4. Pecking order in the context of corporate finance and funding ...: A. ... in theory, implies debt is the first preferred source of funds due to convenience and lower costs B. empirically reflects debt is the first preferred source of funds due to convenience and lower costs c. ... in theory, implies equity is the last preferred source of funds due to inconvenience and higher D empirically, implies equity is the last preferred source of funds due to inconvenience and higher costs E. supports the Bird-in-Hand theory of seed capital costs