Which of the following statement is FALSE with regards to agency cost? Select one: a. Because top managers often hold shares in the firm and are hired and retained with the approval of the board of directors, which itself is elected by shareholders, managers will generally make decisions that increase the value of the firm's equity O b. The agency costs of debt can arise if there is a chance the firm will default and impose losses on its debt holders. c. When a firm faces financial distress, creditors can be exploited by making sufficiently risky investments, even if they have negative NPV O d. When a firm has leverage, a conflict of interest exists if investment decisions have different consequences for the value of equity and the value of debt. Oe. A negative NPV project destroys value for the firm overall. Of. Agency costs represent another cost of increasing the firm's leverage that will affect the firm's optimal capital structure choice. O g. An over-investment problem occurs when shareholders have an incentive to invest in risky positive-NPV projects