Which of the Following Is NOT One of Modigliani and Miller's

Which of the following is NOT one of Modigliani and Miller's conditions for a perfect capital market?

A) Investors and firms can trade the same set of securities at competitive market prices equal to the present value (PV) of their future cash flows.
B) There are no taxes, transaction costs, or issuance costs associated with security trading.
C) A firm's financing decisions do not change the cash flows generated by its investments, nor do they reveal new information about them.
D) All investors hold the efficient portfolio of assets.