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Empirical analysis of leveraged recapitalizations indicates that all of the following are sources of value creation EXCEPT: A. Improved incentives from an increase in debt

Empirical analysis of leveraged recapitalizations indicates that all of the following are sources of value creation EXCEPT:

A. Improved incentives from an increase in debt load

B. Wealth transfers from bondholders

C. Interest tax shields

D. Depreciation tax shields

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