What happens to each of the Fisher Separation, Unanimity and Value Maximisation principles if either (i) ownership shares cannot be traded, or (ii)

What happens to each of the Fisher Separation, Unanimity and Value Maximisation principles if either (i) ownership shares cannot be traded, or (ii) firm investment affects the investor’s current other income, or (iii) firm investment affects the investor’s future other income? Explain in detail which principles break down in each case, and why.

 
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