Given a world with corporate taxes, (c, a personal tax rate paid on bonds, (pB, and a
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(a) The aggregate amount of debt in the economy, and
(b) The optimal capital structure of firms?
Capital Structure
Capital structure refers to a company’s outstanding debt and equity. The capital structure is the particular combination of debt and equity used by a finance its overall operations and growth. Capital structure maximizes the market value of a...
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a Using the Miller 1977 argument the gain from leverage is If the corpo...View the full answer
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Related Book For 
Financial Theory and Corporate Policy
ISBN: 978-0321127211
4th edition
Authors: Thomas E. Copeland, J. Fred Weston, Kuldeep Shastri
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