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Explain intuitively why Miller and Modigliani are correct. Miller used a pizza analogy:,slicing a pizza a different way doesn’t change the size of the pizza. We illustrate the,theorem by assuming the same providers of capital provide the equity capital and the,debt capital. The rigorous explanation uses an arbitrage argument. If you can restate,the arbitrage argument that is fine; otherwise, give a non-rigorous intuitive explanation.

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