1. Which of the following statements is true?

   	1.	In a pyramidal structure, controlling shareholder's cash flow rights is lower in son companies than in the company on top of the pyramid.
   	2.	Managers of firms with controlled structure can be disciplined by hostile takeover.
   	3.	Control right is computed by the sum of direct and indirect ownerships held by the controlling shareholder and its related parties.
   	4.	Circular shareholing allows controlling shareholders to have control rights above their cash flow rights in stand-alone firms.