All of the following are true of overconfident CEOs EXCEPT

A) overconfident CEOs tend to charge ahead with mergers and acquisitions even though they are aware that most acquisitions destroy shareholder value.
B) overconfident CEOs view their company as undervalued by outside investors.
C) overconfident CEOs are more likely to do deals that diversify their firm's lines of businesses.
D) the overconfidence of CEOs may lead to hubris.
E) overconfident CEOs were less likely to make an acquisition when they could avoid selling new stock to finance them.

E