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15. Which of the following firms is LESS likely to issue more debt? a. A firm where managers believe their stock price is overvalued b.

15. Which of the following firms is LESS likely to issue more debt?

a.

A firm where managers believe their stock price is overvalued

b.

A firm which has low operating leverage

c.

A firm which has many investment opportunities that are known only to corporate managers (insiders)

d.

A firm which has very high marginal tax rates

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