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At 89 years old, Hong Kong billionaire Li Ka-Shing announces his retirement in March 2018. With a personal net worth of $35 billion, Li has an incredible ra
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Internal capital markets and financial constraints Duchin (JF 2010) empirically finds that multidivisional firms with robust internal capital markets ret
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Uniform field theory of corporate finance While the agency and precautionary-motive stories are complementary, these stories can be nested as special cas