For which of the following reasons might a company considered to be risky have a lower beta factor than an equivalent company that is perceived as less risky?

(a) The risky company has a lower financial gearing level

(b) Inaccuracies in the estimation of beta by linear regression

(c) The risky company has lower systematic risk but higher unsystematic risk

(d) The risky company is larger in size

(e) The two companies have differing asset betas