Which of the following statements is wrong?

Group of answer choices

The interest of debt holders and the interest of shareholders are the same. That is to maximize firm value.

Shareholders would prefer risky projects, while debt holders would prefer safe projects.

A high debt-to-value ratio can lead to excessive risk-taking and over-investment.

A high debt-to-value ratio can lead to under-investment, which is also called debt overhang problem.