Question: The abnormal returns for initial public offerings over longer time periods seem to call market efficiency into question because: a . the average returns at

The abnormal returns for initial public offerings over longer time periods seem to call market efficiency into question because:
a.
the average returns at announcement are insignificant while the long-term results are much lower than the returns for seasoned equity offerings.
b.
the average returns at announcement are large and positive while the long-term results are much higher than the returns for seasoned equity offerings.
c.
the average returns at announcement are large and positive while the long-term results are much lower than the returns for seasoned equity offerings.
d.
the average returns at announcement are small and negative while the long-term results are much lower than the returns for seasoned equity offerings.

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