Which of the following are possible reasons that shareholders of a firm do not want to issue equity to fund a positive NPV project? Group of answer choices (Multiple Answers)

(A) The stock of the firm is currently undervalued.

(B) There is existing debt outstanding that might default in some bad states.

(C) The cost of financial distress is high.

(D) The firm is very profitable such that the existing debt is riskfree.

(E) New shareholders reap all the gain from the project, not the existing shareholders.