What are the main problems in using geared and ungeared betas to calculate a firm's equity beta?
A.
(a) It is difficult to identify other firms with identical operating characteristics.
B.
(b) Estimates of beta values from share price information are not wholly accurate.
C.
(c) There may be firm-specific causes of differences in beta values.
D.
(d) The market may recognise opportunities for future growth for some firms but not others.