Select one of the following statements and give your interpretation of what is meant. Do you think the statement is accurate? What conditions would make it more or less true?

a. The recent wave of IPOs is an attempt by many small firms to capitalize on the recent run-up in stock prices.

b. IPOs transfer wealth from unsophisticated investors to large institutional investors who get in at the offer price and get out quickly.

c. Firms must be more accountable to the market when making decisions because they are subject to indirect control by institutional investors.

d. "VC's desire for quick exit hurts the long-run growth of a developing company"