Eduardo Herrero is a senior financial analyst who manages a team that specializes in tax-exempt share classes at investment advisory firm Moreno Securities Advisors. Eduardo and Jaime Moreno, Eduardo's boss, are expecting that there will soon be a law that will severely restrict the number of companies who can issue tax-exempt stock. Because market demand for tax-exempt stock is currently high, Jaime convinces several companies to undertake new equity financings at once, before the opportunity closes. Because of lack of time and resources, Eduardo decides to estimate the IPO prices on the basis of the EV/EBITDA (where EV: enterprise value) multiple and do further analysis later when his team has more time. Which of the following statements are true? 1. Jaime should not have made any recommendations to issue new shares quickly before he was absolutely sure that the law would change. II. Eduardo should have taken on only the work which his team can handle. III. Using the EV-EBITDA multiple is an acceptable way of getting a first estimate for the value of a stock. IV. Since Eduardo's boss was fully aware of the time pressure, Eduardo did nothing wrong when he used only one multiple for the recommendation of the IPO prices. V. Neither Eduardo nor Jaime did anything wrong. Both provided the best service which they could under the given time pressure, otherwise their clients would have missed an opportunity of raising capital in the market. VI. Advising clients on efficient opportunities to raise capital, including the use of tax-exempt stock classes, is a legal activity of investment advisory firms. Only II, III, VI Only I, II, III Only I, III, IV Only I, IV, V Only III, IV, V Only IV, V, VI