Which of the following statements is (are) true about public companies?

a. None of the other statements is true.

b. Public company shares are much more liquid than private company shares.

c. Public companies' managers are usually under pressure to focus on long-term financial targets of the business.

d. It is easier for public companies to access debt financing than private companies.

e. Compared to private financing, it is always cheaper to raise funds from the public.