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Abstract

This note outlines the link between shareholder-return requirements and a firm''s use of debt. It explores the theoretical arguments concerning how the cost of equity changes with the use of debt and discusses the limitations of each view. It also provides conceptual and practical guidance on the use of ''levered'' and ''unlevered'' betas.

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Abstract

This note outlines the link between shareholder-return requirements and a firm''s use of debt. It explores the theoretical arguments concerning how the cost of equity changes with the use of debt and discusses the limitations of each view. It also provides conceptual and practical guidance on the use of ''levered'' and ''unlevered'' betas.

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