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Which one is not an IPO puzzle? a. The transaction costs of an IPO are high b. Long-run performance after an IPO is poor on

Which one is not an IPO puzzle?
a.
The transaction costs of an IPO are high
b.
Long-run performance after an IPO is poor on average
c.
The number of IPO issues does not vary with business cycle.
d.
IPOs are underpriced on average

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