Which of the following statements is not correct?

Publicly owned companies have shares owned by investors who are not associated with management, and public companies must register with and report to a regulatory agency such as the SEC.

Agency problems can arise between stockholders and managers, because managers hired as agents to act on behalf of the owners may instead make decisions favorable to themselves rather than the stockholders.

When stock in a closely held corporation is offered to the public for the first time, the transaction is called going public, and the market for such stock is called the new issue market.

Partnerships have difficulty attracting capital in part because of their unlimited liability, the lack of impermanence of the organization, and difficulty in transferring ownership.

The primary operating goal of a publicly-owned firm interested in serving its stockholders should be to maximize the stock price on a specific target date.