Generally, Managers of Corporations Prefer Internally Generated Cash to Finance

Generally, managers of corporations prefer internally generated cash to finance their capital expenditures because
I.they can avoid the discipline of financial markets;
II.the costs of issuing new securities are high;
III.the announcement of a new equity issue is usually bad news for investors

A) I only
B) II only
C) II and III only
D) I, II, and III