A firm is considering raising capital to fund a capital budgeting project. According to the pecking order theory the firm

A) should raise new capital using sources that send an unambiguous signal to investors

B) will incur the least asymmetric information problems if it raises new equity in the form of selling new shares of stock

C) would, as its first choice, use debt when raising new capital

D) would only issue new shares of stock in order to raise capital as a last choice