Which of the following statements is false?

	a.	If the gross proceeds are greater than the net proceeds in an underwritten offering, the investment banker made a profit on the spread.
	b.	The preliminary version of a security offer that is circulated to potential buyers before SEC approval (registration) is obtained is called a red herring prospectus.
	c.	In the U.S. stock markets, NASDAQ has the largest trading volume and market value of firms traded whereas NYSE has the largest number of firms traded.
	d.	NYSE listing has benefited a firm by improving the stock's price, generating increased publicity for the firm, and providing easier access to primary market capital.