20. Based on the two articles assigned for Module 4: 1. Capital Structure Instability by Harry DeAngelo and Richard Roll (Journal of Applied Coporate Finance, 2016). 2. Proactive leverage increase and the value of financial flexibility by David Denis and Stephen McKeon (Journal of Applied Corporate Finance, 2016). Please concisely answer the following: Required A. What is the major difference regarding the dynamic of corporate capital structure observed in the above studies and that predicted by the trade-off model (traditionally covered in textbooks)? (4 Marks) B. Briefly explain how DeAngelo and Roll (2016) proved the above point. Provide an example (case) from the article. (4 Marks) 20. Based on the two articles assigned for Module 4: 1. Capital Structure Instability by Harry DeAngelo and Richard Roll (Journal of Applied Coporate Finance, 2016). 2. Proactive leverage increase and the value of financial flexibility by David Denis and Stephen McKeon (Journal of Applied Corporate Finance, 2016). Please concisely answer the following: Required A. What is the major difference regarding the dynamic of corporate capital structure observed in the above studies and that predicted by the trade-off model (traditionally covered in textbooks)? (4 Marks) B. Briefly explain how DeAngelo and Roll (2016) proved the above point. Provide an example (case) from the article. (4 Marks)