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.
老师，回报率不是只是影响价值么？也会影响market value？因为是间接影响的？投资者看到有更多风险，所以开始抛售股票？
