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.
A选项和结论一致是不是建立在Bema和A公司的D/E ratio一致的前提下？因为课件上有个结论：debt vs equity增加，agency cost减少，是不是可以理解为如果D/E ratio大于0.6， Bema的bonding cost就会小于A公司？请老师解惑
