Which of the following statements involving leverage is incorrect? According to Modigliani and Miller's Proposition I without taxes, leverage should have no effect on a firm's total value, WACC, or stock price The positive relationship between leverage and shareholder risk is attributable to the fixed interest expense created by debt Managers should choose a debt level that maximizes the total market value of equity When corporate taxes are considered but costs of financial distress are ignored, the announcement of a debt issue should cause a firm's stock price to rise All else equal, the issuance of debt to repurchase equity will cause an increase in the sensitivity of earnings per share to changes in EBIT