An Argument for Using the Market Value of the Equity

An argument for using the market value of the equity when calculating leverage ratios is that

A) it is more stable than the book value of the equity, which is easily manipulated.
B) the market value of the debt is typically used in these ratios, so to be consistent the market value of the equity should be used.
C) it is a measure of the economic value of a firm.
D) All of the above are reasons that the market value of the equity should be used.