What is the answer?

Why do managers have less preference for risk than do shareholders? a. Shareholders may be richer than managers, and thus can afford to take more risk. O b. Because shareholders invest in the stock markets, they must naturally prefer taking more risk than managers. O c. Managers do not like risk because it hurts the value of the company. O d. Shareholders can diversify risk by holding many securities, while a manager's career is tied up with the firm