In each of the Problems 1, 2 and 3 presented in Case 29 An Introduction to Debt Policy and Value, as well as in the Koppers Inc. example considered therein, each recapitalization caused the total market value of the firms remaining equity (i.e., after the recapitalization) to decline following the increase in financial leverage.

As a consequence of that restructuring, however, the total value realized by the firms shareholders:

Group of answer choices

sometimes increased

always increased

stays the same

sometimes decreased

always decreased