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7. Which one of the following is the definition for the stylized evidence of IPO underpric- ing? (a) On average, we observe that the pre-IPO

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7. Which one of the following is the definition for the stylized evidence of IPO underpric- ing? (a) On average, we observe that the pre-IPO price for a private firm is less than the IPO price. (b) On average, we observe that the IPO price is less than the trading price on the first trading day once its stock is listed on a secondary market. (c) On average, we observe that the pre-IPO price for a private firm is higher than the trading price on the first trading day once its stock is listed on a secondary market. (d) None of the above

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