One disadvantage of a public sale is that some investors, including some pension funds, cannot purchase state or municipal securities except through a negotiated sale.

Name: One disadvantage of a public sale is that some investors, including some pension funds, cannot purchase state or municipal securities except through a negotiated sale.
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Question

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Some institutional investors have restrictions that prevent them from participating in public sales, requiring them to engage in negotiated sales instead.

One Disadvantage of a Public Sale Is That Some Investors