Consider an individual investing in just one company. Assume he owns all the equity and all the debt of the company and that the company has only one project. Then

		The beta of his portfolio will be larger than the beta of the project, since his portfolio is not well diversified
		The beta of his portfolio will be larger than the beta of the project, since one should adjust for leverage
		The beta of his portfolio will be the same as the beta of the project
		It is not possible to say whether the beta of his portfolio will be larger than, smaller than, or equal to the beta of the project