In comparison to debt issuance expenses, the total direct costs of equity issues are:

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The total direct costs of equity issues, including underwriting fees, legal and accounting fees, and administrative expenses, are typically considerably greater than the total direct costs of debt issuance. This is due to the fact that equity issuances involve a higher degree of risk and uncertainty, and therefore require greater due diligence and expertise on the part of investment bankers and other professionals involved in the transaction.

In Comparison to Debt Issuance Expenses, the Total Direct Costs