Which of the statement is false.

a. The Sarbanes-Oxley Act ensures a more transparent process for managers to report on the productivity and financial condition of their firm.

b. Under the Product Cycle Theory, foreign demand can be initially satisfied by exporting.

c. Licensing allows firms to use their technology in foreign markets without a major investment in foreign countries.

d. If markets were perfect, then labor and other costs of production would be easily transferable.

e. Assume that an US MNC has a subsidiary in Italy, which exports its products to various countries in Europe. Since all of the countries where it exports use Euro as their currency, this MNC is not subject to the exchange rate risk.