WHICH OF THE FOLLOWING STATEMENTS IS FALSE?

A) WHEN A CORPORATION'S SHARES ARE OWNED BY A FEW INDIVIDUALS WHO ARE ASSOCIATED WITH OR ARE THE FIRM'S MANAGEMENT, WE SAY THAT THE FIRM IS "CLOSELY HELD"

B) A PUBLICLY OWNED CORPORATION IS SIMPLY A COMPANY WHOSE SHARES ARE HELD BY THE INVESTING PUBLIC, WHICH MAY INCLUDE OTHER CORPORATIONS AND INSTITUTIONS AS WELL AS INDIVIDUALS.

C) GOING PUBLIC ESTABLISHES A TRUE MARKET VALUE FOR THE FIRM AND ENSURES THAT A LIQUID MARKET WILL ALWAYS EXIST FOR THE FIRM'S SHARES.

D) IT IS POSSIBLE FOR A FIRM TO GO PUBLIC, AND YET NO RAISE ANY ADDITIONAL NEW CAPITAL.