Choose all that are not appropriate:
1. The secondary markets for securities have little value because the activities in the markets will not provide funds to the issuer of such securities.
2. Entities that pool capital from various constituents and invest on their behalf are called sell-side firms.
3. If hedge funds are finding "anomalies" in the market and taking advantage of such investment opportunities, they contribute in principle to making markets more efficient.
4. Banks perform maturity transformation by offering deposits that could be withdrawn immediately, while lending money for fixed periods.
5. A CFO of a successful tech company, which is considering a sale of shares to the general public, would turn to an investment bank for help.