A Study by Lee, Lockhead, Ritter and Zhao in Examining

A study by Lee, Lockhead, Ritter and Zhao in examining the underwriting discount and other direct costs of going public with a debt or equity offering found:

A) the direct expenses are higher for equity than debt offerings.
B) substantial economies of scale are prevalent.
C) underpricing on average is similar in magnitude to total direct expenses.
D) overpricing on average is similar in magnitude to total direct expenses.
E) All of the above.