Which of the following statements is correct $($holding other things constant$)?[$Select all that apply$].$

A$.$ Changes to the bankruptcy code that make bankruptcy less expensive for corporations will likely reduce the average debt ratio of corporations.

B$.$ A firm is planning to a big increase its capital investment over the next $3$ years. The firm's debt ratio is likely to decrease.

C$.$ New technology and competition is making a firm's cash flows more volatile. This is likely to encourage the firm to use less debt.

D$.$ An increase in the corporate tax rate is likely to encourage firms to use more debt.

E$.$ If a manager believes their firm's stock is overvalued by the market, they are less likely to issue new equity.