Which of the following is an example of the agency problem?

		A manager chooses to take on a project that results in large losses.
		A manager changes raw material suppliers and the company suffers as a result of receiving inferior materials.
		A manager chooses to invest in a project that they believe will appeal to the board of directors but will not increase firm value.
		A manager chooses to partner with a firm that later is revealed to have taken part in fraudulent financial reporting.