Which one of these statements is correct?

A. Firms across all industries in the U.S. tend to have similar debt-to-equity ratios

B. The banking industry tends to have the lowest debt-to-equity rate of any U.S. industry

C. Financial leverage lower risk to equity holders

D. MM Propositions ignore bankruptcy costs

E. MM Propositions without taxes illustrate that a firms overall cost of capital is affected by leverage