Which of the following is false?

The valuation of an MNC is increased if the required return on its investments in foreign countries is reduced, holding all else constant.

If an Australia-based MNC focused completely on importing, then its valuation would likely be adversely affected if most currencies were expected to appreciate against the Australian dollar over time.

Agency costs faced by multinational corporations (MNCs) may be larger than those faced by purely domestic firms because MNCs are relatively large.

The theory of comparative advantage states that factors of production are somewhat immobile, allowing firms to capitalize on a foreign country's resources.