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A company just finished a merger with another company. Now the manager finds that the new company's cash flow volatility is much lower than

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A company just finished a merger with another company. Now the manager finds that the new company's cash flow volatility is much lower than prior. To maximize the value of shareholders, the manager should: Raise capital from the stock market to retire debt Borrow more money to repurchase stock shares Choose new projects with low risk Use less debt in new projects after the merger

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