Question 10 3 points Save Answer Which of the following is not one of the four characteristics of IPOs that puzzle financial economists? O A. The number of issues is highly cyclical. B. On average, IPOs appear to be underpriced. C. The costs of the IPO are very high, and it is unclear why firms willingly incur such high costs. D. The long-run performance of a newly public company (three to five years from the date of issue) is superior to the overall market return. Click Submit to complete this assessment.