Which of the following statements concerning the cash flows of finance best describes why the study of corporate finance is so difficult?

a. Both the cash flows to the firm and from the firm are uncertain.

b. The cash flows from the firm back to investors occur at the same time as the cash flows from investors to the firm.

c. All the cash flows from the firm must be converted to domestic currency amounts using currency exchange rates.

d. The cash flows from the firm to investors are both uncertain and delayed, relative to their purchase of securities in the firm.