Briefly summarize the evidence relating to IPO underpricing, and discuss possible reasons for the phenomena.

You are the CFO of a non-dividend paying firm that currently has excess cash reserves. You are preparing for an internal management meeting where dividends are on the agenda. You know that the CEO favors the commencement of a dividend program. You, however, oppose any dividend plan at this time. Write up a memo incorporating as many arguments as you can think of in support of your position.