Which of the following have been offered as explanations of IPO underpricing? I. Underpricing helps offset the "winner's curse." Il. Underpricing helps ensure investors will be long-term holders of the IPO securities Ill. Underpricing helps ensure investment bank customers will earn a profit on average IV. Underpricing is needed to convince investors to accept the risks associated with IPOs. Multiple Choice I, IlI, and IV only l only Il and lll only IV only L, II. IIl, and IV only