Which of these were identified as the two drawbacks of a fixed repurchase strategy? I. The repurchase could be a negative net present value investment. II. Lack of a monitoring mechanism to ensure the repurchase was completed. III. The extra tax burden the strategy places on shareholders. IV. The increased agency problems that result from such a strategy.

a. I and II only

b. II and III only

c. I, III, and IV only

d. II, III, and IV only

e. I, II, III, and IV