Which of the following statements is FALSE?

A.

Due to the option to wait, an investment that currently has a negative NPV can have a positive value.

B.

Future growth options are not only important to firm value, but can also be important in the value of an individual project. By undertaking a project, a firm often gets the opportunity to invest in new projects that firms outside the industry cannot easily access.

C.

A real option is the right to make a particular business decision, such as a capital investment, after new information is learned.

D.

Due to the real option of delaying investment, it is always optimal for a company to wait before making an investment.