Explanation:

• Option A (Incorrect): Bank lenders typically hold a company's debt until maturity and often have direct access to management and non-public information. This reduces the information asymmetry between them and the company.

• Option B (Correct): Public debtholders (or bondholders) rely solely on publicly available information and credit ratings for their investment decisions. Unlike shareholders, they lack voting rights and have minimal influence over the company's operations, leading to significant information asymmetry.

• Option C (Incorrect): Members of the board of directors have substantial influence and access to confidential information. They are elected by shareholders to oversee management and ensure alignment with shareholder interests, which mitigates information asymmetry.