Question 4 4.1} Consider agency costs of debt. Describe three selfish strategies by the owner- manager when a firm faces financial distress. (15%} 4.2} Consider agency costs of equity. Describe the free cash flow hypothesis. [10%) 4.3} Describe pecking-order theory of capital structure. [10%) 4.4} Discuss the market-timing theory of capital structure. Draw evidence andfor arguments from relevant academic papers to support your discussions