Based on our discussion in class, equity share is high $($low$)$ in some years because$\_\_\_\_\_\_\_.$

Managers actively colluding to issue lots of $($little$)$ equity at once

Equity share is never high or low, it is constant across time

Correlated investor sentiment causes widespread over $($under$)$ valuation of equity, incentivizing managers to issue $($not issue$)$ equity at the same time

None of the above