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Why has IPO underpricing changed over time? The authors give three possible explanations for IPO underpricing. Which one do you find most plausible, and why?

Why has IPO underpricing changed over time? The authors give three possible explanations for IPO underpricing. Which one do you find most plausible, and why? Look at the paper(s) that support that theory and cite some of the results that support your assertion that this is the best IPO underpricing theory of the three.

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