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If a firm uses discretionary leverage, it must present performance using:
If a firm uses discretionary leverage, it must present performance using:
A . all- cash basis i.e. removing leverage effects.
B . both actual returns and all- cash basis.
C . none of these answers.
D . actual returns.
Answer: B
Explanation:
For discretionary leverage, both actual returns and all- cash returns must be presented.
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