The asset substitution problem occurs when: a. managers substitute riskier assets for less risky ones to the detriment of equity holders. b. managers substitute riskier assets for less risky ones to the detriment of bondholders. c. managers substitute less risky assets for riskier ones to the detriment of bondholders. d. managers substitute less risky assets for riskier ones to the detriment of equity holders.

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