Consider a U.S. firm undertaking an investment project in France. If the firm's shareholders maintain internationally diversified portfolios, the project's beta should be calculated:

	a.	by measuring the covariance of similar European investments with the European market
	b.	by measuring the covariance of similar European investments with the U.S. market
	c.	by comparing the returns of similar existing French investments with the returns on a U.S. stock index
	d.	by comparing the covariance of returns on similar investments with returns on a worldwide stock index
	e.	by comparing the covariance of returns on similar investments with returns on a European stock index