问题如下：
3. Based on Exhibit 1 and White’s notes, which of the following is least consistent with White’s conclusion regarding Bema’s announcement?
选项：
A.Bema’s bonding costs will be higher than Aquarius’s.
B.Bema will have a lower degree of operating leverage than does Aquarius.
C.Bema will have a lower percentage of tangible assets to total assets than does Aquarius.
解释：
B is correct.
If Bema’s degree of operating leverage declines relative to that of Aquarius, Bema’s business risk will also decline relative to Aquarius. All else being equal, this decline would be expected to increase Bema’s market value relative to Aquarius; e.g., by decreasing Bema’s cost of equity.
1 bonding costs 是什么？
2 题目的预设条件是：As a result of the announced program, Bema’s total market value should decrease relative to Aquarius’s？
3 ac两个答案为什么不入选，也就是说ac为什么是正确的，如何从条件推导出结论？
