Which of the following statements is false? a. A best efforts offering is one where the investment banker acts only as a distribution agent. b. When an underwriter engages in a firm commitment, the underwriter is acting as a principle. c. An investment banker may be unwilling to engage in a firm commitment offer if the issuer is relatively unknown to the public. d. If an underwriter overestimates the demand for a firm s securities in a firm commitment offering, the underwriter can cancel the issue and refund the fees paid by the issuing firm. Which one of the following statements about venture capitalists is false? a. The federal government licenses some private firms to provide lower cost funds to entrepreneurs. b. Most private venture capitalists are organized as limited partnerships. c. Venture capitalists contribute debt financing rather than pursuing ownership interest. d. Angel venture capitalists are wealth individuals who fund business startups.