The theorem states that investors and companies can trade the same set of securities, andthe market value of a company is calculated as the present value of its future earnings.Moreover, there are no taxes, transaction costs, or issuance costs associated with security trading. Also, a company'sfinancing decisions will not impact the cash flows generated by its investments. Obviously, the M&M theorem does not exist in real life. Therefore, I'm wondering in the real world, what factors might limit the theorem?