Lights Ltd wishes to raise funds to expand with. The financial manager of the company is weary of issuing more debt. He is of the opinion that the company will have to issue bonds at a significant discount whereas last year when the company issued bonds, it did so at par. The CEO is however of the opinion that the company should issue shares because the companys share price seems overvalued to him at the moment. a. Pecking order and signalling b. Trade-off and pecking order c. Market timing and trade-off d. Signalling and market timing