Which one of the following statements is false?

1)High growth rate does not always lead to high P/E ratio for a firm, everything else held constant.

2)The present value of growth opportunity can be negative if the firm's return on investments is greater than its required rate of return.

3)real assets generate goods and services (income) to the economy and financial assets define allocation of income among investors.

4)Preferred stock holders usually do not have voting rights.