Question 15 1 pts Which of the following statements is true with respect to the concept referred to as the agency costs of debt? (a) Management may be attracted to negative NPV projects (irrespective of the risk of the project) when the market value of equity is low relative to the value of debt that is due. (b) Management's selection of projects with high risk may result in a transfer of wealth from debtholders to shareholders. (c) Shareholders may be reluctant to approve new equity issues to fund new profitable investment projects and make the potential for default higher as the company has so large debt burden that all earnings from new projects would only go to existing debtholders. O (d) (b) and (c) (e) All of (a), (b) and (c)