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What can a firm do with excess cash after it has invested in all its available positive NPV projects? Repurchase shares and acquire other companies.

What can a firm do with excess cash after it has invested in all its available positive NPV projects?

Repurchase shares and acquire other companies.

Acquire other companies.

Invest in zero or negative NPV projects.

Repurchase shares, acquire other companies, or invest in zero NPV projects.

Repurchase shares.

(The answer is not repurchase shares!)

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