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

Multiple Choice

a. Companies in the aggregate had sufficient funds through profits and new debt.

b. Managers perceive the stock market to be an unreliable funding source.

c.Managers usually believe that their stock is overvalued.

d.Equity is relatively expensive to issue.

e.Managers try to avoid dilution of earnings per share.