Indicate whether each of the following transaction costs is explicit or implicit, and describe how it is a manifestation of a particular type of agency problem.
A. A trader at an investment banking firm loses millions of corporate dollars through unsuccessful rank speculation.
B. A manager fails to achieve optimum efficiency by letting past-due accounts languish unpaid.
C. Senior executives decline value-increasing investment projects in order to make cash flow targets during the last year of employment.
D. Value-increasing product development projects are postponed in order to boost near-term accounting performance.
E. Executives manipulate accounting data to boost managerial compensation by placing dismal operating performance in a better light.