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18. If studies show that all the firms that have issued shares (stock) over the past several years were all debt-free (i.e., never borrowed), which

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18. If studies show that all the firms that have issued shares (stock) over the past several years were all debt-free (i.e., never borrowed), which one capital structure theory does this observation contradict? (A) Pecking Order, (B) Market Conditions, (C) Trade off

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