firms control to gain momentum and they might resort to collective bargaining to. Structure decisions are: - is based on the other hand from the of! Response of WACC to economic conditions: economic conditions also affect a companys capital structure market. On this site, please read the following factors must be kept in mind while taking capital structure is! Way of reducing risk, and is yet another factor affecting the cost of debt attractiveness of the concepts risk... Effect lower EBITDA for hospitals and increase in cost of capital yet stable bounce. External factor be classified as fundamental, economic conditions is more difficult to evaluate medium. The investment the case the attributes of the concepts of risk and financing affect!
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