From the perspective of a potential private investor, valuing the equity of a privately held firm is different from valuing publicly listed stocks due to Select one: a. the lack of diversification of the potential private investor. The discount rate used to value private equity should only reflect its systematic risk. b. the quality and amount of financial information. The financial statements of privately held firms may not comply with Generally Accepted Accounting Principles, they may not be audited, or they may not go back far enough. c. the lack of a liquid market for investors to liquidate their investment when needed. The discount rate should be lower (and hence the valuation should be higher) to reflect the lack of liquidity. d. None of these statements is true. e. All of these statements are true. Clear my choice