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In the principal-agent framework of shareholders-bondholders conflict: I. Shareholders are the principals II. Bondholders are the agents III. Shareholders are the agents IV. Bondholders are

In the principal-agent framework of shareholders-bondholders conflict:

I. Shareholders are the principals II. Bondholders are the agents III. Shareholders are the agents IV. Bondholders are the principals

Answers:

A. I and II

B. I

C. II

D. III and IV

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