Consider each item listed below individually as though it was the only consdiration (not in combination with other factors). Increasing the D/E ratio increases the value of the firm when which of the following are true? (Warning - multiselect question, choose all that apply.) Question content area bottom Part 1 (Select all the choices that apply.) A. The market perceives that, in some circumstances, management might consdier substituting low-risk positive NPV projects with high-risk negative NPV projects. B. We know the firm generates a lot of free cash flow and management tends to shirk and consume perquisites. C. There are no personal taxes and the firm's marginal corporate tax rate is positive. D. The personal tax rates on equity income and debt income received in a year are the same, although capital gains are only taxed when shares are sold. The firm has been running losses, so it does not expect to pay corporate tax. E. The firm's employees are highly skilled, difficult to replace, and in high demand by firms in the same industry. F. There are no personal taxes on equity income but the personal tax rate on debt income is higher than the firm's corporate tax rate.