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Which of the following(s) is (are) proposed as a reason to contribute to a non-participation...

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Which of the following(s) is (are) proposed as a reason to contribute to a non-participation puzzle? I. Downside risk II. Exchange rate risk III. Participation costs IV. Political activism O I, II, and I O II and III O II and IV O I, III, and IV O I, II, III, and IV

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