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A U.S. firm wants to raise $15 million by selling 1 million shares at a net price of $15. We know that some say that firms "leave money on the table" because of the phenomenon of underpricing.

a. Using the average amount of underpricing in U.S. IPOs, how many fewer shares could it sell to raise these funds if the firm received a net price per share equal to the value of the shares at the end of the first day's trading?

b. How many less shares could it sell if the IPO was occurring in Germany?

c. How many less shares could it sell if the IPO was occurring in Korea?

d. How many less shares could it sell if the IPO was occurring in Canada?

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