With respect to conflicts between the interests of different stakeholders, which of the following is most likely incorrect?

a. Creditors prefer a company to have stable performance over time.

b. Shareholders are more likely than creditors to prefer a company to take on riskier investment projects.

c. Creditors are not exposed to excessive dividend payments since they have first call on a companys assets in the event of failure.

d. Creditors may institute covenants to check managerial decisions