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How does the Law of Conservation of Value (presented in the text) contrast with the first and second Propositions by Modigliani and Miller? Explain how

How does the Law of Conservation of Value (presented in the text) contrast with the first and second Propositions by Modigliani and Miller?

Explain how changes in debt-equity ratio impact the beta of the firm's equity. Provide a mathematical example to support your analysis.

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