12) Which of the following characteristics most likely applies to private equity investing? a) Liquid secondary market; b) High degree of reliance on manager skill; c) Relatively short-term investment horizon. 13) The stage of venture capital investing that involves product development and market research is referred to as the: a) Seed stage; b) Early stage; c) Angel investing stage. www. 14) A leverage buyout find is evaluating Siena Company relative to its peer companies. Siena is most likely a good candidate for a management buy-in if it has: a) Higher cash flow and less capable managers than its peers; b) Lower cash flow and more capable managers than its