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Explain why issuing new securities can be a risky business. Explain each of the following parts of bringing a new issue to market: origination, underwriting,

Explain why issuing new securities can be a risky business.

Explain each of the following parts of bringing a new issue to market: origination, underwriting, and distribution. Explainwhytherewerenolargeindependentinvest- ment banks left in the United States at the end of 2008.

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