When faced with financial distress, managers of firms acting on behalf of their shareholders' interests will tend to:
I) favor high-risk, high-return projects even if they have negative NPV;
II) favor low-risk, low-return projects with positive NPVs;
III) delay the onset of bankruptcy as long as they can;
IV) issue large quantities of low-quality debt versus low quantities of high-quality debt.
A) I only
B) II and IV only
C) I, III, and IV
D) I, II, and III