How does risk management add value to an organization when investors can diversify individual corporate risk away? Which of the following are some of the $5$ reasons it adds value:

I. transfers risk to insurers who have a comparative advantage in risk bearing

II$.$ increases expected bankruptcy costs

III. increases likelihood firm with have funds to pay debts.

I only

II only

III only

I and II

I and III

II and III

I, II$,$ & III