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Under what conditions would a policy of maximizing the value of the firm not be the same as a policy of maximizing shareholders' wealth? 1.

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Under what conditions would a policy of maximizing the value of the firm not be the same as a policy of maximizing shareholders' wealth? 1. If an issue of debt affects the value of existing debt 2. If the issue of debt increases the probability of bankruptcy 3. If the firm issues debt for the first time 4. If the beta of equity is positive

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