Which of the Following Reasons Is NOT a Valid Explanation

Which of the following reasons is NOT a valid explanation of why managers sometimes choose to take on negative-NPV Projects:

A) The NPV analysis does not include a valuable real option to expand the project if things go well.
B) If the 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) All of the above descriptions are valid explanations for why managers sometimes take on negative NPV projects.