The Enterprise Value of a privately-owned firm is often discounted relative to their publicly-traded counterparts because:

a. A privately-owned firm cannot be sold as easily as a publicly-traded firm.

b. Employees will leave a privately-owned firm if sold.

c. The use of bank debt by privately-owned firms is troubling.

d. It is too difficult to calculate Enterprise Value for a privately-owned firm.

e. None of the above