32. In proxy contests, investors compete with the firm's existing management and directors for control of the corporation. True O False QUESTION 33 33. If shareholders do not like the policies that management pursues, they can vote in a different board of directors. True False QUESTION 34 34. The term "senior debt" refers to debt that was issued in the more distant past. True False 35. NPV may be preferred to IRR because a.IRR makes the more conservative assumption concerning cash flows. b.NPV measures an investment's contribution to shareholder wealth maximization. C.IRR excludes salvage value. d.NPV excludes salvage value. QUESTION 36 36. The internal rate of return equates the present value of an investment's cash inflows and its initial investment True False QUESTION 37 37. If two investments are mutually exclusive, the firm can make both investments. True False