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If markets are efficient then: Multiple Choice Managers can wait until the moment is right to issue securities at higher prices Managers cannot consistently time
If markets are efficient then:
Multiple Choice
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Managers can wait until the moment is right to issue securities at higher prices
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Managers cannot consistently time the market to issue new securities at higher prices
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Stock issuances cannot be made when the firms require capital
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Investors should look for persistent serial correlation in stock prices
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