4. Which of the following are reasons that stocks are more likely to trade on exchanges relative to bonds? Select all that apply (e.g., If both A and B are correct, mark AB on the answer key) (a) Stocks from a given company are near perfect substitutes, while different bonds from the same company are not. This facilitates trading in a central location like an exchange

(b) Different bonds from a given company are near perfect substitutes, while different shares of stock from the same company are not. Exchanges work well when assets are not close substitutes

(c) Stocks are used in more sophisticated strategies than bonds are, and sophisticated investors trade on exchanges.

(d) Dealers buy and sell stock, and dealers only operate in exchanges.

(e) None of the above