For a company hedging in the real world, which of the following statements is/are true?

i. Corporations should not hedge because a shareholder can always replicate such policies themselves trading related securities.

ii. In case a decision is made to hedge, corporations can do it at lower transactions costs than shareholders can.

iii. A company can hedge for strategic reasons that may lie beyond an ordinary shareholder's knowledge.

Select one:

a.i and ii only

b.i and iii only

c.ii and iii only

d.All of the above

e.None of the above