Which choice provides a more accurate description about the figure? One possible explanation for higher number of IPOs during 90 is high valuations in the stock market during that period. The underpricing of IPOs is an example of free lunch in financial markets. Low first day returns during the financial crisis are a sign that the initial prices in the IPOs of that period were not accurate. The underpricing patterns are stronger during recessions because of higher risks. Which choice provides a more accurate description about the figure? One possible explanation for higher number of IPOs during 90 is high valuations in the stock market during that period. The underpricing of IPOs is an example of free lunch in financial markets. Low first day returns during the financial crisis are a sign that the initial prices in the IPOs of that period were not accurate. The underpricing patterns are stronger during recessions because of higher risks