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17. Which of the followings is the prediction from the pecking-order theory? A. firms prefer equity issuance to debt issuance B. profitable firms use less

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17. Which of the followings is the prediction from the pecking-order theory? A. firms prefer equity issuance to debt issuance B. profitable firms use less debt C. firms should keep a constant amount of cash D. firms with volatile earnings should use less debt

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