Stock options might not align managerial incentives with shareholder when: (select all that apply)

	a.	executives choose risky company projects that have a chance of dramatically decreasing the stock price.
	b.	the stock price increase too far above the strike price and stock options lose some incentive for the CEO.
	c.	CEOs try to manipulate earnings and thus maximize profits in one target year to make the stock price more favorable for exercising options.
	d.	the stock price falls too far below the strike price and stock options lose some incentive for the CEO. In this case, the options would be too far underwater to motivate the manager effectively.
	e.	managers try to do what they can to time stock price movements to match the time horizons of their stock options.