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While the Modigliani and Miller (MM) propositions have gained almost universal acceptance they do not appear to explain actual financing behaviour. What other factors need

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While the Modigliani and Miller (MM) propositions have gained almost universal acceptance they do not appear to explain actual financing behaviour. What other factors need to be incorporated into their models to explain firm financing decisions in practice? What characteristics of individual firm or industries are important in determining observed capital structure

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