Which of the following statements is (are) true?

(I) Managers should not focus on current stock value because doing so will lead to an overemphasis on short term earnings at the expense of long term investments.

(II) Other stakeholders will generally agree that the primary goal of the firm should be to maximize shareholders' wealth because they have a prior claim over shareholders to the firm's cash flow and liquidation value.

(III) More businesses are organized as corporations compared to businesses organized as sole proprietorships and partnerships.

(IV) We value investment assets by valuing their cash flow streams. Cash flow streams are unique in terms of the size of their cash receipts, their timing, and their risk.

	a.	(II) and (IV)
	b.	(I)
	c.	(II)
	d.	(I) and (III)
	e.	(III)
	f.	(IV)