19. Deferring investing to a later date offers an opportunity because: I. The cost of capital may decline in the near futurel II. Certainty of an outcome may be reduced in the future III. Investment costs fluctuate in time A I. only B None of the options listed C II. only D III. only E I do not want to answer this question F All of I. II. and III. 20. (China Fire case) What would be the MOST controversial approach in the fair (relative) valuation of China Fire by Barclays Capital? A Selecting forward looking multiples B I do not want to answer this question C Giving weight to Chinese companies listed in the US D Considering the inclusion of different sets of comparables, each with a key trait shared with China Fire E Giving a similar weight to trading multiples and transaction multiples LL F Adjusting the multiples for growth