Which of following statements is NOT correct?

a$.$

The WACC is usually used as the risk$-$adjusted required rate of return for new projects that are of the same average risk as the firm's existing projects.

b$.$

International CAPM $($ICAPM$)$ assumes that there is a global market in which the firm's equity trades, and estimates of the firm's $\_$beta$\_,$ and the market risk premium, must then reflect this global portfolio.

c$.$

If the addition of a foreign security to the portfolio of the investor reduces risk for a given level of return, then the security adds value to the portfolio.

d$.$

If the addition of a foreign security to the portfolio of the investor decreases the expected return for a given level of risk, then the security adds value to the portfolio. Relatively high costs of capital are more likely to occur in:

a$.$

highly liquid or unsegmented domestic securities markets.

b$.$

highly illiquid or segmented domestic securities markets.

c$.$

highly illiquid or unsegmented domestic securities markets.

d$.$

highly liquid or segmented domestic securities markets.