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Empirical evidence on the long-run wealth effects of initial public offerings (as discussed in lectures) demonstrates that in the long run investors in US IPOs

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Empirical evidence on the long-run wealth effects of initial public offerings (as discussed in lectures) demonstrates that in the long run investors in US IPOs are, on average, much better off investing in the IPO firms (rather than in other similar non-IPO firms) because they earn positive returns. True/False

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