Joaquin owns shares in a company called Maxapro Inc. The company's financial performance has been declining over the past few months, and the value of its stock has been decreasing. Joaquin wants to proactively cut his losses and therefore sells his shares. Miriam, a trading enthusiast, buys shares in Maxapro Inc. because she believes that the share prices cannot go anywhere but up$.$ Which of the following characteristics of a public stock company does this scenario best exemplify?

transferability of investor ownership

legal personality

limited liability for investors

separation of legal ownership and management control