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Wallace Publishing recently completed its IPO. The stock was offered at $14.32 per share. On the first day of trading, the stock closed at $18.15

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Wallace Publishing recently completed its IPO. The stock was offered at $14.32 per share. On the first day of trading, the stock closed at $18.15 per share. a. What was the initial return on Wallace? b. Who benefited from this underpricing? Who lost, and why

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