40. Which of the following statements is NOT CORRECT? Explain your answer.

	a.	When a corporation's shares are owned by a few individuals and are not traded on public markets, we say that the firm is "closely, or privately, held."
	b.	Decreasing the returns that stockholders and bondholders require will (but not always) lead to an increase in the intrinsic value of a company.
	c.	When stock in a closely held corporation is offered to the public for the first time, the transaction is called "going public," and the market for such stock is called the new issue market.
	d.	Publicly owned companies have shares owned by investors who are not associated with management, and public companies must register with and report to a regulatory agency such as the SEC.
	e.	It is possible for a firm to go public and yet not raise any additional new capital at the time.