The following information was taken from Google, Inc.'s statement of cash flow in the company's 2006 annual report (amount in millions):

The following information was taken from Google's statement of shareholders' equity (amount in millions):

Required
(a) What is meant by "net proceeds" on the statement of cash flow? What is the difference between "net" and "gross"?
(b) What happened with the share price of Google from 2004 to 2006? Discuss your calculations.
(c) List some reasons for the trend in share price.

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2006 2004 2005 $4,287 Net proceeds from public offerings $1,161 $2,064