21. For some of the firm's securities that can be viewed as options, which of the following is most likely to be true? A) If the company's bond is considered risky, the company's equity can be viewed as a put option on the company's assets. B) All else equal, the higher the company's leverage, the more valuable the company's equity as an option. C) Projects that raise the firm's asset volatility will automatically increase the value of the firm's equity and risky debt. D) For convertible bond, the option to convert equals to the conversion value minus the value of the equivalent straight bond without the conversion option. E) Owning a warrant is the same as selling a call option