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Which of the following operators has the lowest precedence?
Capital Markets
Capital Markets are financial markets where long-term debt or equity-backed securities are bought and sold, facilitating the raising of capital.
Transaction Costs
Expenses incurred when buying or selling securities, including commissions, exchange fees, and taxes that can affect the profitability of investments.
Tax Shield
The reduction in income taxes that results from taking an allowable deduction from taxable income.
Bankruptcy Costs
Expenses and financial losses associated with undergoing bankruptcy, including legal fees, asset liquidation costs, and potential loss of business.
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