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　　3. Risk management activities can increase firm value when:
　　I. commodity risk is hedged.
　　II. the firm';s claimholders cannotreplicate the results of the firm';s hedging activity.
　　III. there is a sufficient number ofclaimholders.
　　IV. the firm';s claimholders aresufficiently risk averse.
　　a. I and IV only.
　　b. II Only.
　　c. II and III only.
　　d. I, II, and IV.
　　答案解析：選B
　　Risk management activities can increasefirm value when the firm';s claimholders cannot take actions to replicate theresults of hedging activity. Claimholders are willing to pay for the firm to dosomething they cannot do on their own accounts.