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Ignore commissions, taxes, and other imperfections. If a firm substitutes a repurchase for a cash dividend I, the primary difference will be an increase in

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Ignore commissions, taxes, and other imperfections. If a firm substitutes a repurchase for a cash dividend I, the primary difference will be an increase in the: Excess cash reserves of the firm Earnings per share Total value received by each investor Total earnings of the firm Number of shares outstanding

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