Which of the Following Is a Valid Reason for Managers

Which of the following is a valid reason for managers selecting negative-NPV projects?

A) The NPV analysis includes a valuable real option to expand the project if things go well.
B) If a firm has debt, managers may create value for shareholders by taking on some risky negative NPV projects.
C) Managers' payoff functions represent the payoffs of lenders. By taking negative NPV projects, the managers can create value for lenders.
D) Projects having negative NPV can have high internal rate of return.