When entrenched managers engage in empire building, they accept projects with a positive but low retum (.e. a negative NPV project, one with an IRR below the WACC). This is: O A. Good for the overall economy, because having each company invest any money it has is better than having companies pay out money to shareholders through share repurchases or dividends. OB. Good for shareholders, because the company will grow as long as it accepts all investments that have a positive expected retum. OC. Less likely to happen if the firm has a high debt level, forcing managers to pay out cas periodically, OD. All of the above