Which of the following statements is TRUE based on agency cost theories about M&A?

	a.	There could be conflict of interest between managers and shareholders when it comes to M&A decisions.
	b.	Hubris theory suggests that managers engage in M&As because they have incentives to run larger corporations which increases their compensation and perks.
	c.	Empire building argument suggests that overconfident executives trust too much their abilities to make deals and as a result make too many deals and tend to pay too much.
	d.	Management always attempts to maximize shareholder value when doing M&As.