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Financing practices on the JSE - an empirical test of the trade-off and pecking order theories of capital structure

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Figure

Figure 1: The relationship between K e , K d  and WACC for varying D/E under  Modigliani and Miller (1958)
Figure 3: The relationship between K e , K d  and WACC under trade-off theory
Table 1: Summary statistics
Figure 6: Trends in industry median gearing [Net Debt/Assets]
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