Which of the following statements is FALSE? 1. At-the-money real options have value. 2. Out-of-the-money financial options have value. 3. The value of real options can be substantial in environments with a great deal of stability. O a. Statement 3. Ob Statements 1 and 3 o c. Statement 1 O d. Statements 2 and 3. Which of the following statements regarding bond call provisions is FALSE? Select one: O a If the call provision offers a cheaper way to retire the bonds, the issuer will forgo the option of purchasing the bonds in the open market and call the bonds instead. O b. o c. When bond yields have increased, by exercising the call on the callable bond and then immediately refinancing, the issuer can lower its borrowing costs. To understand how call provisions affect the price of a bond, we first need to consider when an issuer will exercise its right to call the bond. An issuer can always retire one of its bonds early by repurchasing the bond in the open market. O d. Which of the following statements is FALSE? Select one: O a. An important consideration for investors in private companies is their exit strategyhow they will eventually realize the return from their investment. ob. The general partners work for the venture capital firm and run the venture capital firm; they are called venture capitalists. . Institutional investors such as pension funds, insurance companies, endowments, and foundations manage large quantities of money. O d. When a company founder decides to sell equity to outside investors for the first time, it is common practice for private companies to issue common stock rather than preferred stock to raise capital