A market-to-book ratio (MTB) above 1 is most likely an indication that:

a. The firm would be more valuable if managers sold off the assets of the company rather than using the assets in their current capacity.

b. The firm is more valuable with the assets being used in their current capacity than being sold off.

c. The firm is undervalued.

d. The firm is overvalued.

e. None of the above are true.