True, false, or “It depends on . . .”?

a. Most large corporations are controlled by families, governments, or financial institutions.

b. Top managers in Germany are much more secure in their jobs than managers in the U.S. because German shareholders have less power than U.S. shareholders.

c. Carve-out or spin-off of a division improves incentives for the division’s managers.

d. Private-equity partnerships have limited lives. The main purpose is to force the general partners to seek out quick-payout investments.

e. Managers of private-equity partnerships have an incentive to make risky investments.