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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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