If a tax paying firm went from zero debt to successively higher levels of debt, why would you expect its stock price to rise? Note: beyond a point, excessive use of debt would cause the stock price to then hit a peak, and then begin to decline.

None of the other alternatives are acceptable reasons.

All of the other alternatives are acceptable reasons why one expects stock value to rise if a tax paying firm went from zero debt to successively higher levels of debt

Debt payments, i$.$e$.,$ interest payments, are a tax$-$deductible expense, which creates a debt tax shield

concentration of ownership $($i$.$e$.,$ increased use of "other people's money" on operating the firm$)$

debt is a cheaper cost of capital, thus the use of debt decreases the financing expenses for the firm.