Which of the following is NOT a reason for why U.S. corporations haven't issued more equity in recent years?

	a.	Managers usually believe that their stock is overvalued.
	b.	Companies in the aggregate had sufficient funds through profits and new debt.
	c.	Equity is relatively expensive to issue.
	d.	Managers try to avoid dilution of earnings per share.
	e.	Managers perceive the stock market to be an unreliable funding source.