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On average, the initial share price at the time of a firm's IPO is overpriced, and the long-term share price will be lower. reflects the

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On average, the initial share price at the time of a firm's IPO is overpriced, and the long-term share price will be lower. reflects the long-term probability of the firm's success. is underpriced, and the long-term share price will be higher. is determined the day of the IPO, when investors act in the market

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