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4. The Modigliani-Miller first proposition (without taxes) states that ____________________ a. firm financed through debt has lower value than firm financed through equity b. capital

4. The Modigliani-Miller first proposition (without taxes) states that ____________________

a. firm financed through debt has lower value than firm financed through equity

b. capital structure does not affect firm value

c. firm management is focused on the interests of shareholders

d. cost of debt is higher than cost of equity

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