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When is a high debt to equity ratio be positive for a company's financial health and share price? If the company does not borrow any

When is a high debt to equity ratio be positive for a company's financial health and share price?

If the company does not borrow any money

If the earnings growth that the borrowed money generates is LOWER than the cost of borrowing it

If the earnings growth that the borrowed money generates is HIGHER than the cost of borrowing it

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