13. Which of the following can be implied by the winner's curse problem? [Reference: Mod 5, Raising capital -IPOs mini-lecture] I. If you are the highest bidder at an auction for a painting, you likely overpaid for the item. II. People with no-deductible auto insurance policies are more likely to have traffic accidents than those having deductible in their policies. III. In 2005, the NFL auctioned off the rights to broadcast Monday Night Football. The winner was ESPN, which paid 1.1 billion dollars for the broadcasting rights over eight years. This bid was roughly double what ABC was previously paying.

A. I only

B. I and II only

C. I and III only

D. II and III only

14. JupiterX (JX) went public and used the Dutch auction to set the offer price for 30 million shares. The following table gives the bidding. The stock traded at $100 at the end of trading on the first day. What is the percent underpricing? [Reference: [Mod 5, Raising capital -IPOs mini-lecture]