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Exercise 3 (7 points). (Debt overhang) BioNewCorp (BNC) is a startup specialized in biomedical technology. It has assets in place that yield a single cash

Exercise 3 (7 points). (Debt overhang) BioNewCorp (BNC) is a startup specialized in biomedical technology. It has assets in place that yield a single cash flow X at t=2. Three states are equiprobable:...

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