Which of the following statements is false?
a Bankruptcies are good for bondholders because they get their money băck faster through liquidation. b Shareholders are responsible for repaying the firm's debt. c The value of a stock depends on the size, timing, and risk of its dividends. d Ethics and stock price maximization are generally consistent with each other. e In the event of a bankruptcy, bondholders stand first in line to receive any cash they are owed.