The Reluctance to Liquidate Problem Explains That

The reluctance to liquidate problem explains that:

A) if a firm is on the verge of liquidation,equity holders have a tendency to take on overly risky projects,even when they have negative NPV.
B) equity holders may want to keep a firm operating when its liquidation value exceeds its operating value.
C) equity holders have a tendency to take on overly risky projects,even when they have negative NPV.
D) debt holders may want to keep a firm operating when its liquidation value exceeds its going concern value.