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| Which of the following statements most correctly characterizes the pecking order theory of capital structure? A. Regardless of how the firm is financed, the overall value of the firm and aggregate value of the claims issued to finance it remain the same. B. Firms have a preference ordering for capital sources, preferring internally-generated equity first, new debt capital second, and externally-sourced equity as a last resort. C. Firms will seek to use debt financing up to the point that the value of the tax shield benefit is outweighed by the costs of financial distress. |