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Q3. Which is NOT a potential explanation for IPO short-term underpricing? a. Underwriters can unload more shares at a lower price. b. High returns on

Q3. Which is NOT a potential explanation for IPO short-term underpricing? a. Underwriters can unload more shares at a lower price. b. High returns on the first trading day attracts investors. c. Due to asymmetric information, firms need to lower price so outside investors are willing to invest. d. Firms want to raise more capital

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