Which of the following statements is CORRECT?

a$.$ Hostile takeovers are most likely to occur when a firm$$s stock is selling below its intrinsic value as a result of poor management.

b$.$ The efficiency of the U$.$S$.$ economy would probably be increased if hostile takeovers were absolutely forbidden.

c$.$ The managers of established, stable companies sometimes attempt to get their state legislatures to remove rules that make it more difficult for raiders to succeed with hostile takeovers.

d$.$ In general, it is more in bondholders$$ interests than stockholders$$ interests for a firm to shift its investment focus away from safe, stable investments and into risky investments, especially those that primarily involve research and development.

e$.$ Stockholders in general would be better off if managers never disclosed favorable events and therefore caused the price of the firm$$s stock to sell at a price below its intrinsic value.