During the 1990s, Rapidly Increasing Stock Prices Exposed a Flaw

During the 1990s, rapidly increasing stock prices exposed a flaw in the shareholder wealth maximization model, the seeking of short-term value maximization. Such behavior by management is characterized by all but which of the following?

A) a focus on quarterly earnings
B) overly generous use of stock options to motivate management
C) improper reporting of earnings by management
D) All of the above may be characteristics of short-term value maximization.