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1 . Margoles Publishing recently completed its IPO. The stock was offered at a price of $ 1 4 . 0 0 per share. On

1. Margoles Publishing recently completed its IPO. The stock was offered at a price of $14.00 per share. On the first day of trading, the stock closed at $19.00 per share. What was the initial return on Margoles? Who benefited from this underpricing? Who lost, and why?

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