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The difference between Hamada's equation and expression 9 b ( in chapter 5 ) is that expression 9 b ignores the tax deductibility of debt.

The difference between Hamada's equation and expression 9b (in chapter 5) is that expression 9b ignores the tax deductibility of debt. This means that expression 9b will tend to
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a company's equity beta compared to Hamada's equation.
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