$($d$)$ Corporate hedging can create shareholder value in the presence of market imperfections, such as taxes, financial distress costs or agency costs. Required: i$)$ ii$)$ Explain how corporate hedging can create shareholder value in the presence of taxes. $(5$ marks$)$ Explain how corporate hedging can create shareholder value in the presence of financial distress costs. $(5$ marks$)$ iii$)$ Explain what agency costs are and how corporate hedging can create shareholder value in the presence of agency costs. $(5$ marks$)$