Which is not a potential conflict between managers and shareholders?

Select one:

a. If a company is generating positive free cash flow, a manager might "stockpile" it in the form of marketable securities instead of returning FCF to investors.

b. Managers might avoid making difficult but value enhancing decisions that harm friends in the company.

c. Managers might not expend the time and effort required to maximize firm value.

d. Managers may take on risky projects.

e. Managers may not release all the information that investors desire.