3.Explain (also with graph) that the equity of a firm can be viewed as a call option.(五分,答案以四行為限,否則不予計分,繪圖不在此限)

2.The underpricing of initial public offering (IPO) stocks is one of the well-kno financial economists document in corporate finance. Define IPO underpricing and brietly discuss the own empirical puzzle possible reason(s) for such phenomenon.(十分,答案以六行為限,否則不予計分)