Which of the following statements is FALSE?

a. SEO underwriting fees average about 5% of the proceeds of the issue and, as with IPOs, the variation across issues of different sizes is relatively small.

b. The one advantage of a cash offer is that the underwriter takes on a larger role and, therefore, can credibly certify the issue's quality.

c. As with IPOs, evidence suggests that companies overperform following a seasoned offering.

d. Often the value destroyed by the price decline can be a significant fraction of the new money raised with a SEO.