Which of the below statements about an investment's financial risk is false?

a. Stand-alone risk is relevant only for assets held in isolation.

b. Corporate risk generally is relevant for not-for-profit firms.

c. Market risk generally is relevant for investor-owned firms.

d. Even though an investment may have high stand-alone risk, portfolio effects often drive its corporate risk to zero.

e. The portfolio risk of an individual asset is defined as the contribution of the asset to the overall riskiness of the portfolio.