We know that altering debt levels of a firm can change its financial risk, leading to a change in its beta.

Which of the following are also likely to result in a change in a firm's beta? Choose all that apply (10 points)

a. Management announces a restructuring of the firm's assets and product lines

b. Management divests assets which are riskier than its core

c. The firm announces a new product line to its core business

d. The firm announces the retirement of the CFO.