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13. CAPM says diversification is not a justifiable/unjustifiable motive for M&A because 14. A source of synergy in M&A is the tax differential between the

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13. CAPM says diversification is not a justifiable/unjustifiable motive for M&A because 14. A source of synergy in M&A is the tax differential between the acquirer and the target. Explain. 15. One of the reasons why capital rationing is prevalent among American firms is junior managers' optimistic forecast bias. Explain

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