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2. In the game between the manager and the stockholders of Ross (1977), the future value of the firm is random and uniformly distributed on

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2. In the game between the manager and the stockholders of Ross (1977), the future value of the firm is random and uniformly distributed on the interval 10, d, where t is the upper bound of V. The manager knows the value of t, but the stockholders do not, and this is the asymmetry of information. In observing the debt level F chosen by the manager, the stockholders think that the value of t is given by o[F]. In the lecture on the model of Ross, it was shown that o[ F] has the following form: o[F] = 4 ALF+ 02. Yo Compute the debt level F that maximizes the manager's expected payoff

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