If investors are irrational and markets are inefficient, then behavioural finance may guide capital structure decisions by firms. Which of the following statements is less likely to be true when investors are irrational and the markets are inefficient? Oa. If the share price is lower than intrinsic value, the firm should borrow and undertake a share buyback and tilt its capital structure towards debt O b. Due to an over-optimism bias, management will view the firm's shares as undervalued and will tend to borrow rather than issue equity to finance new investments. oc If a firm is experiencing high growth and is required to finance its growth with a combination of equity and debt. then an overly depressed share price may result in the firm giving up or delaying positive NPV projects d. Over-optimism will lead management to avoid share buybacks If the value of a firm's shares is overvalued due to market exuberance, then the firm should issue more equity and tilt the capital structure to equity and away from debt