Which of the following is the most correct (assume that preferred stock does not exist)?

		Return on Common Equity (ROCE) will always be higher than Return on Assets (ROA).
		Return on Common Equity (ROCE) will always be higher than Return on Assets (ROA).
		Return on Common Equity (ROCE) can be higher or lower than Return on Assets (ROA) but the two can never be equal.
		In the absence of debt, Return on Common Equity (ROCE) will be equal to Return on Assets (ROA).