The Market to Book Value Ratio, or Price to Book

The market to book value ratio, or price to book ratio, as it is sometimes called, is an indication of the market's perception of the company's value as a "going concern." Generally, when the market "prices" the firm's stock below the book value of its common equity, the market is said to be:

A) disappointed with the firm's future growth potential.
B) disappointed with the firm's future earnings prospects such that the value of the stock is not equivalent to the net assets of the firm.
C) disappointed that the return falls below that which the firm is capable of producing.
D) All of the above