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If we view shareholders' position in terms of options, which of the following statement is NOT true? a. Shareholders own a call on the firm

If we view shareholders' position in terms of options, which of the following statement is NOT true?

a. Shareholders own a call on the firm with exercise price equal to the amount of debt outstanding.

b. Shareholders' value increases with the value of the firm.

c. Shareholders' value increases with the volatility of the firm.

d. Shareholders always want to maximize the value of the firm.

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