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Why might a principal lose money on their investment based on agency costs? choose the correct choice: 1- Firms are not diversified enough. 2- Owners

Why might a principal lose money on their investment based on agency costs? choose the correct choice: 1- Firms are not diversified enough. 2- Owners are more specialized in risk bearing than managers. 3- Governance does not guarantee compliance by agents. 4- Shareholders prevent managerial opportunism

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