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Explain how the Modigliani-Miller irrelevance of borrowing decisions theorem arises (there is no need to use algebra just explain your answer in plain English). Explain

Explain how the Modigliani-Miller irrelevance of borrowing decisions theorem arises (there is no need to use algebra just explain your answer in plain English). Explain how irrelevance would break down if we introduced corporate taxes and bankruptcy costs.

Hits Homemade leverage and Undoing

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