Which of the Following Is True of the Effect of Management

Which of the following is true of the effect of management shareholdings on share prices?

A) The top managers of regulated public companies have an incentive to hold a larger fraction of the firms they work for.
B) Management incentive to hold shares is not related to risk aversion but to risk tolerance limit.
C) Holding a large number of shares tells investors that the management is unsure about the firm's prospects and the management is waiting for the right opportunity to sell the shares.
D) Management may obtain a better price for their shares if they commit to holding a larger fraction of the firm's outstanding shares.