Which of the following statements is FALSE?

Which of the following statements is FALSE?
A) Since the publication of their original paper, Modigliani and Miller's ideas have greatly influenced finance research and practice.
B) Proposition I was one of the first arguments to show that the Law of One Price could have strong implications for security prices and firm values in a competitive market; it marks the beginning of the modern theory of corporate finance.
C) The conservation of value principle applies only to questions of debt versus equity
or capital structure.
D) The conservation of value principle for financial markets states that with perfect capital markets, financial transactions neither add nor destroy value, but instead represent a repackaging of risk (and therefore return).