In Evaluating Employee Stock Options,the Exercise Value Approach Provides

In evaluating employee stock options,the exercise value approach provides:

A) A lower bound of valuation,and using it can undervalue the firm.
B) An upper bound of valuation,and using it can undervalue the firm.
C) A lower bound of valuation,and using it can overvalue the firm.
D) An upper bound of valuation,and using it can overvalue the firm.