please note the question is asking "does NOT improve"

Please provide a brief explanation, thank you!

Which of the following events would not improve (increase) a company's return on equity? (Assume all else remains the same.) a. Retirement of long-term debt with cash b. Sale of common stock for cash c. Reduction in operating expenses Select one: a O b bandc a and c a and b C None of the events would improve a company's return on equity