Which of the following statements are correct?

The payoffs to both debt and equity claims on future cash flows are symmetric around the corporation$$s insolvency point

Shareholders have an incentive to favor more risky investments for the corporation if the corporation is close to its insolvency point if its debt cannot be re$-$negotiated.

Shareholders have an incentive to favor less risky investments for the corporation if the corporation is close to its insolvency point if its debt cannot be re$-$negotiated.