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What is an IPO, and what role does an investment banker play in the process? Suppose you own a security that you know can be

What is an IPO, and what role does an investment banker play in the process? Suppose you own a security that you know can be easily sold in the secondary market, but the security will sell at a lower price than you paid for it. What would this mean for the securitys marketability and liquidity?

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