Which of the following statement is NOT CORRECT based on your reading of the Wall Street Journal article "The Decline of the P/E ratio"?

a. P/E ratio measures the amount of money investors are paying for the company's earnings.

b. An increase in company-specific risk has no impact on a firm's P/E ratio.

c. If a firm's market risk increases, its P/E ratio will fall.

d. If investors become less risk averse, P/E ratios are expected to fall.

e. None of the above.