Will the following firms be likely to have a higher value from the dividend discount model, a higher value from the FCFE model, or the same value from both models?

a. A firm that pays out less in dividends than it has available in FCFE, but invests the balance in Treasury bonds.

b. A firm that pays out more in dividends than it has available in FCFE, and then issues stock to cover the difference.

c. A firm that pays out, on average, its FCFE as dividends.

d. A firm that pays out less in dividends that it has available in FCFE, but uses the cash at regular intervals to acquire other firms with the intent of diversifying.

e. A firm that pays out more in dividends than it has available in FCFE, but borrows money to cover the difference. (The firm is overlevered to begin with.)