Recent studies suggest that agency costs of managerial discretion are lower in Japan than in the United States. This suggests that Multiple Choice the cost of capital can be lower in Japan than the United States, but only if international financial markets are not fully integrated. the cost of capital can be lower in Japan than the United States, even if international financial markets are fully integrated. the cost of capital will be higher in Japan than the United States, even if international financial markets are fully integrated. none of the options