When faced with financial distress, managers of firms acting on behalf of their shareholders$$ interests will tend to

Question options:

a$)$

raise equity to invest in low$-$risk, low$-$return projects with a positive NPV

b$)$

refuse to sell off assets, even at fire$-$sale prices

c$)$

favor high$-$risk, high$-$return projects, even if they have negative NPV

d$)$

expedite the filing of bankruptcy