U raise Question 51 2 pts The "free cash flow problem" or "excess cash problem" refers to: The fact that excess cash is equivalent to negative leverage, which leads to lower expected ROE The fact that excess cash eams interest that is taxed, and thus the company pays more taxes than it would have if it had distributed the cash to its investors. 14 docx 0 O The fact that it is typically easier for managers to spend excess cash than it is for them to raise and spend external capital, and thus managers are more likely to squander excess cash on negative net present value projects. O All of the above. None of the above. D E