Which of the following statements is WRONG according to the static trade-off capital structure theory? O A. As the debt level increases, the firm faces worse incentives for management, which increases wasteful investment and perks. O B. If the debt level is large, firm value might be reduced due to the agency costs of leverage. O C. The optimal level of debt balances the costs and benefits of leverage. D. The optimal level of debt is reached when the marginal benefit of leverage is equal to the marginal cost of leverage