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(c) The amount of debt or equity financing is a strategic choice for firms in practice. What do surveys of chief financial officers say about

(c) The amount of debt or equity financing is a strategic choice for firms in practice. What do surveys of chief financial officers say about how they think about "target" leverage ratios and what factors influence their thinking about them? Can you reconcile this survey evidence with some empirical facts about the historical patterns in debt and equity financing?

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