Which of the following is NOT one of Modigliani and Miller's set of conditions referred to as perfect capital markets?

a)Individuals can borrow only at a higher rate than corporations.

b)There are no taxes, transaction costs, or issuance costs associated with security trading.

c)A firm's financing decisions do not change the cash flows generated by its investments, nor do they reveal new information about them.

d)Investors and firms can trade the same set of securities at competitive market prices equal to the present value of their future cash flows